KPIT Technologies (formerly KPIT Cummins Infosystems Ltd) is Indian Multinational Corporation with registered office

in Pune, Maharashtra, India. Popularly known as KPIT, the company provides product engineering services and

solutions, IT consulting services and technologies. Headquartered in Pune, India.

Potential Catalysts

Restructuring burden reduced. Company focusing on integrating the changes.

Good addition of client

Potential to improve of margins by 100bps

Cash flow continues to grow inorganic way Recommendation

With Superior project management skills, focus on measuring and monitoring quality and its planned expansion KPIT

Technologies will be able to grow over the next few years. We recommend BUY on the stock at CMP of Rs. 134.50 to

target of Rs 198 (Forward EPS of 15.32x FY17).

Financial Summary

Yearly Income Statement 2014 2015 2016 2017 E 2018 E

Total Income 2698.52 3025.10 3249.06 3411.47 3710.36

EBIDTA 422.76 359.59 448.78 490.51 537.89

EBIT 368.81 274.46 379.65 405.22 446.99

Net Income 248.96 237.00 281.49 300.51 332.13

EPS (Unit Curr.) 12.61 12.00 14.25 15.22 16.82

EBIDTA Margin 15.69% 12.03% 13.92% 14.44% 14.56%

EBIT Margin 13.69% 9.18% 11.77% 11.93% 12.10%

PAT Margin 9.23% 7.83% 8.66% 8.81% 8.95%

July 22nd, 2016

KPIT Technologies Ltd Fundamental Report

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KEY PARAMETERS

BSE 532400

NSE KPIT

REUTERS KPIT.BO

INCEPTION 1990

IPO 1999

INDUSTRY IT-SOFTWARE

CMP (as on 22/7/2016)

134.50

Stock Beta 0.9593

52 Week H/L 98 -196.85

Market Cap (Cr) 3674.46

Equity Capital (cr) 39.50

Face Value (Rs) 2

Average Volume 1,94,89,392 Shareholding Pattern (%)

Promoters 16.82

Non Institutions 83.18

Grand Total 100

Research Analyst:

Vinay Gowda

ATS Wealth Managers Pvt Ltd

Email: vinayaka@adityatrading.com

Phone: 080-43561171

BUSINESS DISCRIPTION

KPIT Technologies Limited is an India-based company engaged in providing software and information technology (IT)

enabled services globally. The principal businesses of the company are computer programming, consultancy and related

activities. It operates as product engineering and IT consulting partner for automotive, manufacturing, and energy and

utilities companies. It operates in the USA, UK & Europe and Rest of World segments. KPIT has a global extended product

lifecycle management (EPLM) practice, which offers consulting, platform based products, enterprise level analytics,

application management services (AMS) and enterprise cost management solutions. It offers technology solutions and

services and it partners with around 200 global corporations, including original equipment manufacturers (OEMs) and Tier

one companies.

Its subsidiaries include KPIT Infosystems Inc., KPIT Technologies (UK) Limited and KPIT Infosystems ME FZE.

KPIT was co-founded in 1990 by Ravi Pandit and Kishor Patil, as KPIT Infosystems. Both the co-founders are Chartered Accountants by profession & were partners in the Chartered Accountancy firm Kirtane and Pandit Chartered Accountants. KPIT launched its initial public offer (IPO) in 1999, which was 50 times oversubscribed. In 2002, Cummins InfoTech, the IT arm of Cummins Inc. merged with KPIT and the name of the Company became KPIT Cummins Infosystems Ltd. It changed its name to "KPIT Technologies Limited" in September 2013. This was in line with Cummins' decision to reduce its shareholding in KPIT to focus on its core business of engine and generator manufacturing. KPIT Technologies Ltd. key Products/Revenue Segments include

Software Development Charges which contributed Rs 1132.66 Cr to Sales Value (90.92% of Total Sales) Sale of Products which contributed Rs 86.26 Cr to Sales Value (6.92% of Total Sales) Others which contributed Rs 26.82 Cr to Sales Value (2.15% of Total Sales)

for the year ending 31-Mar-2015.

