Bufab Holding

-91.49%

Live  

are show on the official website. Bufab Holding is a leading supplier of components and services to the manufacturing industry, offering a wide range of products and services such as fasteners, electro mechanical components, logistics and engineering solutions. The company was founded in 1977 and is headquartered in Värnamo, Sweden. Bufab Holding operates through a global network of over 110 locations in 27 countries, with approximately 2,000 employees worldwide. The company's main markets are in Europe, with a growing presence in North America and Asia. Bufab Holding is listed on the Nasdaq Stockholm exchange and has reported strong financial performance in recent years, with a focus on sustainable growth and digitalization. The company's vision is to become the leading global supplier of innovative solutions for assembly and logistics.

QnVmYWIgSG 9sZGluZyBp cyBhIGNvbX BhbnkgdGhh dCBoZWxwcy BvdGhlciBi dXNpbmVzc2 VzIGJ5IHBy b3ZpZGluZy B0aGVtIHdp dGggbG90cy BvZiBkaWZm ZXJlbnQga2 luZHMgb2Yg c21hbGwgcG FydHMsIGxp a2Ugc2NyZX dzLCBudXRz LCBhbmQgYm 9sdHMuIFRo ZXNlIHBhcn RzIGFyZSBz dXBlciBpbX BvcnRhbnQg Zm9yIG1hbn kgdHlwZXMg b2YgcHJvZH VjdHMsIGxp a2UgY2Fycy wgbWFjaGlu ZXMsIG9yIG V2ZW4gdG95 cy4gV2hlbi Bjb21wYW5p ZXMgYnVpbG QgdGhpbmdz LCB0aGV5IG 5lZWQgdGhl c2Ugc21hbG wgcGFydHMg dG8gaG9sZC BldmVyeXRo aW5nIHRvZ2 V0aGVyIGFu ZCBtYWtlIH N1cmUgZXZl cnl0aGluZy B3b3JrcyBj b3JyZWN0bH kuPGJyPkJ1 ZmFiIG1ha2 VzIG1vbmV5 IGJ5IHNlbG xpbmcgdGhl c2Ugc21hbG wgcGFydHMg dG8gZGlmZm VyZW50IGNv bXBhbmllcy 4gVGhleSBo YXZlIGEgaH VnZSBzZWxl Y3Rpb24gb2 YgcGFydHMg YW5kIGNhbi BnZXQgdGhl bSB0byB0aG VpciBjdXN0 b21lcnMgcX VpY2tseS4g VGhpcyBpcy ByZWFsbHkg aW1wb3J0YW 50IGJlY2F1 c2Ugd2hlbi BhIGZhY3Rv cnkgaXMgYn VpbGRpbmcg c29tZXRoaW 5nLCB0aGV5 IG5lZWQgdG hlIHJpZ2h0 IHBhcnRzIG F0IHRoZSBy aWdodCB0aW 1lIHRvIGtl ZXAgZXZlcn l0aGluZyBv biBzY2hlZH VsZS4gSWYg dGhleeKAmX JlIG91dCBv ZiBzY3Jld3 MsIGZvciBl eGFtcGxlLC B0aGV5IGNh buKAmXQgZm luaXNoIG1h a2luZyB3aG F0ZXZlciB0 aGV5IGFyZS BidWlsZGlu Zy48YnI+Tm 93LCBsZXTi gJlzIHRhbG sgYWJvdXQg d2h5IEJ1Zm FiIGlzIGRv aW5nIHdlbG