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Migdal Insurance and Financial Holdings Ltd. (MGDL) Q3 2021 Report Analysis


Corporate Events

Positive

Fu-Gen AG announced that it has received fundin...

2022-04-25 00:00:00

Fu-Gen AG announced that it has received more than €320 million in a round of funding on April 25, 2022. The transaction will include particip...

Positive

Rewire inc. announced that it has received $25 ...

2022-02-08 00:00:00

Rewire inc. announced that it has received $25,000,000 in a round of funding led by new investor Migdal Insurance and Financial Holdings Ltd. ...

Positive

tipa-corp ltd announced that it has received $7...

2022-01-02 00:00:00

tipa-corp ltd announced that it has raised $70 million in an equity round of funding co-led by returning investor Millennium Food Tech Limited...

Positive

RELOG announced that it has received €150 milli...

2021-11-29 00:00:00

RELOG announced that it has received €150 million in an equity round of funding on November 29, 2021. The transaction included participation f...

Positive

Nostromo Energy Limited announced that it has r...

2021-11-11 00:00:00

Nostromo Energy Limited announced that it has received 15.5 million in a round of funding on November 11, 2021. The company issued common shar...

Positive

Migdal Insurance and Financial Holdings Ltd., 0...

2021-10-01 00:00:00

Migdal Insurance and Financial Holdings Ltd., 0.0445959 (ILS), Cash Dividend, Oct-26-2021

Positive

Lightricks Ltd. announced that it has received ...

2021-09-19 00:00:00

Lightricks Ltd. announced that it has received $100,000,000 in its series D round of funding co-led by existing investor, Insight Venture Mana...

Positive

Keystone Dental, Inc. announced that it has rec...

2021-09-16 00:00:00

On September 16, 2021, Keystone Dental, Inc. closed the transaction. The company has received $1,106 in its second tranche. The transaction in...

Positive

Keystone Dental, Inc. announced that it expects...

2021-08-31 00:00:00

Keystone Dental, Inc. announced that it will receive $25,001,106 in funding on August 31, 2021. The company will issue common shares in the tr...

Positive

Behalf Inc. announced that it has received $119...

2021-07-28 00:00:00

Behalf Inc. announced that it has received $119,000,000 in a round of funding on July 28, 2021. Out of the total the company has received $19,...

Positive

Migdal Insurance and Financial Holdings Ltd. (T...

2021-05-25 00:00:00

Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) agreed to acquire 20% stake in Global Energy Generation from Doral Group Renewable En...

Positive

Sunbit, Inc. announced that it has received $13...

2021-05-20 00:00:00

Sunbit, Inc. announced that it has received $130,000,000 in a round of funding led by existing investor Group 11 on May 20, 2021. The transact...

Positive

Fu-Gen AG announced that it has received funding from Migdal Insurance and Financial Holdings Ltd., Menora Mivtachim Insurance Ltd., Arkin Holdings

2022-04-25 00:00:00

Fu-Gen AG announced that it has received more than €320 million in a round of funding on April 25, 2022. The transaction will include participation from new investors, Migdal Insurance and Financial Holdings Ltd., Menora Mivtachim Insurance Ltd. and existing investor, Arkin Holdings. The investable capital is comprised of commitments to the newly established Fu-Gen Assets 4 Platform, direct equity investment in Fu-Gen AG as well as co-investment rights in projects held by Fu-Gen.

Positive

Rewire inc. announced that it has received $25 million in funding from a group of investors

2022-02-08 00:00:00

Rewire inc. announced that it has received $25,000,000 in a round of funding led by new investor Migdal Insurance and Financial Holdings Ltd. on February 8, 2022. The transaction also included participation from returning investors The Standard Bank of South Africa Limited, Glilot Capital Partners, Viola FinTech, Renegade Partners Group LLC, OurCrowd Ltd., BNP Paribas SA, Opera Tech Ventures SLP; a fund managed by BNPP Capital Partners, Moneta Capital Partners, individual investors Yehuda Zisapel, Jerry Yang and additional angel investors. The company has raised $62,000,000 in funding till date.

