By Helgi Library - April 2, 2020
Agrana Beteiligungs's total assets reached EUR 2,407 mil at the end of 2014, up 0.614% compared to the previous year. ...
By Helgi Library - April 2, 2020
Agrana Beteiligungs's total assets reached EUR 2,407 mil at the end of 2014, up 0.614% compared to the previous year. ...
Profit Statement | 2012 | 2013 | 2014 | |
Sales | EUR mil | 3,066 | 2,842 | 2,494 |
Gross Profit | EUR mil | 832 | 801 | 714 |
EBITDA | EUR mil | 299 | 247 | 202 |
EBIT | EUR mil | 218 | 167 | 122 |
Financing Cost | EUR mil | 27.7 | 30.2 | 5.24 |
Pre-Tax Profit | EUR mil | 190 | 137 | 117 |
Net Profit | EUR mil | 149 | 105 | 80.9 |
Dividends | EUR mil | 51.1 | 52.1 | 55.4 |
Balance Sheet | 2012 | 2013 | 2014 | |
Total Assets | EUR mil | 2,578 | 2,392 | 2,407 |
Non-Current Assets | EUR mil | 1,098 | 1,104 | 1,137 |
Current Assets | EUR mil | 1,480 | 136 | 194 |
Working Capital | EUR mil | 853 | 717 | 654 |
Shareholders' Equity | EUR mil | 1,212 | 1,191 | 1,194 |
Liabilities | EUR mil | 1,366 | 1,201 | 1,212 |
Total Debt | EUR mil | 735 | 686 | 701 |
Net Debt | EUR mil | 590 | 550 | 507 |
Ratios | 2012 | 2013 | 2014 | |
ROE | % | 13.1 | 8.75 | 6.78 |
ROCE | % | 8.07 | 5.57 | 4.48 |
Gross Margin | % | 27.1 | 28.2 | 28.6 |
EBITDA Margin | % | 9.76 | 8.68 | 8.09 |
EBIT Margin | % | 7.10 | 5.87 | 4.88 |
Net Margin | % | 4.87 | 3.70 | 3.24 |
Net Debt/EBITDA | 1.97 | 2.23 | 2.51 | |
Net Debt/Equity | 0.487 | 0.462 | 0.425 | |
Cost of Financing | % | 3.93 | 4.25 | 0.756 |
Valuation | 2012 | 2013 | 2014 | |
Market Capitalisation | USD mil | 1,573 | 1,717 | 1,384 |
Enterprise Value (EV) | USD mil | 2,352 | 2,475 | 1,998 |
Number Of Shares | mil | 14.2 | 14.2 | 14.2 |
Share Price | EUR | 84.0 | 87.7 | 80.5 |
EV/EBITDA | 6.12 | 7.56 | 7.68 | |
EV/Sales | 0.598 | 0.656 | 0.622 | |
Price/Earnings (P/E) | 7.98 | 11.8 | 14.1 | |
Price/Book Value (P/BV) | 0.984 | 1.05 | 0.957 | |
Dividend Yield | % | 4.29 | 4.18 | 4.85 |
Get all company financials in excel:
summary | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
income statement | |||||||||||||||||
Sales | EUR mil | 2,026 | 1,989 | 2,166 | 2,578 | 3,066 | |||||||||||
Gross Profit | EUR mil | ... | ... | ... | 650 | 731 | 664 | 658 | 832 | ||||||||
EBIT | EUR mil | 26.4 | 87.7 | 131 | 231 | 218 | |||||||||||
Net Profit | EUR mil | -11.6 | 72.2 | 84.9 | 152 | 149 | |||||||||||
ROE | % | -1.32 | 8.34 | 9.08 | 15.0 | 13.1 | |||||||||||
EBIT Margin | % | 1.31 | 4.41 | 6.03 | 8.97 | 7.10 | |||||||||||
Net Margin | % | -0.571 | 3.63 | 3.92 | 5.91 | 4.87 | |||||||||||
Employees | ... | ... | ... | ... | ... | ... | ... | 8,244 | 7,927 | 8,243 | 7,982 | 8,449 | |||||
balance sheet | |||||||||||||||||
Total Assets | EUR mil | 1,996 | 1,888 | 1,993 | 2,362 | 2,578 | |||||||||||