wgYW5kIHdo eSBpdCB3aW xsIGxpa2Vs eSBzdGF5IH N1Y2Nlc3Nm dWwgaW4gdG hlIGZ1dHVy ZS4gRmlyc3 Qgb2YgYWxs LCBCdWZhYi BoYXMgbWFu eSBzdHJvbm cgY29ubmVj dGlvbnMgd2 l0aCBkaWZm ZXJlbnQgY2 9tcGFuaWVz IGFyb3VuZC B0aGUgd29y bGQuIFRoaX MgbWVhbnMg dGhleSBoYX ZlIGxvdHMg b2YgY3VzdG 9tZXJzIHdo byB0cnVzdC B0aGVtIHRv IGdldCB0aG UgcGFydHMg dGhleSBuZW VkLiA8YnI+ QWxzbywgQn VmYWIgaXMg Z29vZCBhdC BmaW5kaW5n IG5ldyB0eX BlcyBvZiBw YXJ0cyBhbm Qga2VlcGlu ZyB1cCB3aX RoIHdoYXTi gJlzIGhhcH BlbmluZyBp biBkaWZmZX JlbnQgaW5k dXN0cmllcy 4gVGhpcyBo ZWxwcyB0aG VtIHN0YXkg aW1wb3J0YW 50IGFuZCBu ZWVkZWQgYn kgdGhlaXIg Y3VzdG9tZX JzLiBUaGV5 IGFyZSBhbH dheXMgbG9v a2luZyBmb3 Igd2F5cyB0 byBpbXByb3 ZlIGFuZCBi ZSBtb3JlIG VmZmljaWVu dCwgd2hpY2 ggaGVscHMg dGhlbSBzYX ZlIG1vbmV5 IGFuZCBwcm 92aWRlIGdy ZWF0IHNlcn ZpY2UuPGJy PkZpbmFsbH ksIGFzIHRo ZSB3b3JsZC BrZWVwcyBn cm93aW5nIG FuZCBwZW9w bGUga2VlcC BidWlsZGlu ZyBuZXcgdG hpbmdzLCB0 aGVyZSB3aW xsIGFsd2F5 cyBiZSBhIG 5lZWQgZm9y IHRoZSBzbW FsbCBwYXJ0 cyB0aGF0IE J1ZmFiIHNl bGxzLiBTby wgYXMgbG9u ZyBhcyB0aG V5IGtlZXAg cHJvdmlkaW 5nIGdvb2Qg c2VydmljZS BhbmQgcGFy dHMsIHRoZX kgYXJlIGxp a2VseSB0by Bjb250aW51 ZSBiZWluZy BzdWNjZXNz ZnVsIGZvci BhIGxvbmcg dGltZSE8Yn I+

QnVmYWIgSG 9sZGluZyBp cyBhIGxlYW RpbmcgZ2xv YmFsIHN1cH BseSBjaGFp biBtYW5hZ2 VtZW50IGNv bXBhbnkgdG hhdCBzcGVj aWFsaXplcy BpbiBzb3Vy Y2luZywgcX VhbGl0eSBj b250cm9sLC Bsb2dpc3Rp Y3MsIGFuZC BhZnRlcm1h cmtldCBzZX J2aWNlcy4g VGhlIGNvbX BhbnkncyBt YWluIGZvY3 VzIGlzIHBy b3ZpZGluZy Bpbm5vdmF0 aXZlIGFuZC BjdXN0b21p emVkIHNvbH V0aW9ucyB0 byBtZWV0IH RoZSB1bmlx dWUgbmVlZH Mgb2YgaXRz IGN1c3RvbW Vycywgd2hp Y2ggc2V0cy BpdCBhcGFy dCBmcm9tIG 90aGVyIGNv bXBhbmllcy BpbiB0aGUg aW5kdXN0cn kuIEJ1ZmFi IEhvbGRpbm cgcHJpZGVz IGl0c2VsZi BvbiBpdHMg c3Ryb25nIH JlbGF0aW9u c2hpcHMgd2 l0aCBpdHMg c3VwcGxpZX JzLCB3aGlj aCBhbGxvd3 MgZm9yIGJl dHRlciBjb3 N0IG1hbmFn ZW1lbnQgYW 5kIHN1cHBs eSBjaGFpbi BlZmZpY2ll bmN5LiBBZG RpdGlvbmFs bHksIHRoZS Bjb21wYW55 IHBsYWNlcy BncmVhdCBl bXBoYXNpcy BvbiBzdXN0 YWluYWJpbG l0eSBhbmQg Y29ycG9yYX RlIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSwgd2hpY2 ggaXMgcmVm bGVjdGVkIG luIGl0cyBw cmFjdGljZX MgYW5kIHBh cnRuZXJzaG lwcy4gQnVm YWIgSG9sZG luZyBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcywgbWFr aW5nIGl0IG Egb25lLXN0 b3Atc2hvcC Bmb3IgYnVz aW5lc3Nlcy Bsb29raW5n IGZvciBzdX BwbHkgY2hh aW4gc29sdX Rpb25zLCBm dXJ0aGVyIH NldHRpbmcg aXQgYXBhcn QgZnJvbSBp dHMgY29tcG V0aXRvcnMu