Positive

tipa-corp ltd announced that it has received $70 million in funding from Millennium Food Tech Limited Partnership, Meitav DASH Investments Ltd, Migdal Insurance and Financial Holdings Ltd. and other investors

2022-01-02 00:00:00

tipa-corp ltd announced that it has raised $70 million in an equity round of funding co-led by returning investor Millennium Food Tech Limited Partnership for $4 million for 3.3% stake after the transaction and Meitav DASH Investments Ltd for $26 million on January 2, 2022. The transaction included participation from other unnamed investors including Migdal Insurance and Financial Holdings Ltd. The company has raised $130 million in funding till date.

Positive

RELOG announced that it has received €150 million in funding from Teacher Retirement System of Texas, Migdal Insurance and Financial Holdings Ltd.

2021-11-29 00:00:00

RELOG announced that it has received €150 million in an equity round of funding on November 29, 2021. The transaction included participation from Teacher Retirement System of Texas and Migdal Insurance and Financial Holdings Ltd.

Positive

Nostromo Energy Limited announced that it has received $15.5 million in funding from Migdal Insurance and Financial Holdings Ltd., Freepoint Commodities LLC

2021-11-11 00:00:00

Nostromo Energy Limited announced that it has received 15.5 million in a round of funding on November 11, 2021. The company issued common shares at an issue price of 10.80 per share for the gross proceeds of $9.1 million and issued warrants at an issue price of $15.10 per warrants for the gross proceeds of $6.4 million. The warrants are non-tradable 30-months’ warrants. The transaction included participation from Migdal Insurance and Financial Holdings Ltd. which invested $7 million for common shares and $5 million for warrants and Freepoint Commodities LLC which invested $2 million for common shares and $1.4 million for warrants.

Positive

Migdal Insurance and Financial Holdings Ltd., 0.0445959 (ILS), Cash Dividend, Oct-26-2021

2021-10-01 00:00:00

Migdal Insurance and Financial Holdings Ltd., 0.0445959 (ILS), Cash Dividend, Oct-26-2021

Positive

Lightricks Ltd. announced that it has received $100 million in funding from a group of investors

2021-09-19 00:00:00

Lightricks Ltd. announced that it has received $100,000,000 in its series D round of funding co-led by existing investor, Insight Venture Management, LLC and Hanaco Venture Capital Ltd. on September 19, 2021. The transaction includes participation from new investors, Migdal Insurance and Financial Holdings Ltd., Altshuler Shaham Group, Shavit Capital, and existing investors, West Street Capital Partners, ClalTech, Harel Insurance Investments & Financial Services Ltd and Greycroft Partners LLC. The company has raised $335,000,000 in both primary and secondary funding till date. The round is raised at a post-money valuation of approximately $1,800,000,000.

Positive

Keystone Dental, Inc. announced that it has received $25.001106 million in funding from Accelmed Partners, Migdal Insurance and Financial Holdings Ltd. and other investors

2021-09-16 00:00:00

On September 16, 2021, Keystone Dental, Inc. closed the transaction. The company has received $1,106 in its second tranche. The transaction included participation from 13 investors. The company has raised $25,001,106 in funding so far in the transaction.

Positive

Keystone Dental, Inc. announced that it expects to receive $25.001106 million in funding

2021-08-31 00:00:00

Keystone Dental, Inc. announced that it will receive $25,001,106 in funding on August 31, 2021. The company will issue common shares in the transaction. The minimum investment accepted from any outside investor is $3,000,000. The company will issue securities pursuant to exemption provided under Regulation D.

Positive

Behalf Inc. announced that it has received $119 million in funding from a group of investors

2021-07-28 00:00:00

Behalf Inc. announced that it has received $119,000,000 in a round of funding on July 28, 2021. Out of the total the company has received $19,000,000 co-led by MissionOG Capital, LLC, Viola Growth, Viola Credit, Vintage Ventures Advisors Ltd., and also included participation from new investor Migdal Insurance and Financial Holdings Ltd., La Maison Partners and raised the remaining $100,000,000 as new debt facility from funds managed by new lender Ares Management Corporation.

