DSV

-11.66%

Live  

DSV is a global transport and logistics company headquartered in Denmark. Founded in 1976, the company has grown into one of the world's leading suppliers of transport and logistics solutions. With a presence in over 80 countries and a workforce of more than 60,000 employees, DSV offers a wide range of services including road, air, sea, and rail transport, as well as warehousing and supply chain management.
The company operates a highly efficient and modern transport and logistics network, providing customers with integrated and customized solutions for their supply chain needs. DSV's core values of commitment, entrepreneurship, and ownership guide their operations and reflect their dedication to providing high-quality services to their clients.
DSV is committed to sustainability and has implemented various initiatives to reduce their carbon footprint, including investing in alternative fuel vehicles, optimizing routes, and promoting energy-efficient practices. They also have a strong commitment to corporate social responsibility and have implemented various programs to support local communities and promote ethical business practices.
In addition to their focus on environmental and social responsibility, DSV places a strong emphasis on innovation and technology. They continuously invest in new technologies to improve their operations and provide their customers with innovative solutions.
Overall, DSV is a highly reputable and established company known for its efficient operations, commitment to sustainability, and focus on innovation.

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IG1h a2UgRFNWIG Egc3BlY2lh bCBjb21wYW 55Ojxicj4x LiBHbG9iYW wgUmVhY2g6 IERTViBpcy BhIGdsb2Jh bCBjb21wYW 55IHdpdGgg YSBwcmVzZW 5jZSBpbiBt b3JlIHRoYW 4gODAgY291 bnRyaWVzLC BhbGxvd2lu ZyBpdCB0by BvZmZlciBp dHMgc2Vydm ljZXMgYW5k IHNvbHV0aW 9ucyB0byBj bGllbnRzIG FsbCBvdmVy IHRoZSB3b3 JsZC48YnI+ Mi4gQ29tcH JlaGVuc2l2 ZSBTZXJ2aW NlczogRFNW IG9mZmVycy BhIHdpZGUg cmFuZ2Ugb2 Ygc2Vydmlj ZXMsIGluY2 x1ZGluZyBs b2dpc3RpY3 MsIHRyYW5z cG9ydGF0aW 9uLCBhbmQg c3VwcGx5IG NoYWluIHNv bHV0aW9ucy wgbWFraW5n IGl0IGEgb2 5lLXN0b3At c2hvcCBmb3 IgYnVzaW5l c3NlcyBsb2 9raW5nIHRv IHN0cmVhbW xpbmUgdGhl aXIgb3Blcm F0aW9ucy48 YnI+My4gSW 5ub3ZhdGlv biBhbmQgVG VjaG5vbG9n eTogRFNWIG lzIGNvbnN0 YW50bHkgaW 52ZXN0aW5n IGluIG5ldy B0ZWNobm9s b2d5IGFuZC Bpbm5vdmF0 aW9ucyB0by BpbXByb3Zl IGVmZmljaW VuY3kgYW5k IGN1c3RvbW VyIGV4cGVy aWVuY2UuIE ZvciBleGFt cGxlLCB0aG V5IGhhdmUg aW1wbGVtZW 50ZWQgZGln aXRhbCBzb2 x1dGlvbnMg dG8gZW5oYW 5jZSB0aGVp ciB0cmFja2 luZyBhbmQg dmlzaWJpbG l0eSBjYXBh YmlsaXRpZX MuPGJyPjQu IFN1c3RhaW 5hYmxlIFBy YWN0aWNlcz ogRFNWIGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JpbGl0eSBh bmQgaGFzIG ltcGxlbWVu dGVkIHZhcm lvdXMgaW5p dGlhdGl2ZX MgdG8gcmVk dWNlIGl0cy BlbnZpcm9u bWVudGFsIG ltcGFjdCwg c3VjaCBhcy B1c2luZyBl bGVjdHJpYy B2ZWhpY2xl cyBpbiBpdH MgZmxlZXQg YW5kIGludm VzdGluZyBp biByZW5ld2 FibGUgZW5l cmd5Ljxicj 41LiBDdXN0 b21lciBGb2 N1czogRFNW IHB1dHMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gY3Vz dG9tZXIgc2 F0aXNmYWN0 aW9uIGFuZC B3b3JrcyBj bG9zZWx5IH dpdGggY2xp ZW50cyB0by B1bmRlcnN0 YW5kIHRoZW lyIG5lZWRz IGFuZCBwcm 92aWRlIHRh aWxvcmVkIH NvbHV0aW9u cy48YnI+Ni 4gU3Ryb25n IFJlcHV0YX Rpb246IERT ViBoYXMgYS BzdHJvbmcg cmVwdXRhdG lvbiBpbiB0 aGUgaW5kdX N0cnksIHdp dGggYSB0cm FjayByZWNv cmQgb2YgZG VsaXZlcmlu ZyBoaWdoLX F1YWxpdHkg c2VydmljZX MgYW5kIGVh cm5pbmcgdH J1c3QgZnJv bSBpdHMgY2 xpZW50cyBh bmQgcGFydG 5lcnMuPGJy PjcuIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IE RTViBpcyBj b21taXR0ZW QgdG8gYmVp bmcgYSByZX Nwb25zaWJs ZSBjb3Jwb3 JhdGUgY2l0 aXplbiBhbm QgYWN0aXZl bHkgc3VwcG 9ydHMgdmFy aW91cyBzb2 NpYWwgYW5k IGNoYXJpdG FibGUgaW5p dGlhdGl2ZX MgaW4gdGhl IGNvbW11bm l0aWVzIGl0 IG9wZXJhdG VzIGluLg==