QnVmYWIgSG 9sZGluZyBp cyBhIGdsb2 JhbCBzdXBw bHkgY2hhaW 4gc3BlY2lh bGlzdCB0aG F0IG9mZmVy cyBhIHdpZG UgcmFuZ2Ug b2Ygc29sdX Rpb25zIGZv ciBzb3VyY2 luZywgcXVh bGl0eSBjb2 50cm9sLCBw cm9jdXJlbW VudCwgbG9n aXN0aWNzLC BhbmQgaW52 ZW50b3J5IG 1hbmFnZW1l bnQuIFRoZS Bjb21wYW55 IHNlcnZlcy BhIHZhcmll dHkgb2YgaW 5kdXN0cmll cywgaW5jbH VkaW5nIGF1 dG9tb3Rpdm UsIGNvbnN0 cnVjdGlvbi wgZW5lcmd5 LCBhbmQgZ2 VuZXJhbCBp bmR1c3RyeS 4gVGhlIGZv bGxvd2luZy BhcmUgdGhl IGtleSBjb2 1wb25lbnRz IG9mIEJ1Zm FiJ3MgYnVz aW5lc3MgbW 9kZWw6PGJy PjEuIFNvdX JjaW5nIGFu ZCBQcm9jdX JlbWVudDog QnVmYWIgaG VscHMgaXRz IGN1c3RvbW VycyB0byBp ZGVudGlmeS BhbmQgc291 cmNlIHRoZS BiZXN0IHF1 YWxpdHkgY2 9tcG9uZW50 cyBhbmQgbW F0ZXJpYWxz IGZvciB0aG VpciBwcm9k dWN0aW9uIH Byb2Nlc3Nl cy4gVGhlIG NvbXBhbnkg aGFzIGEgdm FzdCBnbG9i YWwgbmV0d2 9yayBvZiBz dXBwbGllcn MsIGVuYWJs aW5nIGl0IH RvIG9mZmVy IGNvbXBldG l0aXZlIHBy aWNlcyBhbm QgZW5zdXJl IHRpbWVseS BkZWxpdmVy eS48YnI+Mi 4gUXVhbGl0 eSBDb250cm 9sOiBCdWZh YiBoYXMgYS BzdHJpY3Qg cXVhbGl0eS Bjb250cm9s IHByb2Nlc3 MgaW4gcGxh Y2UgdG8gZW 5zdXJlIHRo YXQgYWxsIH Byb2R1Y3Rz IG1lZXQgdG hlIGhpZ2hl c3Qgc3Rhbm RhcmRzIGFu ZCBzcGVjaW ZpY2F0aW9u cyByZXF1aX JlZCBieSBp dHMgY3VzdG 9tZXJzLiBU aGlzIGluY2 x1ZGVzIHJl Z3VsYXIgYX VkaXRzIG9m IHN1cHBsaW VycyBhbmQg dGVzdGluZy BvZiBtYXRl cmlhbHMgaW 4gQnVmYWIn cyBvd24gbG Fib3JhdG9y aWVzLjxicj 4zLiBMb2dp c3RpY3MgYW 5kIERpc3Ry aWJ1dGlvbj ogVGhlIGNv bXBhbnkgaG FzIGEgd2Vs bC1lc3RhYm xpc2hlZCBs b2dpc3RpY3 MgbmV0d29y ayB0aGF0IG VuYWJsZXMg aXQgdG8gZW ZmaWNpZW50 bHkgbWFuYW dlIHRoZSB0 cmFuc3Bvcn RhdGlvbiBh bmQgZGlzdH JpYnV0aW9u IG9mIHByb2 R1Y3RzIHRv IGl0cyBjdX N0b21lcnMu IFRoaXMgaW 5jbHVkZXMg c2VydmljZX Mgc3VjaCBh cyBmcmVpZ2 h0IGZvcndh cmRpbmcsIH dhcmVob3Vz aW5nLCBhbm QgaW52ZW50 b3J5IG1hbm FnZW1lbnQu PGJyPjQuIE N1c3RvbWl6 ZWQgU29sdX Rpb25zOiBC dWZhYiBvZm ZlcnMgY3Vz