Non-Current Assets | EUR mil | 1,019 | 1,004 | 982 | 993 | 1,098 | |||||||||||
Current Assets | EUR mil | 977 | 884 | 1,010 | 1,369 | 1,480 | |||||||||||
Shareholders' Equity | EUR mil | 826 | 905 | 964 | 1,073 | 1,212 | |||||||||||
Liabilities | EUR mil | 1,170 | 983 | 1,029 | 1,289 | 1,366 | |||||||||||
Non-Current Liabilities | EUR mil | 346 | 288 | 350 | 416 | 519 | |||||||||||
Current Liabilities | EUR mil | 824 | 695 | 678 | 873 | 847 | |||||||||||
Net Debt/EBITDA | 5.33 | 2.82 | 2.34 | 1.87 | 1.97 | ||||||||||||
Net Debt/Equity | 0.703 | 0.536 | 0.510 | 0.536 | 0.487 | ||||||||||||
Cost of Financing | % | ... | 6.23 | 5.14 | 5.10 | 4.00 | 3.93 | ||||||||||
cash flow | |||||||||||||||||
Total Cash From Operations | EUR mil | ... | 115 | 162 | 75.4 | 43.2 | 205 | ||||||||||
Total Cash From Investing | EUR mil | ... | -72.1 | -48.4 | -51.6 | -97.9 | -137 | ||||||||||
Total Cash From Financing | EUR mil | ... | -54.2 | -119 | -23.8 | 82.8 | -21.6 | ||||||||||
Net Change In Cash | EUR mil | ... | -11.3 | -5.07 | 0.039 | 28.1 | 46.3 | ||||||||||
valuation | |||||||||||||||||
Market Capitalisation | USD mil | ... | 1,425 | 967 | 1,349 | 1,458 | 1,573 | ||||||||||
Number Of Shares | mil | ... | 14.2 | 14.2 | 14.2 | 14.2 | 14.2 | ||||||||||
Share Price | EUR | ... | 72.1 | 47.5 | 71.6 | 79.2 | 84.0 | ||||||||||
Earnings Per Share (EPS) | EUR | ... | -0.815 | 5.08 | 5.98 | 10.7 | 10.5 | ||||||||||
Book Value Per Share | EUR | ... | 58.2 | 63.7 | 67.9 | 75.6 | 85.3 | ||||||||||
Dividend Per Share | EUR | ... | 1.95 | 1.95 | 2.40 | 3.60 | 3.60 | ||||||||||
Price/Earnings (P/E) | ... | -88.4 | 9.35 | 12.0 | 7.38 | 7.98 | |||||||||||
Price/Book Value (P/BV) | ... | 1.24 | 0.746 | 1.05 | 1.05 | 0.984 | |||||||||||
Dividend Yield | % | ... | 2.70 | 4.11 | 3.35 | 4.55 | 4.29 | ||||||||||
Earnings Per Share Growth | % | ... | ... | -118 | -723 | 17.6 | 79.5 | -1.93 | |||||||||
Book Value Per Share Growth | % | ... | ... | -10.4 | 9.53 | 6.58 | 11.3 | 13.0 |
income statement | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
income statement | |||||||||||||||||
Sales | EUR mil | 2,026 | 1,989 | 2,166 | 2,578 | 3,066 | |||||||||||
Cost of Goods & Services | EUR mil | ... | ... | ... | 1,376 | 1,258 | 1,502 | 1,920 | 2,234 | ||||||||
Gross Profit | EUR mil | ... | ... | ... | 650 | 731 | 664 | 658 | 832 | ||||||||
Staff Cost | EUR mil | ... | ... | ... | 210 | 218 | 226 | 245 | 274 | ||||||||
Other Cost | EUR mil | ... | ... | ... | 331 | 341 | 229 | 105 | 258 | ||||||||
EBITDA | EUR mil | 109 | 172 | 210 | 308 | 299 | |||||||||||
Depreciation | EUR mil | 82.4 | 84.4 | 79.2 | 76.6 | 81.4 | |||||||||||
EBIT | EUR mil | 26.4 | 87.7 | 131 | 231 | 218 | |||||||||||
Financing Cost | EUR mil | 41.5 | 31.1 | 28.5 | 24.7 | 27.7 | |||||||||||