MANAGEMENT & GOVERNANCE

Shareholding pattern as on March 31st, 2016

No of Shares % of Holding

Description as on 31/03/2016 31/03/2016

Foreign (Promoter & Group) 40000 0.02

Indian (Promoter & Group) 33175670 16.8

Total of Promoter 33215670 16.82

Non Promoter (Institution) 101936440 51.61

Non Promoter (Non-Institution) 52674224 26.67

Total Non Promoter 154610664 78.28

Total Promoter & Non Promoter 187826334 95.1

Custodians(Against Depository Receipts) 9672408 4.9

Grand Total 197498742 100

17%

51%

27%

5%

Share Holding

Total of Promoter

Non Promoter(Institution)

Non Promoter (Non-Institution)

Custodians(AgainstDepository Receipts)

KEY PEOPLE

Kishor Patil Chief Executive Officer and Managing Director

S.B. Pandit, Ravi Non-Executive Chairman and Group Chief Executive Officer

Anil Patwardhan Chief Financial Officer

Anant J. Talaulicar Non-Executive Director

Dr. Alberto Sangiovanni-Vincentelli Independent Director

Company has BSR & Co. as its auditors.

EQUITY - BONUS HISTORY

Year Ratio Book Value -Unit Curr EPS -Unit Curr

2012 1:01 66.15 7.8

2007 1:01 94.73 18.31

1996 2:01 0 0

1994 1:01 0 0

INDUSTRY OUTLOOK

Over the last four quarters, almost all top Indian IT companies have reported lower than expected revenue growth in

organic terms. While cross currency impact has played its part, CC growth too has been rather muted. The average rolling

annualized USD revenue growth for the top‐4 in the last four quarters has been a muted 7.8%. While this might be

anecdotal evidence of the present and forthcoming slowdown in the IT Services sector, the real reason we believe, is

rooted deep in the past. We dare to call the last decade a ‘lost decade’ for the Indian IT services industry.

Everything going its way in the last decade

The Indian IT services industry had a lot going for it in the last decade. Developments, both micro and macro, led to an

unprecedented growth for the entire industry and significant cash accrual.

1. USD‐INR tailwind

Over the last decade, USD‐INR depreciated by 36%, providing a significant boost to the margins of the Indian IT

companies. Accordingly, the operating margins for TCS/HCL/Wipro expanded 117/301/35bps over the last

decade.

2. Indian IT companies gaining market share from global counterparts

Over the last decade, companies such as TCS, Infosys, and HCL Tech grabbed large amount of market share

from global counterparts such as IBM, Cap Gemini, and Atos Origin. While part of this success was attributable

to USD‐INR depreciation, which made their pricing more competitive, there was also a remarkable enhancement

of customer confidence in the delivery capabilities of Indian IT companies. All this was borne out of the hard work

and investments by the industry in the preceding decade.

3. The supply advantage

The number of engineering graduating every year in India has grown by 284% over the last decade. While the

country produced 0.38mn engineers in 2006, today it produces 1.45mn. This surge in the supply of engineers

meant that IT companies have abundant resources available to them, without having to worry about the cost.

Little surprise that TCS, the market leader in setting industry salaries, did not raise its fresher‐level salaries for

the last seven years.

These tailwinds meant that the entire sector had windfall gains in the last decade. Top‐4 companies reported 21% CAGR

in topline, 21% CAGR in earnings, and their market cap grew by 3.8x over the last decade. The growth also meant that

the top‐4 Indian IT companies generated cumulative Operating Cash Flow of Rs 2.1tn over the last 10 years.

INVESTMENT RATIONALE

Restructuring burden reduced. Company focusing on integrating the changes.

The company has been going through specific transformational changes. The business of KPIT is now restructured under

verticals/ SBU’s v/s previously horizontals.

Integrated Enterprise Solutions (IES)

Automotive & Allied Engineering (A&E)

SAP

Business Transformation Unit (BTU)

The offering led approach caused under penetration of services among customers across verticals with gap in services

provided to accounts. This was evident from high concentration of services in KPIT’s verticals, leaving potential areas for

growth untapped. To ensure consolidated offerings, KPIT reorganized its business to focus on verticals mentioned above.

As a result, sales and account management functions were organized by verticals and backed by offerings provided by

SBU’s. Recently the company has hired talent from Tier 1 competition to strengthen its vertical leadership.