dG9taXplZC BzdXBwbHkg Y2hhaW4gc2 9sdXRpb25z IHRhaWxvcm VkIHRvIHRo ZSBzcGVjaW ZpYyBuZWVk cyBvZiBpdH MgY3VzdG9t ZXJzLiBUaG lzIGluY2x1 ZGVzIHNlcn ZpY2VzIGxp a2UgdmFsdW UgZW5naW5l ZXJpbmcsIH BhY2thZ2lu ZyBkZXNpZ2 4sIGFuZCB2 ZW5kb3IgbW FuYWdlZCBp bnZlbnRvcn kuPGJyPjUu IERpZ2l0YW xpemF0aW9u OiBCdWZhYi BoYXMgZW1i cmFjZWQgZG lnaXRhbGl6 YXRpb24gdG 8gZW5oYW5j ZSBpdHMgb3 BlcmF0aW9u cyBhbmQgaW 1wcm92ZSBj dXN0b21lci BleHBlcmll bmNlLiBUaG lzIGluY2x1 ZGVzIHRvb2 xzIHN1Y2gg YXMgZS1jb2 1tZXJjZSBw bGF0Zm9ybX MsIGRpZ2l0 YWwgcHJvZH VjdCBjYXRh bG9ncywgYW 5kIHN1cHBs eSBjaGFpbi BtYW5hZ2Vt ZW50IHNvZn R3YXJlLjxi cj42LiBTdX N0YWluYWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC BoYXMgaW5j b3Jwb3JhdG VkIGl0IGlu dG8gaXRzIG J1c2luZXNz IG1vZGVsLi BCdWZhYiB3 b3JrcyBjbG 9zZWx5IHdp dGggaXRzIH N1cHBsaWVy cyB0byBlbn N1cmUgcmVz cG9uc2libG Ugc291cmNp bmcgb2YgbW F0ZXJpYWxz IGFuZCBoYX MgaW1wbGVt ZW50ZWQgbW Vhc3VyZXMg dG8gcmVkdW NlIGl0cyBl bnZpcm9ubW VudGFsIGlt cGFjdC48Yn I+T3ZlcmFs bCwgQnVmYW IncyBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIHByb3Zp ZGluZyBlZm ZpY2llbnQg YW5kIGNvc3 QtZWZmZWN0 aXZlIHN1cH BseSBjaGFp biBzb2x1dG lvbnMgdG8g aXRzIGN1c3 RvbWVycywg d2hpbGUgYW xzbyBlbnN1 cmluZyBxdW FsaXR5LCBz dXN0YWluYW JpbGl0eSwg YW5kIGN1c3 RvbWVyIHNh dGlzZmFjdG lvbi4=

AI can pose a material threat to Bufab Holding’s products, services, or competitive positioning in several ways:
1. Substitution: AI technologies can lead to the development of new materials or components that replace traditional fasteners or mechanical solutions provided by Bufab. For instance, advancements in 3D printing or smart materials may create alternatives that are lighter, stronger, or more adaptable, potentially reducing demand for conventional products.
2. Disintermediation: AI-driven platforms could enable customers to source components directly from manufacturers or alternative suppliers, bypassing traditional distributors like Bufab. This can weaken Bufab’s market position as customers may gravitate towards more efficient and cost-effective solutions provided by AI-enhanced supply chain platforms.