Extraordinary Cost | EUR mil | 17.4 | -30.8 | -7.64 | 0.186 | 0 | |||||||||||
Pre-Tax Profit | EUR mil | -32.4 | 87.4 | 110 | 206 | 190 | |||||||||||
Tax | EUR mil | -16.6 | 14.7 | 22.6 | 50.6 | 33.7 | |||||||||||
Minorities | EUR mil | -4.28 | 0.540 | 2.17 | 3.31 | 7.06 | |||||||||||
Net Profit | EUR mil | -11.6 | 72.2 | 84.9 | 152 | 149 | |||||||||||
Dividends | EUR mil | 27.7 | 27.7 | 34.1 | 51.1 | 51.1 | |||||||||||
growth rates | |||||||||||||||||
Total Revenue Growth | % | ... | 7.08 | -1.83 | 8.89 | 19.0 | 18.9 | ||||||||||
Operating Cost Growth | % | ... | ... | ... | ... | 46.5 | 3.20 | -18.6 | -23.0 | 52.1 | |||||||
EBITDA Growth | % | ... | -43.2 | 58.1 | 21.8 | 46.8 | -2.78 | ||||||||||
EBIT Growth | % | ... | -73.9 | 232 | 48.8 | 77.1 | -5.78 | ||||||||||
Pre-Tax Profit Growth | % | ... | -144 | -370 | 25.5 | 88.1 | -7.80 | ||||||||||
Net Profit Growth | % | ... | -118 | -723 | 17.6 | 79.5 | -1.93 | ||||||||||
ratios | |||||||||||||||||
ROE | % | -1.32 | 8.34 | 9.08 | 15.0 | 13.1 | |||||||||||
ROCE | % | ... | -0.688 | 4.73 | 5.55 | 9.18 | 8.07 | ||||||||||
Gross Margin | % | ... | ... | ... | 32.1 | 36.7 | 30.7 | 25.5 | 27.1 | ||||||||
EBITDA Margin | % | 5.37 | 8.66 | 9.68 | 11.9 | 9.76 | |||||||||||
EBIT Margin | % | 1.31 | 4.41 | 6.03 | 8.97 | 7.10 | |||||||||||
Net Margin | % | -0.571 | 3.63 | 3.92 | 5.91 | 4.87 | |||||||||||
Payout Ratio | % | -239 | 38.4 | 40.2 | 33.6 | 34.2 | |||||||||||
Cost of Financing | % | ... | 6.23 | 5.14 | 5.10 | 4.00 | 3.93 | ||||||||||
Net Debt/EBITDA | 5.33 | 2.82 | 2.34 | 1.87 | 1.97 |
balance sheet | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
balance sheet | |||||||||||||||||
Non-Current Assets | EUR mil | 1,019 | 1,004 | 982 | 993 | 1,098 | |||||||||||
Property, Plant & Equipment | EUR mil | 610 | 598 | 578 | 596 | 685 | |||||||||||
Intangible Assets | EUR mil | ... | ... | 260 | 252 | 249 | 248 | 249 | |||||||||
Current Assets | EUR mil | 977 | 884 | 1,010 | 1,369 | 1,480 | |||||||||||
Inventories | EUR mil | 562 | 469 | 528 | 769 | 851 | |||||||||||
Receivables | EUR mil | 207 | 230 | 275 | 291 | 315 | |||||||||||
Cash & Cash Equivalents | EUR mil | 75.5 | 70.4 | 70.4 | 98.5 | 144 | |||||||||||
Total Assets | EUR mil | 1,996 | 1,888 | 1,993 | 2,362 | 2,578 | |||||||||||
Shareholders' Equity | EUR mil | 826 | 905 | 964 | 1,073 | 1,212 | |||||||||||
Of Which Minority Interest | EUR mil | 21.8 | 25.4 | 28.6 | 33.5 | 86.1 | |||||||||||
Liabilities | EUR mil | 1,170 | 983 | 1,029 | 1,289 | 1,366 | |||||||||||
Non-Current Liabilities | EUR mil | 346 | 288 | 350 | 416 | 519 | |||||||||||
Long-Term Debt | EUR mil | 250 | 208 | 267 | 332 | 429 | |||||||||||
Deferred Tax Liabilities | EUR mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ||
Current Liabilities | EUR mil | 824 | 695 | 678 | 873 | 847 | |||||||||||
