공시 • Jun 05
Burda Digital Se made an offer to acquire remaining 25.78% stake in New Work SE (XTRA:NWO). Burda Digital Se made an offer to acquire remaining 25.78% stake in New Work SE (XTRA:NWO) for on June 3, 2024. The offer price per share is €66.25. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €66.00, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 70% over the past three years. Upcoming Dividend • May 29
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (1.6%). Reported Earnings • May 07
First quarter 2024 earnings released: €3.01 loss per share (vs €1.25 profit in 1Q 2023) First quarter 2024 results: €3.01 loss per share (down from €1.25 profit in 1Q 2023). Revenue: €77.1m (down 7.6% from 1Q 2023). Net loss: €16.9m (down 340% from profit in 1Q 2023). Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Europe are expected to grow by 9.8%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Declared Dividend • Apr 24
Dividend of €1.00 announced Shareholders will receive a dividend of €1.00. Ex-date: 5th June 2024 Payment date: 7th June 2024 Dividend yield will be 1.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 39% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.9% 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 Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • Mar 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €6.56 (down from €8.20 in FY 2022). Revenue: €329.7m (down 1.3% from FY 2022). Net income: €36.9m (down 20% from FY 2022). Profit margin: 11% (down from 14% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Europe are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Jan 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to €51.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 20x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 78% over the past three years. New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Price Target Changed • Dec 03
Price target decreased by 9.7% to €93.00 Down from €103, the current price target is an average from 4 analysts. New target price is 35% above last closing price of €68.70. Stock is down 56% over the past year. The company is forecast to post earnings per share of €6.66 for next year compared to €8.20 last year. Price Target Changed • Nov 13
Price target decreased by 11% to €106 Down from €119, the current price target is an average from 4 analysts. New target price is 43% above last closing price of €73.90. Stock is down 46% over the past year. The company is forecast to post earnings per share of €6.33 for next year compared to €8.20 last year. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €2.40 (vs €2.55 in 3Q 2022) Third quarter 2023 results: EPS: €2.40 (down from €2.55 in 3Q 2022). Revenue: €82.2m (down 2.3% from 3Q 2022). Net income: €13.5m (down 5.9% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Oct 16
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 German stocks, typically moving 6.2% 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: Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €87.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €163 per share. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €319.2m to €313.8m. EPS estimate also fell from €7.45 per share to €6.61 per share. Net income forecast to shrink 2.6% next year vs 19% growth forecast for Interactive Media and Services industry in Germany . Consensus price target down from €164 to €119. Share price was steady at €95.50 over the past week. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: €1.78 (vs €2.00 in 2Q 2022) Second quarter 2023 results: EPS: €1.78 (down from €2.00 in 2Q 2022). Revenue: €83.4m (flat on 2Q 2022). Net income: €10.0m (down 11% from 2Q 2022). Profit margin: 12% (down from 14% in 2Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Interactive Media and Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 11
Price target decreased by 10% to €164 Down from €182, the current price target is an average from 4 analysts. New target price is 39% above last closing price of €118. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of €7.45 for next year compared to €8.20 last year. Upcoming Dividend • May 18
Upcoming dividend of €6.72 per share at 5.3% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.9%). Major Estimate Revision • May 11
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €334.9m to €315.4m. EPS estimate also fell from €8.31 per share to €7.44 per share. Net income forecast to grow 7.4% next year vs 12% growth forecast for Interactive Media and Services industry in Germany. Consensus price target down from €211 to €175. Share price was steady at €129 over the past week. Reported Earnings • May 05
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: €1.25 (down from €2.16 in 1Q 2022). Revenue: €84.2m (up 5.5% from 1Q 2022). Net income: €7.04m (down 42% from 1Q 2022). Profit margin: 8.4% (down from 15% in 1Q 2022). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buying Opportunity • May 05
Now 42% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €225, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 6.1% per annum over the same time period. Price Target Changed • May 04
Price target decreased by 9.4% to €182 Down from €201, the current price target is an average from 4 analysts. New target price is 40% above last closing price of €129. Stock is down 17% over the past year. The company is forecast to post earnings per share of €7.77 for next year compared to €8.20 last year. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €129, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €225 per share. Reported Earnings • Apr 02