3. Margin Pressure: AI can optimize production processes and supply chains, allowing competitors to reduce costs and offer products at lower prices. If Bufab fails to implement AI-driven solutions to enhance its operational efficiency, it may face pressure on its profit margins as competitors leverage technology to gain a pricing advantage.
Overall, Bufab Holding needs to proactively explore AI technologies and integrate them into its operations to mitigate these potential threats and maintain competitive positioning in the market.

The sensitivity of Bufab Holding’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors.
1. Earnings Sensitivity: Interest rates can impact Bufab’s cost of capital, which affects its profitability. If interest rates rise, the cost of borrowing increases, leading to higher interest expenses if the company has variable-rate debt. Yet, if the company can pass these costs on to customers through higher prices, the impact on earnings may be mitigated. Additionally, higher interest rates can dampen overall economic activity, potentially reducing demand for Bufab’s products, which could negatively impact earnings.
2. Cash Flow Sensitivity: Cash flow can be directly and indirectly affected by interest rates. Higher rates may raise the company’s interest payments on debt, thus reducing cash flow from operations. If customers experience economic pressures from rising rates, their purchasing behavior could change, impacting Bufab’s cash inflow. Conversely, if the company has excess cash, higher rates may provide better returns on cash reserves, positively influencing cash flow.
3. Valuation Sensitivity: The valuation of a company like Bufab is often linked to its discounted cash flows. Higher interest rates increase the discount rate used in these calculations, which can lower the present value of future cash flows. This generally leads to a reduction in the company’s market valuation. Valuation changes are particularly sensitive when a company has projected growth in a low-interest-rate environment compared to an environment of rising rates.