Positive

Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) completed the acquisition of 20% stake in Global Energy Generation from Doral Group Renewable Energy Resources Ltd (TASE:DORL).

2021-05-25 00:00:00

Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) agreed to acquire 20% stake in Global Energy Generation from Doral Group Renewable Energy Resources Ltd (TASE:DORL) for $110 million on May 3, 2021. The transaction involves an investment of approximately $110 million, the bulk of which will be invested at the closing, and the remainder subject to meeting pre-defined near-future milestones, in exchange for 20% of Doral LLC. As part of the deal, Migdal Insurance will also participate in the first stage (480 MWdc) of Doral LLC's mega solar project in Indiana, with an estimated investment of $100 million. Doral LLC will retain its majority holding position and control of the project. In addition, Migdal Insurance will provide Doral LLC with a credit facility of an additional $130 million on terms to be set forth in definitive agreements. Migdal has an option for additional financing that may reach an additional $300 million, thus, a total investment of $600 million in the first phase of this partnership. The transaction is subject to the signing of detailed transaction documents and completion of due diligence. Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) completed the acquisition of 20% stake in Global Energy Generation from Doral Group Renewable Energy Resources Ltd (TASE:DORL) on May 25, 2021. Out of the total purchase price of $110 million, $40 million shall be invested in Doral LLC upon achievement of certain pre-defined milestones. As part of the transaction, Migdal will also provide Doral LLC with a credit facility of an additional $130 million, reflecting a total investment of approximately $355 million. Felipe Arrazola of Marathon Capital, LLC acted as financial advisor for Doral.

Positive

Sunbit, Inc. announced that it has received $130 million in funding from Group 11, Zeev Ventures, LLC, Harel Insurance Investments & Financial Services Ltd, AltaIR Capital, More Investment House Ltd., Migdal Insurance and Financial Holdings Ltd. and other investors

2021-05-20 00:00:00

Sunbit, Inc. announced that it has received $130,000,000 in a round of funding led by existing investor Group 11 on May 20, 2021. The transaction also included participation from existing investor Zeev Ventures, LLC, new investors Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL), Harel Insurance Investments & Financial Services Ltd (TASE:HARL), AltaIR Capital, and More Investment House Ltd. The round was raised at post-money valuation of $1.1 billion. Guy Fischer of Next Generation Finance joined company's board as observer. The company received $87,799,673 pursuant to regulation D from 24 investors in the transaction.

Fundamental Summary

Our analysis and forecast of Migdal Insurance and Financial Holdings Ltd.'s expected performance in the next 3 months is based on a thorough AI-powered analysis of their income statement, balance sheet, & statement of cash flows. Moreover, several critical general factors and ratios are also included. First, assessing the balance sheet factors were quite similar to market benchmarks. Second, the income statement performance metrics beat expectation and over-performed the benchmark in this time frame. Next, cash flow parameters did not outperform the market benchmark. Fourth, the most impactful financial ratios suggest that in the coming months the company's growth should markedly outperform the market benchmark. With all factors evaluated together, our evaluation of Migdal Insurance and Financial Holdings Ltd. deserved the total score of 88.

Migdal Insurance and Financial Holdings Ltd. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported revenue was ILS 6,745.14 million compared to ILS 8,264.44 million a year ago. Net income was ILS 305.97 million compared to ILS 102.66 million a year ago. Basic earnings per share from continuing operations was ILS 0.29 compared to ILS 0.1 a year ago. Diluted earnings per share from continuing operations was ILS 0.29.For the nine months, revenue was ILS 25,751.95 million compared to ILS 9,550.04 million a year ago. Net income was ILS 919.94 million compared to net loss of ILS 9.37 million a year ago. Basic earnings per share from continuing operations was ILS 0.87 compared to basic loss per share from continuing operations of ILS 0.01 a year ago.