RFNWIChhbH NvIGtub3du IGFzIERTVi BQYW5hbHBp bmEpIGlzIG EgZ2xvYmFs IHRyYW5zcG 9ydCBhbmQg bG9naXN0aW NzIGNvbXBh bnkgdGhhdC BvZmZlcnMg YSByYW5nZS BvZiBzZXJ2 aWNlcyBpbm NsdWRpbmcg YWlyLCBvY2 Vhbiwgcm9h ZCwgYW5kIH JhaWwgZnJl aWdodCwgd2 FyZWhvdXNp bmcgYW5kIG Rpc3RyaWJ1 dGlvbiwgc3 VwcGx5IGNo YWluIHNvbH V0aW9ucywg YW5kIGxlYW QgbG9naXN0 aWNzIG1hbm FnZW1lbnQu PGJyPlRoZS Bjb21wYW55 J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgdG 8gb2ZmZXIg Y29tcHJlaG Vuc2l2ZSBh bmQgaW50ZW dyYXRlZCBs b2dpc3RpY3 Mgc29sdXRp b25zIHRvIG l0cyBjdXN0 b21lcnMgd2 9ybGR3aWRl LiBUaGlzIG luY2x1ZGVz IG1hbmFnaW 5nIGFuZCBv cHRpbWl6aW 5nIHRoZWly IHN1cHBseS BjaGFpbiBw cm9jZXNzZX MsIHRyYW5z cG9ydGF0aW 9uLCBhbmQg ZGlzdHJpYn V0aW9uIG9w ZXJhdGlvbn MuPGJyPkRT VidzIGNvcm Ugc3RyYXRl Z3kgaXMgY2 VudGVyZWQg YXJvdW5kIG NyZWF0aW5n IHZhbHVlIG ZvciBpdHMg Y3VzdG9tZX JzIHRocm91 Z2ggY29zdC 1lZmZlY3Rp dmUgYW5kIH JlbGlhYmxl IHNvbHV0aW 9ucyB0aGF0 IG1lZXQgdG hlaXIgdW5p cXVlIG5lZW RzIGFuZCBy ZXF1aXJlbW VudHMuIFRo ZSBjb21wYW 55IGFpbXMg dG8gYWNoaW V2ZSB0aGlz IGJ5IGxldm VyYWdpbmcg aXRzIGdsb2 JhbCBuZXR3 b3JrLCBhZH ZhbmNlZCB0 ZWNobm9sb2 d5LCBhbmQg ZXhwZXJ0aX NlIGluIHZh cmlvdXMgaW 5kdXN0cmll cy48YnI+RF NWIGhhcyBh IGRlY2VudH JhbGl6ZWQg c3RydWN0dX JlLCBtZWFu aW5nIHRoYX QgZWFjaCBy ZWdpb24gb3 BlcmF0ZXMg aW5kZXBlbm RlbnRseSBh bmQgaGFzIG l0cyBvd24g cHJvZml0IG FuZCBsb3Nz IHJlc3Bvbn NpYmlsaXR5 LiBUaGlzIG FsbG93cyBm b3IgZmxleG liaWxpdHkg aW4gZGVjaX Npb24tbWFr aW5nIGFuZC BxdWljayBy ZXNwb25zZX MgdG8gbG9j YWwgbWFya2 V0IGRlbWFu ZHMuPGJyPk Z1cnRoZXJt b3JlLCB0aG UgY29tcGFu eSBoYXMgYS BzdHJvbmcg Zm9jdXMgb2 4gc3VzdGFp bmFiaWxpdH kgYW5kIGNv bnRpbnVvdX NseSB3b3Jr cyB0b3dhcm RzIHJlZHVj aW5nIGl0cy BlbnZpcm9u bWVudGFsIG ltcGFjdCB0 aHJvdWdoIH ZhcmlvdXMg aW5pdGlhdG l2ZXMsIHN1 Y2ggYXMgdX NpbmcgZWxl Y3RyaWMgdm VoaWNsZXMg YW5kIGltcG xlbWVudGlu ZyBlY28tZn JpZW5kbHkg cHJhY3RpY2 VzIGluIGl0 cyBvcGVyYX Rpb25zLjxi cj5JbiBzdW 1tYXJ5LCBE U1YncyBidX NpbmVzcyBt b2RlbCByZX ZvbHZlcyBh cm91bmQgcH JvdmlkaW5n IGVmZmljaW VudCBhbmQg Y3VzdG9taX plZCBsb2dp c3RpY3Mgc2 9sdXRpb25z IHRvIGl0cy BjdXN0b21l cnMsIHdoaW xlIGFsc28g c3RyaXZpbm cgZm9yIHN1 c3RhaW5hYm lsaXR5IGFu ZCBwcm9maX RhYmxlIGdy b3d0aC4=