In conclusion, Bufab Holding’s earnings, cash flow, and valuation are indeed sensitive to changes in interest rates, with the overall impact influenced by factors such as borrowing costs, economic conditions, pricing power, and market sentiments.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQn VmYWIgSG9s ZGluZ+KAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgM+KAkz UgeWVhcnMg aXMgYSBzaW duaWZpY2Fu dCBhbmQgcH JvbG9uZ2Vk IGRvd250dX JuIGluIHRo ZSBnbG9iYW wgbWFudWZh Y3R1cmluZy BzZWN0b3Is IHNwdXJyZW QgYnkgYSBj b21iaW5hdG lvbiBvZiBm YWN0b3JzIH N1Y2ggYXMg cmlzaW5nIH JhdyBtYXRl cmlhbCBjb3 N0cywgc3Vw cGx5IGNoYW luIGRpc3J1 cHRpb25zLC BhbmQgZXNj YWxhdGluZy BnZW9wb2xp dGljYWwgdG Vuc2lvbnMu PGJyPklmIG 1hbnVmYWN0 dXJpbmcgb3 V0cHV0IGRl Y2xpbmVzIG R1ZSB0byB0 aGVzZSBmYW N0b3JzLCBC dWZhYiwgd2 hpY2ggc3Bl Y2lhbGl6ZX MgaW4gcHJv dmlkaW5nIG NvbXBvbmVu dHMgYW5kIH NvbHV0aW9u cyBmb3Igdm FyaW91cyBp bmR1c3RyaW VzLCBtYXkg ZXhwZXJpZW 5jZSBhIGRl Y3JlYXNlIG luIGRlbWFu ZCBmb3IgaX RzIHByb2R1 Y3RzLiBBcy BjdXN0b21l cnMgZmFjZS B0aWdodGVy IGJ1ZGdldH MgYW5kIHJl ZHVjZWQgb3 JkZXJzLCBC dWZhYuKAmX MgcmV2ZW51 ZSBjb3VsZC B0YWtlIGEg c2lnbmlmaW NhbnQgaGl0 LCBsZWFkaW 5nIHRvIGxv d2VyZWQgbW FyZ2lucy4g VGhlIGNvbX BhbnnigJlz IHByb2ZpdC BtYXJnaW5z IHdvdWxkIG JlIHNxdWVl emVkIGFzIG l0IG1heSBo YXZlIHRvIG 9mZmVyIGRp c2NvdW50cy B0byByZXRh aW4gY2xpZW 50cywgaW1w cm92ZSBjb2 1wZXRpdGl2 ZW5lc3MsIG 9yIG1pdGln YXRlIGludm VudG9yeSBi dWlsZC11cC 48YnI+Q2Fz aCBmbG93IH dvdWxkIGxp a2VseSBhbH NvIGRldGVy aW9yYXRlLi BXaXRoIGxv d2VyIHJldm VudWVzLCBC dWZhYiBtYX kgc3RydWdn bGUgdG8gY2 92ZXIgaXRz IG9wZXJhdG lvbmFsIGV4 cGVuc2VzLC BwYXkgZG93 biBkZWJ0LC BhbmQgbWFp bnRhaW4gbm VjZXNzYXJ5 IGNhcGl0YW wgZXhwZW5k aXR1cmVzLi BBIGNhc2gg ZmxvdyBzcX VlZXplIGNv dWxkIGZvcm NlIHRoZSBj b21wYW55IH RvIGN1dCBj b3N0cywgZG VsYXkgaW52 ZXN0bWVudH MsIG9yIGV2 ZW4gcmVzb3 J0IHRvIGJv cnJvd2luZy wgd2hpY2gg d291bGQgZn VydGhlciBi dXJkZW4gaX RzIGZpbmFu Y2lhbCBoZW FsdGguPGJy Pk9uIHRoZS BiYWxhbmNl IHNoZWV0LC BzdXN0YWlu ZWQgcmV2ZW 51ZSBwcmVz c3VyZSBjb3 VsZCBsZWFk IHRvIGFzc2 V0IGltcGFp cm1lbnQuIE FjY291bnRz IHJlY2Vpdm FibGUgbWF5 IGluY3JlYX NlIGlmIGN1 c3RvbWVycy BkZWxheSBw YXltZW50cy BhbWlkIGZp bmFuY2lhbC BzdHJhaW5z LCBhZmZlY3 Rpbmcgb3Zl cmFsbCBsaX F1aWRpdHku IEluIHRoZS B3b3JzdC1j YXNlIHNjZW 5hcmlvLCBC dWZhYiBtaW dodCBuZWVk IHRvIHdyaX RlIGRvd24g dGhlIHZhbH VlIG9mIGlu