Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.63 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.63 in 1Q 2025). Revenue: NT$611.5m (flat on 1Q 2025). Net income: NT$87.8m (up 93% from 1Q 2025). Profit margin: 14% (up from 7.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Announcement • Mar 09
Sanitar Co., Ltd., Annual General Meeting, May 26, 2026 Sanitar Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,67, sec.1 kuang fu rd., sanchong district, new taipei city Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$3.61 (vs NT$4.37 in FY 2024) Full year 2025 results: EPS: NT$3.61 (down from NT$4.37 in FY 2024). Revenue: NT$2.62b (down 6.2% from FY 2024). Net income: NT$262.2m (down 17% from FY 2024). Profit margin: 10.0% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.21 (vs NT$1.01 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.21 (up from NT$1.01 in 3Q 2024). Revenue: NT$657.9m (down 7.9% from 3Q 2024). Net income: NT$88.1m (up 21% from 3Q 2024). Profit margin: 13% (up from 10% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.91 (vs NT$1.12 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.91 (down from NT$1.12 in 2Q 2024). Revenue: NT$671.4m (down 7.1% from 2Q 2024). Net income: NT$66.3m (down 18% from 2Q 2024). Profit margin: 9.9% (down from 11% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.90b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.90b market cap, or US$99.3m). Declared Dividend • Jun 13
Dividend increased to NT$2.40 Dividend of NT$2.40 is 33% higher than last year. Ex-date: 30th June 2025 Payment date: 25th July 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$0.63 (vs NT$0.93 in 1Q 2024) First quarter 2025 results: EPS: NT$0.63 (down from NT$0.93 in 1Q 2024). Revenue: NT$616.8m (up 7.2% from 1Q 2024). Net income: NT$45.5m (down 32% from 1Q 2024). Profit margin: 7.4% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$95.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.14b market cap, or US$95.1m). Buy Or Sell Opportunity • Apr 07
Now 23% undervalued Over the last 90 days, the stock has risen 4.6% to NT$43.25. The fair value is estimated to be NT$56.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 9.3%. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: NT$4.37 (vs NT$3.27 in FY 2023) Full year 2024 results: EPS: NT$4.37 (up from NT$3.27 in FY 2023). Revenue: NT$2.79b (up 12% from FY 2023). Net income: NT$315.2m (up 34% from FY 2023). Profit margin: 11% (up from 9.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Announcement • Mar 06
Sanitar Co., Ltd., Annual General Meeting, May 26, 2025 Sanitar Co., Ltd., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: no,67, sec.1 kuang fu rd., sanchong district, new taipei city Taiwan Buy Or Sell Opportunity • Mar 04
Now 20% undervalued Over the last 90 days, the stock has risen 7.8% to NT$46.15. The fair value is estimated to be NT$57.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 8.6%. Announcement • Feb 25
Sanitar Co., Ltd. to Report Fiscal Year 2024 Results on Mar 04, 2025 Sanitar Co., Ltd. announced that they will report fiscal year 2024 results on Mar 04, 2025 Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.35, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 14x in the Building industry in Taiwan. Total returns to shareholders of 61% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.01 (vs NT$0.82 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.01 (up from NT$0.82 in 3Q 2023). Revenue: NT$714.7m (up 13% from 3Q 2023). Net income: NT$72.6m (up 23% from 3Q 2023). Profit margin: 10% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Announcement • Oct 30
Sanitar Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Sanitar Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.12 (vs NT$0.64 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.12 (up from NT$0.64 in 2Q 2023). Revenue: NT$722.6m (up 11% from 2Q 2023). Net income: NT$80.9m (up 76% from 2Q 2023). Profit margin: 11% (up from 7.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Announcement • Aug 03
Sanitar Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Sanitar Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Announcement • May 31
Sanitar Co., Ltd. Announces Term Expiry of the Members of the Remuneration Committee Sanitar Co., Ltd. announced term expiry of the members of the remuneration committee. Name of the previous position holder: HO JENG WEI, CHENG SHENG IN, LIN JING, CHEN HSIEN CHIEN. Resume of the previous position holder: HO JENG WEI, Independent Director of SANITAR CO., LTD., CHENG SHENG IN, Independent Director of SANITAR CO., LTD., LIN JING, Independent Director of SANITAR CO., LTD., CHEN HSIEN CHIEN, Independent Director of SANITAR CO., LTD. Announcement • May 30