SAP contributes ~25% to revenues after consecutive years of growth but saw a decline in revenues in recent years owing

to technology transition. KPIT had to continuously align its offerings in line with changes in SAP portfolio. Delays in deal

closures and changing product mix impacted the company’s growth. In view of the above, the company made significant

investments in Asia and Europe to increase its footprints as well as foray into newer areas of ERP’s and next level of

cloud and HANA. Moving towards more of annuity based business gives sufficient sustainability to revenues going

forward. The company has also built a strong team in Success Factors adding to growth capability.

Good addition of client

KPIT has won several clients in last 2-3 years’ time span on the back of its go to- market strategy, majorly in the areas of

automotive & allied engineering and SAP. However, owing to its horizontal organizational structure, these accounts

remained under penetrated. The company was highly missing on an opportunity to cross sell and grow its share of

business from existing customer base.

In order to mine these accounts, KPIT has put in place a vertical sales structure to bring collaboration and cross selling

across business units. To aid the process, it also formed business transformation unit which will bring together strengths

of all SBU’s and create larger deals for strategic accounts.

ERP business – the pain continues

KPIT’s SAP business is a perfect example of being at the wrong place at the wrong time. While the world was moving to

SAP HANA platform, KPIT acquired Sparta Consulting – a company with significant presence in SAP domain, but with

capabilities in the older version, which was slowly becoming obsolete. This lack of foresight from the management led to

KPIT not being able to cater to the demand in the SAP business – leading to 11% decline in the vertical over FY13-15. At

the same time, training employees on the new version meant margin erosion, leading to double whammy for the earnings.

While the SAP vertical showed some signs of revival in FY16, the issues leading to the 2Q FY17 profit warning are related

to its Oracle ERP implementation. We see multiple headwinds for KPIT’s ERP business now, which will lead to muted

growth in this division.

Expansion of margins facing resistance but not impossible overcome

Margins will be a tight balance ahead, between further pyramid rationalization (higher fresher hiring) and improving

offshore utilization (70%). Current quarter (Q1) is had margin contraction of ~150bps impact of salary hike and visa cost,

and the earlier cushion of rupee depreciation is expected to be absent for the next few quarters. We expect margins to

be a current levels in par management expectations of 14-16%. Due to integrations of restructuring and cutting costs, we

expect margins to improve 100 bps.

FY 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E

EBIDTA Margin (%) 14.95% 16.02% 16.06% 16.26% 19.16% 15.72% 16.03% 15.46% 15.69% 12.03% 13.92% 14.44% 14.56%

Cash flow continues to grow inorganic way

KPIT reported strong growth of 31% over FY10‐15, because of acquisitions. The company spent US$ 107mn over the

period to acquire 5 companies. The inorganic strategy helped meet guidance and achieve scale. But the same led to its

equity being diluted to 199 mn shares in FY15 from 157 mn in FY10. Over the last five years, the company has reported

negative free cash flow but reduction of debt and better integration will reduce the cost and increase cash flow.

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E

EBIDTA Margin (%)

VALUATION

KPIT is currently trading at 134.50 per share with a market capitalization of 3675 Crores. It has negligible debt with long

term Debt to Equity of 0.08. Most of the debt was acquired because of acquisitions made in last few years. We also expect

company's debt levels are also expected to gradually decline over the next 12-18 months owing to its lower capital

expenditure plan (exception of its inorganic growth). It has total cash and bank balance of 395 Cr. Its payout is consistence

ranging 0.45-0.65 %.

Consistent dividend will help institutions who hold huge large stake get incentive and is treated as boost to investors.

Year End Dividend Amount Dividend-% Div. Yield-%

2015 21.73 55 0.59

2014 21.37 55 0.69

2013 17.38 45 0.94

2012 12.47 35 0.88

2011 6.17 35 0.42

2010 5.5 35 0.61

2009 4.68 30 2.34

2008 5.45 35 0.9

2007 5.23 35 0.53

KPIT, a global IT services and product engineering company thrives to attain revenues of Rs 3700Cr by FY18E. Results

were disappointing in last few years was led by restructuring effects, subdued SAP SBU performance, de-growth in top

client and delays in deal closures.

However, with a new organization structure in place, the management is confident enough of turning around the corner

in pain areas through new sales structure, increased cross selling and mining, potential margin expansion and focus on

improving utilization and effort mix.