The sensitivity of DSV’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects.
1. Earnings Sensitivity: DSV’s earnings could be impacted by interest rate changes, particularly if increases lead to higher borrowing costs. If DSV has debt, higher interest rates could reduce net income due to increased interest expenses. Conversely, if the company has significant cash reserves, rising rates might benefit earnings from interest income.
2. Cash Flow Sensitivity: The company’s cash flow is sensitive to interest rates because rising rates can affect the cost of financing operations or expansion. Increased interest expenses can negatively impact free cash flow. However, if DSV finances itself conservatively, the impact might be subdued. On the other hand, higher interest rates could tighten credit conditions, potentially affecting customer spending and cash flow from operations.
3. Valuation Sensitivity: The valuation of DSV is often based on discounted cash flow (DCF) models, which are inherently sensitive to interest rates. Higher interest rates increase the discount rate, which generally leads to a lower present value of future cash flows. This can result in a lower valuation for the company. If rates rise, investors may also adjust their required return on equity, further affecting the stock price.
Overall, while fluctuations in interest rates can affect DSV’s earnings, cash flow, and valuation, the magnitude and direction of that sensitivity will depend on the company’s financial structure, market conditions, and how the broader economy responds to those rate changes.

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 bG9nb3MvQU 13dDA5dTM4 MU9MTmtqNE F3VDIud2Vi cCIgYWx0PS JEU1YiIHRp dGxlPSJEU1 YiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgRFNWPw 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+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1JGTldJ SCBOMFlXNW tjeUJtIGIz SWc0b0NjUk cgVWdVMkZ0 YldWdSBjMn gxZEhSbFpH IFVnVm05bm JtM0QgcG01 azRvQ2RJSC Bkb2FXTm9J SFJ5IFlXNX piR0YwWlgg TWdkRzhnNG 9DYyBWR2hs SUZWdWFYIF JsWkNCVWNu VmogYTJWeW MrS0FuUyA0 Z1ZHaGxJR0 52IGJYQmhi bmtnZDIgRn pJR1p2ZFc1 ayBaV1FnWW 5rZ2JtIGx1 WlNCcGJtUm wgY0dWdVpH VnVkQyBCRV lXNXBjMmdn IGFHRjFiR0 ZuWlMgQmpi MjF3WVc1cC BaWE1nYVc0 Z01UIGszTm k0OFluSSsg TWk0Z1JGTl dJRyBseklH OXVaU0J2IF ppQjBhR1Vn ZEcgOXdJR1 pwZG1VZyBa Mnh2WW1Gc0 lIIFJ5WVc1 emNHOXkgZE NCaGJtUWdi RyA5bmFYTj BhV056IElH TnZiWEJoYm 0gbGxjeUJw YmlCMCBhR1 VnZDI5eWJH IFFzSUhkcG RHZ2cgYjNC bGNtRjBhVy A5dWN5QnBi aUJ0IGIzSm xJSFJvWVcg NGdPREFnWT I5MSBiblJ5 YVdWekxqIH