Sanitar Co., Ltd. Announces the Term Expiration of the Nomination Committee Sanitar Co., Ltd. announced the term expiration of the nomination committee. Name of the previous position holder: HO JENG WEI, CHENG SHENG IN, LIN JING, CHEN HSIEN CHIEN, HSIAO CHUN HSIANG. Resume of the previous position holder: HO JENG WEI, Independent Director of SANITAR CO., LTD., CHENG SHENG IN, Independent Director of SANITAR CO., LTD., LIN JING, Independent Director of SANITAR CO., LTD., CHEN HSIEN CHIEN, Independent Director of SANITAR CO., LTD., HSIAO CHUN HSIANG, Chairman of SANITAR CO., LTD. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: NT$0.93 (vs NT$0.46 in 1Q 2023) First quarter 2024 results: EPS: NT$0.93 (up from NT$0.46 in 1Q 2023). Revenue: NT$575.6m (up 14% from 1Q 2023). Net income: NT$67.0m (up 103% from 1Q 2023). Profit margin: 12% (up from 6.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Announcement • May 02
Sanitar Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Sanitar Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$3.27 (vs NT$4.04 in FY 2022) Full year 2023 results: EPS: NT$3.27 (down from NT$4.04 in FY 2022). Revenue: NT$2.50b (down 6.3% from FY 2022). Net income: NT$235.6m (down 19% from FY 2022). Profit margin: 9.4% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Announcement • Feb 27
Sanitar Co., Ltd., Annual General Meeting, May 29, 2024 Sanitar Co., Ltd., Annual General Meeting, May 29, 2024. Location: No. 67, Sec. 1, Guangfu Rd., Sanchong Dist. New Taipei City Taiwan Agenda: To consider acknowledgment of the 2023 Business Report and Financial Statements; to consider acknowledgment of the 2023 Earnings Distribution; to consider amendment to the provisions of Articles of Incorporation; to consider amendment to the Rules of Procedure for Shareholders' Meetings; to consider election of new directors; and to consider other matters. Announcement • Feb 20
Sanitar Co., Ltd., Annual General Meeting, Apr 12, 2024 Sanitar Co., Ltd., Annual General Meeting, Apr 12, 2024. Location: Nhon Trach 1 Industrial Zone, DongNai Province Meeting room of Vietnam Caesar Sanitary Wares JSC Vietnam Vietnam Agenda: To report 2023 Business Report and Financial Statements; to consider Supervisor’s Review of the 2023 Financial Statements; and to discuss other matters. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.64 (vs NT$1.01 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.64 (down from NT$1.01 in 2Q 2022). Revenue: NT$651.8m (down 6.6% from 2Q 2022). Net income: NT$46.0m (down 37% from 2Q 2022). Profit margin: 7.1% (down from 10% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Jun 21
Upcoming dividend of NT$2.30 per share at 5.8% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.6%). Announcement • Jun 11
Sanitar Co., Ltd. Announces Cash Dividend, Payable on July 20 2023 Sanitar Co., Ltd. announced cash dividends of TWD 165,774,800 (TWD 2.3 per share). record date: 2023 July 04 and Payment date of cash dividend distribution:2023 July 20. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$4.04 (vs NT$3.07 in FY 2021) Full year 2022 results: EPS: NT$4.04 (up from NT$3.07 in FY 2021). Revenue: NT$2.67b (up 13% from FY 2021). Net income: NT$290.8m (up 31% from FY 2021). Profit margin: 11% (up from 9.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jeng-Wei Ho 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. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$1.14 (vs NT$0.67 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.14 (up from NT$0.67 in 3Q 2021). Revenue: NT$684.2m (up 35% from 3Q 2021). Net income: NT$82.1m (up 70% from 3Q 2021). Profit margin: 12% (up from 9.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.01 (vs NT$0.78 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.01 (up from NT$0.78 in 2Q 2021). Revenue: NT$697.9m (up 13% from 2Q 2021). Net income: NT$72.9m (up 30% from 2Q 2021). Profit margin: 10% (up from 9.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (7.2%). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.78 (up from NT$0.74 in 1Q 2021). Revenue: NT$581.4m (up 3.8% from 1Q 2021). Net income: NT$56.3m (up 4.9% from 1Q 2021). Profit margin: 9.7% (in line with 1Q 2021). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jeng-Wei Ho 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. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$3.07 (up from NT$3.05 in FY 2020). Revenue: NT$2.37b (up 2.9% from FY 2020). Net income: NT$221.4m (flat on FY 2020). Profit margin: 9.3% (in line with FY 2020). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 26