Short-Term Debt | EUR mil | 406 | 347 | 295 | 342 | 306 | |||||||||||
Trade Payables | EUR mil | 226 | 210 | 219 | 299 | 313 | |||||||||||
Equity And Liabilities | EUR mil | 1,996 | 1,888 | 1,993 | 2,362 | 2,578 | |||||||||||
growth rates | |||||||||||||||||
Total Asset Growth | % | ... | -9.43 | -5.42 | 5.55 | 18.5 | 9.15 | ||||||||||
Shareholders' Equity Growth | % | ... | -10.4 | 9.53 | 6.58 | 11.3 | 13.0 | ||||||||||
Net Debt Growth | % | ... | -1.73 | -16.4 | 1.31 | 17.1 | 2.56 | ||||||||||
Total Debt Growth | % | ... | -3.17 | -15.3 | 1.15 | 20.0 | 8.99 | ||||||||||
ratios | |||||||||||||||||
Total Debt | EUR mil | 656 | 555 | 562 | 674 | 735 | |||||||||||
Net Debt | EUR mil | 580 | 485 | 491 | 575 | 590 | |||||||||||
Working Capital | EUR mil | 543 | 488 | 585 | 760 | 853 | |||||||||||
Capital Employed | EUR mil | 1,562 | 1,492 | 1,567 | 1,753 | 1,951 | |||||||||||
Net Debt/Equity | 0.703 | 0.536 | 0.510 | 0.536 | 0.487 | ||||||||||||
Cost of Financing | % | ... | 6.23 | 5.14 | 5.10 | 4.00 | 3.93 |
cash flow | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
cash flow | |||||||||||||||||
Net Profit | EUR mil | -11.6 | 72.2 | 84.9 | 152 | 149 | |||||||||||
Depreciation | EUR mil | 82.4 | 84.4 | 79.2 | 76.6 | 81.4 | |||||||||||
Non-Cash Items | EUR mil | ... | -137 | -49.0 | 7.84 | -10.8 | 67.1 | ||||||||||
Change in Working Capital | EUR mil | ... | 182 | 54.5 | -96.5 | -175 | -93.2 | ||||||||||
Total Cash From Operations | EUR mil | ... | 115 | 162 | 75.4 | 43.2 | 205 | ||||||||||
Capital Expenditures | EUR mil | ... | -205 | -73.2 | -48.2 | -55.9 | -149 | ||||||||||
Other Investments | EUR mil | ... | 133 | 24.8 | -3.43 | -42.0 | 12.1 | ||||||||||
Total Cash From Investing | EUR mil | ... | -72.1 | -48.4 | -51.6 | -97.9 | -137 | ||||||||||
Dividends Paid | EUR mil | -27.7 | -27.7 | -34.1 | -51.1 | -51.1 | |||||||||||
Issuance Of Debt | EUR mil | ... | -21.5 | -100 | 6.41 | 112 | 60.6 | ||||||||||
Total Cash From Financing | EUR mil | ... | -54.2 | -119 | -23.8 | 82.8 | -21.6 | ||||||||||
Net Change In Cash | EUR mil | ... | -11.3 | -5.07 | 0.039 | 28.1 | 46.3 | ||||||||||
ratios | |||||||||||||||||
Days Sales Outstanding | days | 37.2 | 42.2 | 46.4 | 41.2 | 37.5 | |||||||||||
Days Sales Of Inventory | days | ... | ... | ... | 149 | 136 | 128 | 146 | 139 | ||||||||
Days Payable Outstanding | days | ... | ... | ... | 59.9 | 60.9 | 53.2 | 56.9 | 51.2 | ||||||||
Cash Conversion Cycle | days | ... | ... | ... | 126 | 117 | 122 | 130 | 125 | ||||||||
Cash Earnings | EUR mil | 70.8 | 157 | 164 | 229 | 231 | |||||||||||
Cash Earnings Per Share | EUR | ... | 4.99 | 11.0 | 11.6 | 16.1 | 16.3 | ||||||||||
Price/Cash Earnings (P/CE) | ... | 14.5 | 4.31 | 6.19 | 4.91 | 5.17 | |||||||||||
Free Cash Flow | EUR mil | ... | 42.9 | 114 | 23.8 | -54.7 | 67.9 | ||||||||||