0

0.5

1

1.5

2

2.5

2007 2008 2009 2010 2011 2012 2013 2014 2015

Div. Yield-%

The expected revival in auto sector will also lead to growth, KPIT being a leader in the area is poised to take advantage

of the same. Moreover, the company’s focus on client mining through broad based growth would add to revenues going

forward.

We value KPIT with the fair price of 164 using DCF valuation and recommend for a price target of 198 for FY17 with

revenue CAGR 7% for FY16-FY18. For valuation we assume that over the period company will keep capital structure

unaltered and tax rate unchanged.

Valuation Ratio 2013 2014 2015 2016

Price Earning (P/E) 9.94 9.44 12.16 15.22

Price to Book Value ( P/BV) 2 1.79 2.34 2.73

Price/Cash EPS (P/CEPS) 7.58 7.61 9.97 11.14

EV/EBIDTA 6.23 5.85 7.77 10.24

Market Cap/Sales 0.95 0.83 1.11 1.18

KEY RATIOS 2013 2014 2015 2016

- Debt Equity Ratio 0.34 0.34 0.31 0.3

- Current Ratio 2.69 2.92 2.6 2.06

- Debtors Velocity 85.19 91.36 76.19 102.99

- Creditors Velocity 26.61 20.18 45.22 83.07

Relative Valuation

Values are as of 21st July, 2016

Company Name Market Cap EPS (cons.) Market Price P/E Ratio P/BV - cons

Vakrangee 9118.05 6.81 172.3 25.31 7.54

Hexaware Tech. 6466.37 13.06 214.25 16.41 4.51

eClerx Services 5851.15 75.46 1433.5 17.28 8.19

KPIT Tech. 3674.46 14.7 186.05 9.55 2.66

NIIT Tech. 3135.5 43.22 512.45 21.62 2.31

Take Solutions 2089.37 9.45 170.7 18.07 3.98

Accelya Kale 1668.58 48.96 1117.6 24.7 14.53

Sonata Software 1578 14.26 150 10.52 3.68

Average 28.24 17.93 5.93

KPIT is trading at discount to its peers, P/E at 9.55 against average of 18 with its peers. At 18 P/E KPIT should be trading

at its fair market value of 264 per share. Though this value is on the higher side, with the quality of KPIT’s management,

its lower debt and good growth, it should be trading near to its fair value of 164. We believe that KPIT could trade at

premium given its strong brand equity, healthy growth prospects, improving profitability margins, better return ratios,

strong balance sheet and prudent management.

As of March, 2016

Co_Name Market

Cap Total Debt Sales EBIDT EBIT PAT Book Value

Long Term D/E Ratio EBIDTM (%) ROCE (%)

Vakrangee 5178.5 416.04 2780.48 729.13 564.27 321.31 19.01 0.06 26.22 38.91

eClerx Services 4825.03 0 942.12 348.62 298.6 229.74 235.53 0 37 44.5

KPIT Tech. 3702.16 504.95 3002.38 359.58 274.45 236.78 68.88 0.08 11.98 15.09

NIIT Tech. 2129.86 8.61 2372.5 273.22 181.58 152.81 222.35 0 14.64 18.5

Sonata Software 1874.66 24.42 1682.13 190.73 184.66 131.35 40.74 0 11.34 44.2

Take Solutions 1571.62 208.8 730.43 157.67 98.06 69.57 43.7 0.06 21.59 13.75

Accelya Kale 1488.15 0 302.82 120.55 107.23 67.38 77.09 0 39.81 90.38

Average 166.12 1687.55 311.36 244.12 172.71 101.04 0.03 23.23 37.90

Financial Health

Management Effectiveness

CREDIT RATING

Total Bank Loan Facilities Rated Rs.4445.5 Million

Long Term Rating CRISIL AA-/Stable (Outlook revised from 'Negative' and rating reaffirmed)

Short Term Rating CRISIL A1+ (Reassigned)

CRISIL has its rating outlook on the long-term bank facilities of KPIT Technologies Ltd as 'Stable', while reaffirming the

rating from the previous at 'CRISIL AA-'. CRISIL has also assigned its 'CRISIL A1+' rating to the short-term bank loan

facilities.

CONCUSSION AND RECOMMENDATION

With Superior project management skills, focus on measuring and monitoring quality and its planned expansion KPIT

Technologies will be able to grow over the next few years. We recommend BUY on the stock at CMP of Rs. 134.50 to

target of Rs 198 (Forward EPS of 15.32x FY17).