Sanitar Co., Ltd., Annual General Meeting, May 26, 2022 Sanitar Co., Ltd., Annual General Meeting, May 26, 2022. Location: No. 67, Sec. 1, Guangfu Rd., Sanchong Dist. Meeting Room of Jen Hour Restaurant Taipei City Taiwan Agenda: To consider 2021 Business Report; to consider Audit Committee's Review Report of the 2021 Final Account Report; to consider Report on the 2021 Compensation Distribution of Employees and Directors; to consider Amendment to the Rules of Procedure for Board of Directors Meetings; to consider Amendment to the Ethical Conducts and Behaviors Guidelines for the Directors, Supervisors and Managers; to consider Amendment to the Procedures for Ethical Management and Guidelines for Conduct; and to consider other matters. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.67 (vs NT$0.99 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$505.4m (down 18% from 3Q 2020). Net income: NT$48.3m (down 33% from 3Q 2020). Profit margin: 9.5% (down from 12% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Aug 16
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 24 September 2021. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.2%). Executive Departure • Aug 10
Chief Internal Auditor Chien-Hsun Chen has left the company On the 5th of August, Chien-Hsun Chen's tenure as Chief Internal Auditor ended after less than a year in the role. We don't have any record of a personal shareholding under Chien-Hsun's name. A total of 7 executives have left over the last 12 months. The current median tenure of the management team is 3.13 years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.69 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$615.8m (up 5.3% from 2Q 2020). Net income: NT$56.0m (up 11% from 2Q 2020). Profit margin: 9.1% (up from 8.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Executive Departure • Jul 14
Independent Director Shih-Hsiung Chen has left the company On the 7th of July, Shih-Hsiung Chen's tenure as Independent Director ended after 9.1 years in the role. We don't have any record of a personal shareholding under Shih-Hsiung's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Jul 14
Supervisor Wen-Yao Li has left the company On the 7th of July, Wen-Yao Li's tenure as Supervisor ended after 20.0 years in the role. We don't have any record of a personal shareholding under Wen-Yao's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Jul 14
Independent Director Feng-Yuan Hsu has left the company On the 7th of July, Feng-Yuan Hsu's tenure as Independent Director ended after 9.1 years in the role. We don't have any record of a personal shareholding under Feng-Yuan's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Jul 14
Supervisor Hsin-Yung Liang has left the company On the 7th of July, Hsin-Yung Liang's tenure as Supervisor ended after 18.0 years in the role. We don't have any record of a personal shareholding under Hsin-Yung's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Jul 14
Director Chih-Hsin Yu has left the company On the 7th of July, Chih-Hsin Yu's tenure as Director ended after 9.1 years in the role. We don't have any record of a personal shareholding under Chih-Hsin's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Jun 24
Chief Operating Officer Feng-Kuei Ku has left the company On the 24th of June, Feng-Kuei Ku's tenure as Chief Operating Officer ended after 13.3 years in the role. We don't have any record of a personal shareholding under Feng-Kuei's name. Feng-Kuei is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.42 years. Announcement • Mar 10
Sanitar Co., Ltd., Annual General Meeting, May 27, 2021 Sanitar Co., Ltd., Annual General Meeting, May 27, 2021. Location: No. 67, Sec. 1, Guangfu Rd., Sanchong Dist Meeting Room of Jen Hour Restaurant New Taipei City Taiwan Agenda: To consider 2020 Business Report; to approve Supervisor's Review Report on the 2020 Financial Statements; to approve Report on the 2020 Compensation Distribution of Employees, Directors and Supervisors; to approve Amendment to the Rules of Procedure for Board of Directors Meetings; to approve adoption of the 2020 Business Report and Financial Statements; to approve adoption of the Proposal for Distribution of 2020 Profits; to approve Amendment to the Articles of Incorporation; to approve re-election of directors; to approve the lifting of non-competition restrictions for directors; and to consider other matters. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$3.04 (vs NT$2.48 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$2.31b (down 1.2% from FY 2019). Net income: NT$220.1m (up 22% from FY 2019). Profit margin: 9.5% (up from 7.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day high: NT$35.10 The company is up 6.0% from its price of NT$33.05 on 02 December 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$33.85 The company is up 10.0% from its price of NT$30.65 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: NT$32.05 The company is up 6.0% from its price of NT$30.25 on 07 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Building industry, which is up 17% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.99 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$616.3m (up 11% from 3Q 2019). Net income: NT$71.8m (up 54% from 3Q 2019). Profit margin: 12% (up from 8.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 