Free Cash Flow Yield | % | ... | 4.41 | 16.4 | 2.34 | -5.21 | 5.54 |
other data | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
other data | |||||||||||||||||
ROA | % | -0.551 | 3.72 | 4.38 | 7.00 | 6.05 | |||||||||||
Gross Margin | % | ... | ... | ... | 32.1 | 36.7 | 30.7 | 25.5 | 27.1 | ||||||||
Employees | ... | ... | ... | ... | ... | ... | ... | 8,244 | 7,927 | 8,243 | 7,982 | 8,449 | |||||
Cost Per Employee | USD per month | ... | ... | ... | ... | ... | ... | ... | 3,111 | 3,184 | 3,020 | 3,559 | 3,474 | ||||
Cost Per Employee (Local Currency) | EUR per month | ... | ... | ... | ... | ... | ... | ... | 2,126 | 2,290 | 2,283 | 2,560 | 2,706 | ||||
Staff Cost (As % Of Total Cost) | % | ... | ... | ... | 10.5 | 11.5 | 11.1 | 10.4 | 9.63 | ||||||||
Effective Tax Rate | % | 51.1 | 16.8 | 20.6 | 24.5 | 17.7 | |||||||||||
Enterprise Value (EV) | USD mil | ... | 2,233 | 1,662 | 2,001 | 2,204 | 2,352 | ||||||||||
EV/EBITDA | ... | 14.0 | 6.94 | 7.21 | 5.15 | 6.12 | |||||||||||
EV/Capital Employed | ... | 1.03 | 0.777 | 0.962 | 0.970 | 0.914 | |||||||||||
EV/Sales | ... | 0.753 | 0.601 | 0.698 | 0.615 | 0.598 | |||||||||||
EV/EBIT | ... | 57.7 | 13.6 | 11.6 | 6.86 | 8.41 | |||||||||||
Domestic Sales | EUR mil | ... | ... | ... | ... | 811 | 923 | 1,044 | 1,307 | 1,524 | |||||||
Capital Expenditures (As % of Sales) | % | ... | 10.1 | 3.68 | 2.22 | 2.17 | 4.86 | ||||||||||
Revenues From Abroad | EUR mil | ... | ... | ... | ... | 1,215 | 1,066 | 1,122 | 1,271 | 1,542 | |||||||
Revenues From Abroad (As % Of Total) | % | ... | ... | ... | ... | 60.0 | 53.6 | 51.8 | 49.3 | 50.3 | |||||||
Sales of Sugar Segment | EUR mil | ... | ... | ... | ... | 703 | 684 | 713 | 884 | 1,122 | |||||||
Sales of Starch Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 519 | 499 | 583 | 764 | 804 | ||||
Sales of Fruit Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 804 | 806 | 870 | 929 | 1,140 | ||||
EBITDA of Sugar Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 38.0 | 37.0 | 51.0 | 129 | 139 | ||||
EBITDA of Starch Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 49.0 | 67.0 | 74.0 | 106 | 96.0 | ||||
EBITDA of Fruit Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 32.0 | 72.0 | 82.0 | 74.0 | 83.0 | ||||
EBIT of Sugar Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 16.0 | 15.0 | 33.0 | 112 | 119 | ||||
EBIT of Starch Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | 28.0 | 41.0 | 48.0 | 82.0 | 73.0 | ||||
EBIT of Fruit Segment | EUR mil | ... | ... | ... | ... | ... | ... | ... | -6.00 | 36.0 | 47.0 | 38.0 | 45.0 | ||||
Employees - Sugar Segment | ... | ... | ... | ... | 2,464 | 2,336 | 2,245 | 2,249 | 2,315 | ||||||||
Employees - Starch Segment | ... | ... | ... | ... | ... | ... | ... | 853 | 880 | 880 | 911 | 950 | |||||