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €8.20 (up from €7.71 in FY 2021). Revenue: €334.1m (up 9.1% from FY 2021). Net income: €46.1m (up 6.4% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Buying Opportunity • Mar 27
Now 20% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €208, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Buying Opportunity • Mar 01
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €200, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: €8.20 (vs €7.05 in FY 2021) Full year 2022 results: EPS: €8.20 (up from €7.05 in FY 2021). Revenue: €337.1m (up 7.2% from FY 2021). Net income: €46.1m (up 16% from FY 2021). Profit margin: 14% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: €2.55 (up from €1.32 in 3Q 2021). Revenue: €84.1m (up 8.4% from 3Q 2021). Net income: €14.3m (up 106% from 3Q 2021). Profit margin: 17% (up from 9.0% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: €2.55 (up from €1.16 in 3Q 2021). Revenue: €85.1m (up 6.9% from 3Q 2021). Net income: €14.3m (up 119% from 3Q 2021). Profit margin: 17% (up from 8.2% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 14
Price target decreased to €224 Down from €245, the current price target is an average from 5 analysts. New target price is 77% above last closing price of €126. Stock is down 46% over the past year. The company is forecast to post earnings per share of €8.02 for next year compared to €7.05 last year. Price Target Changed • Aug 24
Price target decreased to €233 Down from €252, the current price target is an average from 5 analysts. New target price is 81% above last closing price of €129. Stock is down 48% over the past year. The company is forecast to post earnings per share of €8.02 for next year compared to €7.05 last year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: €2.00 (vs €2.41 in 2Q 2021) Second quarter 2022 results: EPS: €2.00 (down from €2.41 in 2Q 2021). Revenue: €83.4m (up 8.2% from 2Q 2021). Net income: €11.2m (down 17% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.8%, compared to a 16% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 26
Upcoming dividend of €6.36 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 06 June 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.3%). In line with average of industry peers (1.9%). Reported Earnings • May 06
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: €2.12 (down from €2.15 in 1Q 2021). Revenue: €82.2m (up 9.9% from 1Q 2021). Net income: €11.9m (down 1.7% from 1Q 2021). Profit margin: 14% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 1.5%, compared to a 25% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: €7.05 (up from €4.65 in FY 2020). Revenue: €314.5m (up 4.8% from FY 2020). Net income: €39.6m (up 52% from FY 2020). Profit margin: 13% (up from 8.7% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 1.5%, compared to a 28% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to €177, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €185 per share. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS €1.16 (vs €2.17 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: €80.1m (up 8.9% from 3Q 2020). Net income: €6.54m (down 46% from 3Q 2020). Profit margin: 8.2% (down from 17% in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €2.41 (vs €2.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €77.4m (up 3.6% from 2Q 2020). Net income: €13.6m (up 12% from 2Q 2020). Profit margin: 18% (up from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €2.59 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 24 May 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.2%). In line with average of industry peers (1.1%). Price Target Changed • May 07
Price target increased to €260 Up from €237, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €254. Stock is up 8.3% over the past year. Reported Earnings • May 06
First quarter 2021 earnings released: EPS €2.15 (vs €1.28 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: €75.2m (flat on 1Q 2020). Net income: €12.1m (up 68% from 1Q 2020). Profit margin: 16% (up from 9.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.1%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 3.5% compared to a 38% growth forecast for the Interactive Media and Services industry in Germany. Is New 90 Day High Low • Feb 18
New 90-day low: €227 The company is down 5.0% from its price of €240 on 19 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €167 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €288 The company is up 12% from its price of €257 on 06 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €177 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €270 The company is up 12% from its price of €241 on 16 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services 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 €129 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Over the next year, revenue is expected to shrink by 5.1% compared to a 29% growth forecast for the Interactive Media and Services industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS €2.17 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €74.1m (down 1.7% from 3Q 2019). Net income: €12.2m (up 208% from 3Q 2019). Profit margin: 17% (up from 5.3% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 22
New 90-day low: €233 The company is down 14% from its price of €271 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €180 per share.