Business Description

Migdal Insurance and Financial Holdings Ltd., together with its subsidiaries, provides insurance, pension, and financial services for private and corporate customers in Israel. The company deals and manages pension plans, life and health insurance products, pensions, and financial business plans; and provides personal accident and mortgage insurance solutions, and savings, as well as insurance agency services. It also markets investments; operates nostro accounts; and manages financial assets, including mutual funds and portfolios, as well as engages in the investment banking and distribution activities. The company was founded in 1934 and is based in Petah Tikva, Israel. Migdal Insurance and Financial Holdings Ltd. operates as a subsidiary of Eliahu Issues Ltd.

Sector Overview

Migdal Insurance and Financial Holdings Ltd. is included in the Insurance according to GICS (global industry classification standard). The Interactive Media & Services industry is part of the Communication Services sector. It includes companies that create or distribute content and information through proprietary platforms, with revenue generated primarily through pay-per-click ads (i.e. search engines, social media and networking platforms, online classifieds, and online review companies). Migdal Insurance and Financial Holdings Ltd.'s industry and sector affiliation are not expected to particularly benefit, nor be weighed down by macroeconomic factors at this time.

Fundamental Highlights


Parameter Value Change Score
Assets 196,656.73 2% 69
Capital Expenditure -38.6 -5% 57
Cash & Equivalents 17,399.45 2% 67
Equity 7,857.68 6% 76
Liabilities 188,792.32 2% 70
EBITDA 2,486.76 16% 79
Total Revenues 38,315.57 -4% 41
Parameter Value Change Score
Free Cashflow 5.22 106% 44
Cashflow 5,831.5 130% 86
Asset Turnover 0.21 -6% 43
Price to Book 0.64 -1% 92
Return on Equity 18.09 15% 84

* All values are TTM

The below chart reflects Migdal Insurance and Financial Holdings Ltd.'s birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Migdal Insurance and Financial Holdings Ltd.'s peer average final assessment score stands on 67, Migdal Insurance and Financial Holdings Ltd.'s score is 88.

  •  MGDL
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow General Factors Rating Final Assessment mc_sort Hidden
The Phoenix Holdings Ltd. 8.9B 65 77 67 59
Hold
62
62 0 1
Harel Insurance Investments & Financial Services Ltd 7.6B 81 55 64 76
Hold
74
74 1 1
Clal Insurance Enterprises Holdings Ltd. 4.7B 73 77 69 77
Buy
79
79 2 1
Menora Mivtachim Holdings Ltd 4.6B 65 53 66 44
Underperform
44
44 3 1
I.D.I. Insurance Company Ltd. 1.5B 83 54 76 47
Underperform
56
56 4 1
Zur Shamir Holdings Ltd 740.8M 72 54 65 58
Underperform
57
57 5 1
Ayalon Holdings Ltd 368.9M 81 46 57 49
Underperform
49
49 6 1
Libra Insurance Company Ltd 190.4M 76 75 73 78
Buy
81
81 7 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Migdal Insurance and Financial Holdings Ltd.'s stock is now priced above its 5-day and 200-day, but below its 50-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near and long-term. In particular, many institutional investors keep close watch of the 200-day moving average. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Migdal Insurance and Financial Holdings Ltd.'s stock indicates that it's likely oversold. Overall, these technical indicators don't clearly signal directional momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 62.

Neutral 62
Close Price 5.24
52W Low 4.06
52W High 6.19
5D MA 5.1
50D MA 5.55
200D MA 5.19
MACD -0.16
RSI 1.09
STOCH 27.17

Balance Sheet Analysis

Auditing the balance sheet focused our attention on certain specific metrics that provide some of the most meaningful signals into forecasting performance in the coming quarters. Generally, the balance sheet factors do contribute up to 29.1% of the chances of a company to over-perform during the coming months. First, assessing analyzing Migdal Insurance and Financial Holdings Ltd.'s debt service capabilities signals mediocre overperformance related to cash and cash equivalents. Statistically, the debt service capabilities factors impact up to 6.8% of a company's likelihood to over-perform. In addition, Migdal Insurance and Financial Holdings Ltd.'s assets suggests slightly above average results in terms of assets changes. A company's assets can be responsible for up to 6.2% of the chances of a company to over-perform. Third, looking at the company's debt structure shows passable developments in terms of liabilities movement. Statistically, the debt structure factors influence approximately up to 6.2% of the chances of a company to over-perform the market. Last, the company's found satisfactory developments related to shareholders' equity and intangible assets adjustments. Intangible assets and technical changes influence approximately 9.9% of a company's likelihood to over-perform its benchmark for the current market. Our cumulative ranking of Migdal Insurance and Financial Holdings Ltd.'s balance sheet warranted the score of 72.