Employees - Fruit Segment | ... | ... | ... | ... | ... | ... | ... | 4,927 | 4,711 | 5,118 | 4,822 | 5,184 | |||||
Sales in Austria | EUR mil | ... | ... | ... | ... | 811 | 923 | 1,044 | 1,307 | 1,524 | |||||||
Sales in Hungary | EUR mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 202 | 217 | 274 | 307 | ||
Sales in Romania | EUR mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 146 | 148 | 183 | 229 | ||
Sales in the Rest Of EU | EUR mil | ... | ... | ... | ... | 872 | 356 | 330 | 367 | 454 | |||||||
Sales in the Rest Of Europe | EUR mil | ... | ... | ... | ... | 103 | 102 | 136 | 136 | 168 | |||||||
Sales in Other Countries | EUR mil | ... | ... | ... | ... | ... | 241 | 260 | 291 | 311 | 384 | ||||||
EBIT Margin - Sugar Segment | % | ... | ... | ... | ... | ... | ... | ... | 2.28 | 2.19 | 4.63 | 12.7 | 10.6 | ||||
EBIT Margin - Starch Segment | % | ... | ... | ... | ... | ... | ... | ... | 5.39 | 8.22 | 8.23 | 10.7 | 9.08 | ||||
EBIT Margin - Fruit Segment | % | ... | ... | ... | ... | ... | ... | ... | -0.746 | 4.47 | 5.40 | 4.09 | 3.95 |
Get all company financials in excel:
Agrana Beteiligungs AG is an Austria-based producer of fruit preparations for the dairy industry. The Company's products include fruit preparation, fruit base, sugar and starch products. The products of the Sugar Segment are marketed both directly to consumers through food retailers, and to the sugar-using industry. In the Starch segment, the Company processes and refines mainly corn (maize) and potatoes into starch products. The Fruit segment designs and produces fruit preparations (fruit ingredients) and fruit juice concentrates. The Company operates over 50 production sites on six continents. The Company also manufactures animal feed and fertilizers. Agrana has been listed on the Vienna Stock Exchange since 1991.
Agrana Beteiligungs has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 3.22% a year during that time to total of EUR 202 mil in 2014, or 8.09% of sales. That’s compared to 9.63% average margin seen in last five years.
The company netted EUR 80.9 mil in 2014 implying ROE of 6.78% and ROCE of 4.48%. Again, the average figures were 10.5% and 6.57%, respectively when looking at the previous 5 years.
Agrana Beteiligungs’s net debt amounted to EUR 507 mil at the end of 2014, or 0.425 of equity. When compared to EBITDA, net debt was 2.51x, up when compared to average of 2.19x seen in the last 5 years.
Agrana Beteiligungs stock traded at EUR 80.5 per share at the end of 2014 resulting in a market capitalization of USD 1,384 mil. Over the previous five years, stock price grew by 69.5% or 11.1% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.68x and price to earnings (PE) of 14.1x as of 2014.