Valuation

Perkuliahan Analisa Laporan Keuangan

Prodip III Akuntansi PKN STAN
2020
 You are Here

• Valuation: The Process of converting the forecast into a value

• Valuation: to value either asset or equity of the firm
 Methods

1. Price Multiple
2. Discounted Dividend Model (DDM)
3. Discounted Abnormal Earnings (AE)
4. Discounted Abnormal Operating Earnings (AOE)
5. Discounted Cash Flow
 FORECASTING
2017 2018 2019 2020 2021 2022 2023
Actual Actual Actual Forecasted Forecasted Forecasted TV
1. Forecast Sales 5.045.000.000 5.499.050.000 5.883.983.500 6.354.702.180 6.863.078.354 7.412.124.623 8.005.094.593
2. Forecast ATO & Calculate NOA 4.619.338.000 4.938.910.000 4.953.520.000 5.621.644.322 6.071.375.868 6.557.085.937 7.081.652.812
3. Revise Sales Forecast
4. Forecast PM & Calculate NOPAT 639.240.000 792.385.000 984.953.000 928.206.202 1.002.462.699 1.082.659.714 1.169.272.492
5. Forecast Other Operating Income
6. Calculate Free Cash Flow
Change in NOA 319.572.000 14.610.000 668.124.322 449.731.546 485.710.069 524.566.875
Calculate FCF 472.813.000 970.343.000 260.081.880 552.731.153 596.949.645 644.705.617
7. Forecast Net Dividend Payout 5.392.400 20.771.550 14.699.060 18.564.124 20.049.254 21.653.194 23.385.450
8. Calculate Net Payments to Debt Holders 452.041.450 955.643.940 241.517.756 532.681.899 575.296.451 621.320.167
9. Forecast Cost of Debt and Debt Balance
Forecast Cost of Debt 7,48% 6,18% 4,86% 8% 8% 8% 8%
Opening Debt Balance 3.245.000.000 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339
Calculate Cost of Debt 242.729.200 234.524.000 173.959.000 223.729.205 222.306.121 197.476.058 167.250.427
Calculate Closing Debt
(Opening + Interest - 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339 1.636.560.599
Check Leverage 82% 72% 56% 49% 41% 32% 23%
10. Calculate Comprehensive Income
(NOPAT - NFEAT) 396.510.800 557.861.000 810.994.000 704.476.998 780.156.578 885.183.656 1.002.022.064
11. Calculate Equity
Equity = Asset - Liability 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Equity = Opening equity
+ comprehensive 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Check - - - - - - -
 The Concept of Value Creation

• The fundamental base, in which assumed that the

return earned will be (at least) as high as the return
from an alternative investment (with the same risk)
• The risk is reflected in Required Return OR
Opportunity Cost of Capital
• Required return or Cost of Capital:
– Reflect the investment’s risk and time value of money
– Sometimes called the normal return for the risk taken
– Usually expressed as 1+annual percentage rate = “r”
– Annual percentage rate = “r”
 Method 1 Price Multiple - Steps

a. select the "performance" OR "value measurement" that

will be the base for the multiple calculation i.e Price to
Book Ratio
b. Choose a comparable firms - be careful on this -
comparable firms should have the same operating and
financial characteristics as the firm you are trying to
value
c. Estimate price multiples for comparable firms using the
chosen measure
d. Apply the comparable firm multiple to the firm being
analysed
 Method 1 Price Multiple
• Widely used

• P/S: Price to sale

• P/E: Price to Equity
• P/B: Price to Book
 Method 1 Price Multiple - Problems
• Comparability and accuracy of measurement base:
Earning variable? Book Value?
• Reliance on market efficiency:
– Multiple approach assumes the pricing of comparable firms, are
applicable to the firm under review
– How we value the individual firm OR the small number of firms?
• Value for firms with poor performance:
– Bias?
– Poor performance can be just transitory, or a function of the
accounting used, Solution : Exclude the firms with transitory
shocks, Adjust for the shock, Use leading multiples based on
forecast information
• Adjusting multiples for leverage differences - The
calculation should be consistent (numerator and
denominator).
1. PRICE MULTIPLE
Sales Earning BV Market value P/S P/E P/B
A 31.169 846 11.351 40.835 1,31 48,27 3,60
B 7.468 346 1.344 10.542 1,41 30,47 7,84
C 18.243 1.460 2.321 ?