Parameter Value Change Score
Assets 196,656.73 2% 69
Capital Expenditure -38.6 -5% 57
Cash & Equivalents 17,399.45 2% 67
Equity 7,857.68 6% 76
Liabilities 188,792.32 2% 70
* All values are TTM

The below chart describes Migdal Insurance and Financial Holdings Ltd.'s performance as reflected on its balance sheet with respect to its peers. While Migdal Insurance and Financial Holdings Ltd. received a balance sheet score of 72, the average of its peers stands on 74.

  •  MGDL
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Capital Expenditure Growth Balance Sheet mc_sort Hidden
The Phoenix Holdings Ltd. 8.9B 75 69 43 79 57 65 0 1
Harel Insurance Investments & Financial Services Ltd 7.6B 72 66 73 83 81 81 1 1
Clal Insurance Enterprises Holdings Ltd. 4.7B 76 69 63 86 50 73 2 1
Menora Mivtachim Holdings Ltd 4.6B 63 66 68 66 47 65 3 1
I.D.I. Insurance Company Ltd. 1.5B 66 64 76 91 81 83 4 1
Zur Shamir Holdings Ltd 740.8M 62 69 73 72 61 72 5 1
Ayalon Holdings Ltd 368.9M 74 59 76 85 77 81 6 1
Libra Insurance Company Ltd 190.4M 90 54 65 60 89 76 7 1

Income Statement Analysis

Probing the details of Migdal Insurance and Financial Holdings Ltd.'s income statement shone a spotlight on several specific results that effect the performance for the coming quarters. First, their net income indicates moderate developments in terms of earnings movement. Statistically, a company's net income influences roughly 9.6% of the company's likelihood to beat its benchmark performance. Focusing on Migdal Insurance and Financial Holdings Ltd.'s cost of sales suggests uninspired results in terms of capital expenditure growth. Typically, the Company's cost of sales can be responsible for up to 8.9% of the company's likelihood to beat the market. Looking at Migdal Insurance and Financial Holdings Ltd.'s revenue found weak performance with respect to revenue momentum. Revenue momentum historically contributes up to 0.7% of the probability that a company will over-perform throughout the upcoming quarter. In summary, our cumulative ranking of the company's income statement received a ranking of 79.

Parameter Value Change Score
EBITDA 2,486.76 16% 79
Total Revenues 38,315.57 -4% 41
* All values are TTM

The below chart describes Migdal Insurance and Financial Holdings Ltd.'s performance as reflected on its income statement with respect to its peers. While Migdal Insurance and Financial Holdings Ltd. received a income statement score of 79 , the average of its peers stands on 58.

  •  MGDL
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Income Statement mc_sort Hidden
The Phoenix Holdings Ltd. 8.9B 41 77 77 0 1
Harel Insurance Investments & Financial Services Ltd 7.6B 43 56 55 1 1
Clal Insurance Enterprises Holdings Ltd. 4.7B 46 77 77 2 1
Menora Mivtachim Holdings Ltd 4.6B 41 54 53 3 1
I.D.I. Insurance Company Ltd. 1.5B 48 55 54 4 1
Zur Shamir Holdings Ltd 740.8M 69 52 54 5 1
Ayalon Holdings Ltd 368.9M 55 46 46 6 1
Libra Insurance Company Ltd 190.4M 92 68 75 7 1

Cash Flow Analysis

Examination of the companys cash flow pointed to certain key numbers that typically have the greatest effect on company performance in the upcoming quarter. First, analysis of their flow of cash coming from operations, finance, and investments reveals strong performance in terms of cash flow momentum. Typically, the flow of cash coming from operations, finance, and investments factors are responsible for up to 8.5% of the likelihood that the company will over-perform. Focusing on their net cash flow found mildly disappointing sentiment with respect to free cash flow growth. In general, these factors influence roughly 6.7% of the probability that a company will over-perform during the coming months. With all factors evaluated together, the companys cash flow produced the score of 70.