RISKS AND CONCERNS

1. Currency And Hedging Risks KPIT derives more than 90% of its revenues in foreign currency and more than 50% of costs are in INR. Adverse cross currency movements can have a severe impact on the margins as well as profitability.

2. The slower than expected U.S growth trajectory and sluggish Euro zone growth will drag on external demand.

3. Brexit may have impact on KPIT's top line short term as well as long term. Pound depreciation by over 20% due to Brexit will have income reduction from UK and Europe geographical regions.

4. A disruptive increase in financial volatility could occur.

5. While financial market volatility remains very low from a historical perspective, anticipation of the interest rate

tightening cycle in the United States—the timing and speed of which is uncertain—could induce sharp movements

in term premiums and risk spreads in advanced and emerging market economies.

6. Slowdown in BFSI business, over the last six quarters, expected to continue. This will impact revenue as well as

margins.

FINANCIALS

For the quarter ended 30-Jun-2016, the company has reported a Consolidate sales of Rs. 803.24 Cr., down -4.46% from

last quarter Sales of Rs. 840.72 Cr. and up 5.92% from last year same quarter Sales of Rs. 758.32 Cr. Company has

reported net profit after tax of Rs. 55.05 Cr. in latest quarter.

The company has reported good set of numbers on YoY as well. In Q4FY15, accounts closure had led to weak set of

numbers for the quarter. However, the management’s focus on profitability, predictability, people and growth led to

improved profits for Q4FY16. In rupee terms, Net sales grew by 10.2% and came in at Rs 840.7cr in Q4FY16 vs. Rs

762.9cr in Q4FY15.EBITDAmargins improved by 1133bps and came in at 15.7% in Q4FY16 vs. 4.4% in Q4FY15. APAT

margins improved by 512 bps and came in at 11.7% in Q4FY16 vs 6.6% in Q4FY15.

Profitability

Growth

Yearly Income Statement 2012 2013 2014 2015 2016 2017 E 2018 E

Net Sales 1500.01 2238.63 2694.04 2989.92 3224.29 3396.47 3695.36

Other Income 23.87 -16.81 4.48 35.18 24.77 15.00 15.00

Other Operating Income 0 0 0 0 0 0 0

Total Income 1523.88 2221.82 2698.52 3025.10 3249.06 3411.47 3710.36

Total Expenditure 1283.44 1875.79 2275.76 2665.51 2800.28 2920.96 3172.46

EBIDTA 240.44 346.03 422.76 359.59 448.78 490.51 537.89

Depreciation 44.49 47.15 53.95 85.13 69.13 85.29 90.90

EBIT 195.95 298.88 368.81 274.46 379.65 405.22 446.99

Interest 7.32 14.15 25.77 25.98 15.19 16.21 17.88

PBT 188.63 284.73 343.04 248.48 364.46 389.01 429.11

Tax 43.67 76.56 94.08 11.48 82.97 88.50 96.98

Deferred Tax 0 0 0 0 0 0 0

Adjusted Profit After Tax 144.96 208.17 248.96 237.00 281.49 300.51 332.13

Minority Interest After NP 3.15 8.61 0 0 0 0 0

Profit/Loss of Associate Company 3.53 -0.54 0 0 0 0 0

Extra-ordinary Items 7.72 -0.95 8.88 0 -8.73 0 0

Adjusted Profit After Extra-ordinary item 145.34 199.02 248.96 237.00 281.49 300.51 332.13