AVERAGE VALUATION C
P/S 1,36 SALES: 1,36 * 18.243 = 24.826,34
P/E 39,37 EARNING 39,37 * 1.460 = 57.477,67
P/B 5,72 BV 5,72 * 2.321 = 13.277,55
95.581,55
VALUATION C 95.581,55 = 31.860,52
3
 Method 2 Discounted Dividend Model
• Value the firm based on the dividends (paid to the shareholders)
• It is the Present Value of the all-future cash inflow:
– dividends
– Liquidating dividend (terminal value=TV)
– PV Firm Value = Dividends + TV Dividends
• Valuation Issue
– How to forecast the dividend (growth)
– How to determine the time horizon (of valuation)
– How to determine Terminal Value (TV)
• TV contiues constan in perpetuity
• TV continues with growth in perpetuity
• TV = 0
– How to calculate discount rate
• Discounted Dividend Model Issues
– Dividend Payout policy is depending on the firm (arbitrary) and can not
linked to the value of the firm (some even do not pay dividend)
– Firm also can borrow to pay dividends (it does not reflect value creation)
 Dividend Discount Model

• Value = the present value (PV) of all future cash receipts

• Value = dividends + the liquidating dividend

• Liquidating dividend is the proceeds left after selling all the firm’s
assets at the end of its life and paying out the creditors

• Value of equity = PV of expected dividends:

T
V   (1  rE ) d t  TVT (1  rE )
E
0
t T

t 1
• Important:
1. Values equity (not assets)
2. Because valuing equity, use the equity cost of capital
Dividend Discount Model – problem of
the length of the project?
d d d
VDDM: 1
 2
 3
 .....
  
 e 2 3

E E E

1. Capitalise terminal dividends

- assumes that the dividend at the forecast horizon
continues forever in perpetuity

d T +1 dT +1
TV T = PT = or TVT = PT =
ρE -1 r

2. Capitalise terminal dividends with growth

- perpetuity with growth where G = 1+growth rate
dT +1 dT +1
TVT = PT = or TVT = PT =
ρE - G r -g
3. Assume TV = 0
 Dividend Discount Model: how to
implement
d d d TV

V DDM: 1
 2
 3
 .....  t

e

 E
 2

E
 3

E
 E
t

1. Forecast dividends
2. Estimate cost of capital for equity
3. Calculate forecast dividend growth patterns to estimate TV
calculation method
• Zero
• Perpetuity or
• Perpetuity with growth

4. Calculate TV at time T (where growth pattern stabilises)

5. Discount forecast dividends to TV year and discount TV,
add together for total value of equity
 Forecasts for Anna's Company Value Forecast Forecast Forecast Forecast Forecast
2004 2005 2006 2007 2008 2009
1.Forecast net dividend payout 1.365,00 1.611,70 1.852,30 2.130,20 2.449,70
2. estimate cost of capital for equity 16% 116% 135% 156% 181% 210%
3. Calculate forecast dividend growth patterns 18% 15% 15% 15%
estimate TV method - perpetuity with growth of
15%

4. Calculate TV (div from next year / cost capital -

growth) E(div 2008)/(r-g) 213.015,10
5. Discount dividend stream to TV year (2007) 1.176,72 1.197,76 1.186,69
Discount TV (TV/1.5609) 136.469,76
Total value = 140.030,93

=(1.611,7-1.365)/ Calculate TV = time T (where

1.365 growth pattern stabilises)