dmVudG9yeS B0aGF0IGNh bm5vdCBiZS Bzb2xkIGF0 IGV4cGVjdG VkIG1hcmdp bnMsIGxlYW RpbmcgdG8g cmVkdWN0aW 9ucyBpbiBh c3NldCB2YW x1YXRpb24u PGJyPkxvbm ctdGVybSwg b25nb2luZy BlY29ub21p YyBjaGFsbG VuZ2VzIGNv dWxkIGltcG FpciBCdWZh YuKAmXMgYW JpbGl0eSB0 byBpbnZlc3 QgaW4gaW5u b3ZhdGlvbi BvciBleHBh bnNpb24sIH dlYWtlbmlu ZyBpdHMgY2 9tcGV0aXRp dmUgcG9zaX Rpb24gaW4g dGhlIG1hcm tldC4gT3Zl cmFsbCwgaW 4gc3VjaCBh IHNjZW5hcm lvLCBtYXJn aW5zIHdvdW xkIGRlY3Jl YXNlIHNpZ2 5pZmljYW50 bHksIGNhc2 ggZmxvdyB3 b3VsZCBiZS B0aWdodCwg YW5kIHRoZS BiYWxhbmNl IHNoZWV0IH dvdWxkIHNo b3cgZ3JlYX RlciBsaWFi aWxpdGllcy BhbmQgcG90 ZW50aWFsIG Fzc2V0IGlt cGFpcm1lbn QsIHJhaXNp bmcgY29uY2 VybnMgYW1v bmcgaW52ZX N0b3JzIGFu ZCBzdGFrZW hvbGRlcnMg cmVnYXJkaW 5nIHRoZSBj b21wYW554o CZcyB2aWFi aWxpdHkuPG JyPg==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvNn g0QmlJM0FN TXlEQUNOan QzMkcud2Vi cCIgYWx0PS JCdWZhYiBI b2xkaW5nIi B0aXRsZT0i QnVmYWIgSG 9sZGluZyIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BCdWZhYiBI b2xkaW5nPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TpSBHZX Qgb3VyIGZy ZWUgZUJvb2 sgbm93OiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnUm05MWJt IFJsWkNCcG JpQXggT1Rj M0lHSjVJRy BWdWRISmxj SEpsIGJtVj FjaUJoYm0g UWdhVzVrZF hOMCBjbWxo YkdsemRDIE JUZG1WdUxj T0YgYTJVZ1 FXNWtaWCBK emMyOXVMQ0 JDIGRXWmhZ aUJJYjIgeG thVzVuSUds eiBJR0VnWj J4dlltIEZz SUhOMWNIQn MgZVNCamFH RnBiaSBCdF lXNWhaMlZ0 IFpXNTBJR0 52YlggQmhi bmtnYUdWaC BaSEYxWVhK MFpYIEpsWk NCcGJpQlcg dzZSeWJtRn RieSB3Z1Uz ZGxaR1Z1IE xqeGljajR5 TGkgQlVhR1 VnWTI5dCBj R0Z1ZVNCM1 lYIE1nYjNK cFoybHUgWV d4c2VTQnVZ VyAxbFpDQk JibVJsIGNu TnpiMjV6SU YgTnJjblYy YzJ2RCBwWE J6Wm1GaWNt IGxySUVGQ0 xDQmggYm1R Z2QyRnpJRy BadlkzVnpa V1FnIGMyOX NaV3g1SUcg OXVJRzFoYm 5WbSBZV04w ZFhKcGJtIG NnWVc1a0lI TmwgYkd4cG JtY2diVyBW MFlXd2dZMk ZpIGFXNWxk SE1nWm0gOX lJSFJ2YjJ4 eiBJR0Z1Wk NCemRHIDl5 WVdkbExqeG kgY2o0ekxp QkNkVyBaaF l1S0FtWE1n IFptbHljM1 FnYlcgRnFi M0lnWW5KbC BZV3QwYUhK dmRXIGRvSU dOaGJXVWcg YVc0Z2RHaG xJRCBFNU9E QnpJSGRvIF pXNGdkR2hs ZVMgQmlaV2 RoYmlCMCBi eUJ2Wm1abG NpIEJoSUhk cFpHVnkgSU hKaGJtZGxJ RyA5bUlHWm hjM1JsIGJt bHVaeUJoYm 0gUWdZWE56 WlcxaSBiSG tnYzI5c2RY IFJwYjI1ek lIUnYgSUhS b1pXbHlJRy BOMWMzUnZi V1Z5IGN5ND hZbkkrTkMg NGdTVzRnTV RrNSBOQ3dn