Equity 35.59 38.56 37.1 37.61 37.57 37.57 37.57

EPS (Unit Curr.) 7.36 10.08 12.61 12.00 14.25 15.22 16.82

Face Value 2 2 2 2 2 2 2

EBIDTA Margin 16.03% 15.46% 15.69% 12.03% 13.92% 14.44% 14.56%

EBIT Margin 13.06% 13.35% 13.69% 9.18% 11.77% 11.93% 12.10%

PAT Margin 9.54% 8.96% 9.23% 7.83% 8.66% 8.81% 8.95%

Balance Sheet 2012 2013 2014 2015 2016

EQUITY & LIABILITIES

Shareholders Fund 712.44 1036.1 1273.64 1295.38 1380.69

Share Capital 35.59 38.56 37.1 37.61 37.57

Reserves & Surplus 676.85 997.53 1236.54 1257.77 1343.13

Money received against Share Warrants 0 0 0 0 0

Share Application Money Pending Allotment 0.11 0.14 1.48 0.77 0.06

Minority Interest 32.6 27.02 0 0 0

Total Non-Current Liabilities 104.37 160.23 153.37 120.32 218.82

- Long Term Borrowings 66.87 145.92 130.05 77.99 167.27

- Deferred Tax Liabilities(Net) 0.77 0 0 0 0

- Other Long Term Liabilities 26.4 0.08 0 0 0

- Long Term Provisions 10.32 14.23 23.32 42.33 51.55

Total Current Liabilities 478.54 561.31 716.41 857.33 595.64

- Short Term Borrowings 147 175.34 308.93 367.72 49.81

- Trade Payables 175.65 190.4 102.06 133.16 123.34

- Other Current Liabilities 99.89 125.97 225.89 291.8 329.42

- Short Term Provisions 55.99 69.6 79.52 64.65 93.07

TOTAL EQUITY & LIABILITIES 1328.05 1784.8 2144.9 2273.79 2195.22

ASSETS

Total Non-Current Assets 646.57 780.12 955.17 958.9 917.47

- Fixed Assets(incl. Capital Work in Progress) 185.27 200.46 216.09 232.82 285.04

- Goodwill on Consolidation 362.25 442.34 599.41 508.79 402.47

- Non Current Investments 21.75 11.76 11.76 22.47 11.76

- Deferred Tax Asset(Net) 3.5 6.92 28.92 51.99 61.96

- Long Term Loans & Advances 70.36 115.46 88.68 130.37 150.97

- Other Non-Current Assets 3.43 3.19 10.31 12.46 5.28

Total Current Assets 681.48 1004.68 1189.73 1314.89 1277.75

- Current Investments 36.47 203.65 174.13 59.04 0

- Inventories 0 0 3.43 22.88 38

- Trade Receivables 423.26 467.28 674.3 697.87 686.09

- Cash & Cash Equivalents 147.3 192.09 190.79 363.75 395.33

- Short Term Loans & Advances 58.1 59.35 74.39 68.11 67.66

- Other Current Assets 16.36 82.31 72.69 103.24 90.67

TOTAL ASSETS 1328.05 1784.8 2144.9 2273.79 2195.22

Cash Flow Summary 2012 2013 2014 2015

Cash and Cash Equivalents at Beginning of the year 208 146.66 189.13 181.05

Net Cash from Operating Activities 100.45 120.35 102.98 289.41

Net Cash Used in Investing Activities -270.2 -349.86 -190.08 -102.1

Net Cash Used in Financing Activities 108.41 272.16 79.02 -40.34

Net Inc/(Dec) in Cash and Cash Equivalent -61.34 42.65 -8.08 146.97

Cash and Cash Equivalents at End of the year 146.66 189.31 181.05 328.02

Key Ratios 2012 2013 2014 2015

Debt-Equity Ratio 0.23 0.32 0.37 0.39

Long Term Debt-Equity Ratio 0.07 0.13 0.12 0.08

Current Ratio 1.54 1.43 1.45 1.49

Turnover Ratios

Fixed Assets 2.57 2.76 2.7 2.68

Inventory 0 0 1571.03 228.23

Debtors 4.5 4.95 4.72 4.38

Total Asset Turnover Ratio 1.75 1.83 1.67 1.65

Interest Cover Ratio 26.77 21.12 14.31 10.56

EBIDTM (%) 16.03 15.46 15.69 11.98

ROCE (%) 22.83 24.45 22.81 15.09

RONW (%) 21.49 23.02 21.29 18.43

Payout (%) 8.72 8.46 8.72 9.34

2012 2013 2014 2015

NP / PBT (X) 0.77 0.7 0.73 0.95

PBT / EBIT (X) 0.96 0.95 0.93 0.91

EBIT / Sales (X) 0.13 0.13 0.14 0.09

Sales / Assets (X) 1.75 1.83 1.67 1.64

Assets / Equity (X) 1.31 1.4 1.4 1.41

ROE (X) 0.22 0 0 0

Price Ratios

Current P/E Ratio 9.42

P/E Ratio 5-Year High 16.49

P/E Ratio 5-Year Low 4.84

Price/Sales Ratio 0.82

Price/Book Value 1.89

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