Parameter Value Change Score
Free Cashflow 5.22 106% 44
Cashflow 5,831.5 130% 86
* All values are TTM

The below chart describes Migdal Insurance and Financial Holdings Ltd.'s performance as reflected on its cash flow with respect to its peers. While Migdal Insurance and Financial Holdings Ltd. received a cash flow score of 70, the average of its peers stands on 65.

  •  MGDL
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Cash Flow mc_sort Hidden
The Phoenix Holdings Ltd. 8.9B 77 53 67 0 1
Harel Insurance Investments & Financial Services Ltd 7.6B 71 58 64 1 1
Clal Insurance Enterprises Holdings Ltd. 4.7B 85 43 69 2 1
Menora Mivtachim Holdings Ltd 4.6B 63 77 66 3 1
I.D.I. Insurance Company Ltd. 1.5B 93 42 76 4 1
Zur Shamir Holdings Ltd 740.8M 78 54 65 5 1
Ayalon Holdings Ltd 368.9M 84 40 57 6 1
Libra Insurance Company Ltd 190.4M 54 87 73 7 1

General & Ratios Analysis

Our overarching assessment of these reports informs our broader perspective of Migdal Insurance and Financial Holdings Ltd.'s likelihood to over-perform the market for the current market. In particular, Migdal Insurance and Financial Holdings Ltd.'s results connected to general factors implies unexceptional performance with connection to macroeconomic environment. Next, focusing on Migdal Insurance and Financial Holdings Ltd.'s health and sustainability signals great momentum going into book value momentum. Generally, these factors will contribute up to 27.6% of the likelihood that the company will beat the market. Reviewing diving into Migdal Insurance and Financial Holdings Ltd.'s capital efficiency indicates mildly disappointing sentiment in terms of assets factors momentum. Statistically, the capital efficiency factors influence approximately 2.45% of the likelihood that a company will beat the market for the coming quarters. Fourth, focusing on investors' interest suggests strong overperformance related to return factors momentum. Historically, these factors can be responsible for up to 11.2% of the probability that the company will beat the market in the course of the current market. Fourth, reviewing the company's capital efficiency forecasts mildly disappointing sentiment in terms of assets factors momentum. Generally, the capital efficiency factors will impact up to 2.4% of the likelihood that a company will over-perform its benchmark during the coming months. With all factors taken together, our bottom line evaluation of the company's general factors and ratios generated a cumulative score of 89.

Parameter Value Change Score
Asset Turnover 0.21 -6% 43
Price to Book 0.64 -1% 92
Return on Equity 18.09 15% 84
* All values are TTM

The below chart describes Migdal Insurance and Financial Holdings Ltd.'s performance as reflected on its Financial Ratios with respect to its peers. While Migdal Insurance and Financial Holdings Ltd. received a Financial Ratios score of 89 , the average of its peers stands on None.

  •  MGDL
  •  Peers average
Name Market Cap Macro Environment Book Value Momentum Return Factors Momentum Assets Factors Momentum General Factors mc_sort Hidden
The Phoenix Holdings Ltd. 8.9B 64 52 75 42 59 0 1
Harel Insurance Investments & Financial Services Ltd 7.6B 64 87 52 43 76 1 1
Clal Insurance Enterprises Holdings Ltd. 4.7B 64 80 69 45 77 2 1
Menora Mivtachim Holdings Ltd 4.6B 64 43 48 43 44 3 1
I.D.I. Insurance Company Ltd. 1.5B 64 47 50 47 47 4 1
Zur Shamir Holdings Ltd 740.8M 72 53 53 81 58 5 1
Ayalon Holdings Ltd 368.9M 72 46 37 83 49 6 1
Libra Insurance Company Ltd 190.4M 72 85 65 54 78 7 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.