UW5WbVlXIE lnWlhod1lX NWsgWldRZ2 IzVjBjMiBs a1pTQnZaaU JUIGQyVmta VzRnWm0gOX lJSFJvWlNC bSBhWEp6ZE NCMGFXIDFs SUdKNUlHRm ogY1hWcGNt bHVaeSBCaE lFUmhibWx6 IGFDQmpiMj F3WlggUnBk Rzl5SUdGdS BaQ0JsYzNS aFltIHhwYz JocGJtY2cg WVNCd2NtVn paVyA1alpT QnBiaUJFIF pXNXRZWEpy TGogeGljaj QxTGlCSiBi aUF5TURBeE xDIEJDZFda aFlpQkkgYj J4a2FXNW5J SCBkaGN5Qn NhWE4wIFpX UWdiMjRnZE cgaGxJRk4w YjJOciBhRz lzYlNCVGRH IDlqYXlCRm VHTm8gWVc1 blpTd2diVy BGeWEybHVa eUJoIElHMW hhbTl5SUcg MXBiR1Z6ZE c5dSBaU0Jw YmlCMGFHIF VnWTI5dGNH RnUgZWVLQW 1YTWdaMyBK dmQzUm9JR0 Z1IFpDQmta WFpsYkcgOX diV1Z1ZEM0 OCBZbkkrTm k0Z1FuIFZt WVdJZ2FHRn ogSUdFZ1pH bDJaWCBKel pTQmpkWE4w IGIyMWxjaU JpWVggTmxM Q0IzYVhSby BJRzkyWlhJ Z05EIEFzTU RBd0lHRmog ZEdsMlpTQm pkWCBOMGIy MWxjbk1nIG FXNGdhVzVr ZFggTjBjbW xsY3lCeiBk V05vSUdGek lHIEYxZEc5 dGIzUnAgZG 1Vc0lHTnZi biBOMGNuVm pkR2x2IGJp d2daVzVsY2 0gZDVMQ0Jo Ym1RZyBaV3 hsWTNSeWIy IDVwWTNNdV BHSnkgUGpj dUlGUm9aUy BCamIyMXdZ VzU1IElHaG hjeUJoSUcg ZHNiMkpoYk NCdyBjbVZ6 Wlc1alpTIE IzYVhSb0lH OXcgWlhKaG RHbHZibiBN Z2FXNGdiM1 psIGNpQXpN Q0JqYjMgVn VkSEpwWlhN cyBJR2x1WT J4MVpHIGx1 WnlCRmRYSn YgY0dVc0lF RnphVyBFc0 lHRnVaQ0JP IGIzSjBhQ0 JCYlcgVnlh V05oTGp4aS BjajQ0TGlC Q2RXIFpoWW lCb1lYTWcg WVNCemRISn ZibSBjZ1ky OXRiV2wwIG JXVnVkQ0Iw YnkgQnpkWE 4wWVdsdSBZ V0pwYkdsMG VTIHdnYVcx d2JHVnQgWl c1MGFXNW5J RyBsdWFYUn BZWFJwIGRt VnpJSE4xWT IgZ2dZWE1n Y21WayBkV0 5wYm1jZ1pX IDVsY21kNU lHTnYgYm5O MWJYQjBhVy A5dUlHRnVa Q0IzIFlYTj BaU0JoYm0g UWdjSEp2Yl c5MCBhVzVu SUhOMWMzIF JoYVc1aFlt eGwgSUhCMW NtTm9ZWCBO cGJtY2djSE poIFkzUnBZ MlZ6TGogeG ljajQ1TGlC SiBiaUF5TU RFNUxDIEJD ZFdaaFlpQn kgWlhCdmNu UmxaQyBCdV pYUWdjMkZz IFpYTWdiMl lnVTAgVkxJ RFF1TmlCaS BhV3hzYVc5 dUlHIEZ1Wk NCb1lXUWcg WVhCd2NtOT RhVyAxaGRH VnNlU0F4IE xESXdNQ0Js YlggQnNiM2 xsWlhNdSBQ R0p5UGpFd0 xpIEJDZFda aFlpQm8gWV hNZ2NtVmpa VyBsMlpXUW djMlYyIFpY SmhiQ0JoZD IgRnlaSE1n WVc1ayBJSE psWTI5bmJt IGwwYVc5dW N5Qm0gYjNJ Z2FYUnpJSC BCbGNtWnZj bTFoIGJtTm xJR0Z1WkMg QmhZMmhwWl habCBiV1Z1 ZEhNc0lHIG x1WTJ4MVpH bHUgWnlCaV pXbHVaeSBC dVlXMWxaQ0 J2IGJtVWdi MllnZEcgaG xJREkxSUcx diBjM1FnYV c1dWIzIFpo ZEdsMlpTQm ogYjIxd1lX NXBaWCBNZ2 FXNGdSWFZ5 IGIzQmxJR0 o1SUggUm9a U0JHYVc1aC BibU5wWVd3 Z1ZHIGx0Wl hNdQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=