hpY2o0ekxp QkogYmlBeU 1ERTVMQyBC RVUxWWdZV0 54IGRXbHla V1FnYVggUn pJRlZUTFdK aCBjMlZrSU hKcGRtIEZz TENCUVlXNW ggYkhCcGJt RXNJRyBadm NpQWtOQzQy IElHSnBiR3 hwYjIgNHNJ RzFoYTJsdS BaeUJwZENC MGFHIFVnWm 05MWNuUm8g TFd4aGNtZG xjMyBRZ1pu SmxhV2RvIG RDQm1iM0oz WVggSmthVz VuSUdOdiBi WEJoYm5rZ2 FXIDRnZEdo bElIZHYgY2 14a0xqeGlj aiA0MExpQl VhR1VnIFlt eDFaU0JoYm 0gUWdlV1Zz Ykc5MyBJR1 pzWVdjZ2Iy IFlnUkZOV0 lHbHogSUds dWMzQnBjbS BWa0lHSjVJ SFJvIFpTQn VZWFJwYjIg NWhiQ0JFWV c1cCBjMmdn Wm14aFp5IH dnWVc1a0lI Um8gWlNCam IyMXdZVyA1 NUlHbHpJSE J5IGIzVmtJ RzltSUcgbD BjeUJFWVc1 cCBjMmdnY2 05dmRIIE1n WVc1a0lHTj EgYkhSMWNt VXVQRyBKeV BqVXVJRVJU IFZpQm9ZWE 1nYlcgOXla U0IwYUdGdS BJRFUxTERB d01DIEJsYl hCc2IzbGwg WlhNZ2QyOX liRyBSM2FX UmxJR0Z1IF pDQnZkbVZ5 SUQgSXdMRE F3TUNCMCBj blZqYTNNZ2 IyIDRnZEdo bElISnYgWV dRZ1lYUWdZ VyA1NUlHZH BkbVZ1IElI UnBiV1V1UE cgSnlQall1 SUZSbyBaU0 JqYjIxd1lX IDU1SUc5bV ptVnkgY3lC aElIZHBaRy BVZ2NtRnVa MlVnIGIyWW diRzluYVgg TjBhV056SU hOdiBiSFYw YVc5dWN5IH dnYVc1amJI VmsgYVc1bk lISnZZVyBR c0lHRnBjaX dnIFlXNWtJ SE5sWVMgQj BjbUZ1YzNC diBjblJoZE dsdmJpIHdn ZDJGeVpXaH YgZFhOcGJt Y3NJRyBGdV pDQnpkWEJ3 IGJIa2dZMm hoYVcgNGdi V0Z1WVdkbC BiV1Z1ZEM0 OFluIEkrTn k0Z1JGTlcg SUdoaGN5Qm hJSCBOMGNt OXVaeUJtIG IyTjFjeUJ2 YmkgQnpkWE 4wWVdsdSBZ V0pwYkdsMG VTIEJoYm1R Z2FHRnogSU hObGRDQjBZ WCBKblpYUn pJSFJ2IElI SmxaSFZqWl MgQnBkSE1n WTJGeSBZbT l1SUdadmIz IFJ3Y21sdW RDQmggYm1R Z2FXNWpjbS BWaGMyVWdk R2hsIElIVn paU0J2Wmkg QnpkWE4wWV dsdSBZV0pz WlNCbWRXIF ZzY3lCaGJt UWcgWlc1bG NtZDVJSCBO dmRYSmpaWE 11IFBHSnlQ amd1SUYgUm 9aU0JqYjIx dyBZVzU1SU doaGN5IEJo SUhOMGNtOX UgWnlCd2Nt VnpaVyA1al pTQnBiaUIw IGFHVWdabU Z6YUcgbHZi aXdnWVhWMC BiMjF2ZEds MlpTIHdnYU dWaGJIUm8g WTJGeVpTd2 dZVyA1a0lI UmxZMmh1IG IyeHZaM2tn YVcgNWtkWE 4wY21sbCBj eXdnY0hKdm RtIGxrYVc1 bklIUmggYV d4dmNtVmtJ RyB4dloybH pkR2xqIGN5 QnpiMngxZE cgbHZibk1n Wm05eSBJR1 ZoWTJnZ2My IFZqZEc5eU xqeGkgY2o0 NUxpQkVVMS BZZ2FHRnpJ R0VnIGJtVj BkMjl5YXkg QnZaaUF4T1 RJZyBkMkZ5 WldodmRYIE 5sY3lCaGJt UWcgWkdsem RISnBZbiBW MGFXOXVJR0 5sIGJuUmxj bk1nWjIgeH ZZbUZzYkhr cyBJSFJ2ZE dGc2FXIDVu SUc5MlpYSW cgTnlCdGFX eHNhVyA5dU lITnhkV0Z5 IFpTQnRaWF JsY24gTWdi MllnZDJGeS BaV2h2ZFhO bElIIE53WV dObExqeGkg Y2o0eE1DNG dTVyA0Z01q QXhPU3dnIF JGTldJR2ho Ym0gUnNaV1 FnYlc5eSBa U0IwYUdGdU lEIEV1TXlC dGFXeHMgYV c5dUlGUkZW WCBNZ0tIUj NaVzUwIGVT MW1iMjkwSU cgVnhkV2wy WVd4bCBibl FnZFc1cGRI IE1wSUc5bU lHOWogWldG dUlHWnlaVy BsbmFIUXNJ RzFoIGEybH VaeUJwZEMg QnZibVVnYj JZZyBkR2hs SUd4aGNtIG RsYzNRZ2Iy TmwgWVc0Z1 puSmxhVyBk b2RDQm1iM0 ozIFlYSmta WEp6SUcgbH VJSFJvWlNC MyBiM0pzWk M0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A