=2.130,3/(16%-15%) 1.161
1.162
1.163 and so forth
=1.852,3/156%

=213.015,1/156%
 FORECASTING
2017 2018 2019 2020 2021 2022 2023
Actual Actual Actual Forecasted Forecasted Forecasted TV
1. Forecast Sales 5.045.000.000 5.499.050.000 5.883.983.500 6.354.702.180 6.863.078.354 7.412.124.623 8.005.094.593
2. Forecast ATO & Calculate NOA 4.619.338.000 4.938.910.000 4.953.520.000 5.621.644.322 6.071.375.868 6.557.085.937 7.081.652.812
3. Revise Sales Forecast
4. Forecast PM & Calculate NOPAT 639.240.000 792.385.000 984.953.000 928.206.202 1.002.462.699 1.082.659.714 1.169.272.492
5. Forecast Other Operating Income
6. Calculate Free Cash Flow
Change in NOA 319.572.000 14.610.000 668.124.322 449.731.546 485.710.069 524.566.875
Calculate FCF 472.813.000 970.343.000 260.081.880 552.731.153 596.949.645 644.705.617
7. Forecast Net Dividend Payout 5.392.400 20.771.550 14.699.060 18.564.124 20.049.254 21.653.194 23.385.450
8. Calculate Net Payments to Debt Holders 452.041.450 955.643.940 241.517.756 532.681.899 575.296.451 621.320.167
9. Forecast Cost of Debt and Debt Balance
Forecast Cost of Debt 7,48% 6,18% 4,86% 8% 8% 8% 8%
Opening Debt Balance 3.245.000.000 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339
Calculate Cost of Debt 242.729.200 234.524.000 173.959.000 223.729.205 222.306.121 197.476.058 167.250.427
Calculate Closing Debt
(Opening + Interest - 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339 1.636.560.599
Check Leverage 82% 72% 56% 49% 41% 32% 23%
10. Calculate Comprehensive Income
(NOPAT - NFEAT) 396.510.800 557.861.000 810.994.000 704.476.998 780.156.578 885.183.656 1.002.022.064
11. Calculate Equity
Equity = Asset - Liability 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Equity = Opening equity
+ comprehensive 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Check - - - - - - -
 Dividend Discount Model: Issues
(i) A firm’s dividend payout policy can be arbitrary and not linked to value
added –some don’t even pay dividends!
(ii) A firm can borrow to pay dividends – paying out borrowing as
dividends does not reflect value creation
(iii) Liquidating firms?

Miller &Modigliani (M&M) dividend irrelevancy concept

– M&M concept leads to a dividend conundrum
– DDM makes equity price based on future dividends
– However, forecasting dividends over finite horizons may not give an
indication of this price because dividends reflect payout choices rather
than the value creation process

DDM forms the basis for most of the popular valuation

models
Key issue is how to measure the firm’s value
creation?
Do dividends measure value creation?
• Expected dividends are an outcome of the firm’s value creation
processes
• However, dividend payout is arbitrary and may not reflect the
firm’s performance in creating value
• M&M dividend irrelevance suggests you do not want a valuation
model that depends on dividends
• In practice, investors buy earnings and expected dividends
reflect the firm’s earnings generating capability
Earnings measure value creation
 Method 3 Discounted Abnormal Earning/
Residual Income
• The basic concept
– DDM has some issues: loan to pay dividend,
– So, there some alternative model, that use the earning
measurement, to make value creation (of the firm)
• DAE Model
– Value is created solely when earnings is higher than normal level
of earnings. Normal earning is based on the required return (*
investment)
– So, the formula is AE1 = Clean Surplus Profit1 - (required return *
investment) AE2 = CSP2 - r x BVE1
– Firm Value = PV of all AE + BVE0 (Book value to equity year 0,
initial) - forecast to infinity
– TV (terminal value)
• AE = 0 industry competition or government intervention
• AE continues in perpetuity: Most common finding, mean reversion of
return
• AE continues in perpetuity, with growth - very rare
 Measuring value creation using earnings
• Balance sheet measures the stock of value at a point in time:
BVE0 (Book value to equity year 0)
– Book value of equity = Assets – Liabilities = Shareholders’
equity
• Earnings is the flow of value “created” between two points in
time: CSP1 (Clean Surplus Profit1)
• Dividends are the earnings that are paid back to the owners
between two points in time: DIV1
• Earnings created each period are added to the stock of value:
BVE0 + CSP1
• Dividends are paid out of the book value so that:
– BVE1 = BVE0 + CSP1 - DIV1
• This says that book value now equals last year’s book value,
plus the value created (CSP) this year minus the value paid out
as dividends
Discounted abnormal earnings valuation
method
• Abnormal earnings is the residual earnings left once
normal earnings are subtracted
– Abnormal (residual) earnings1 = CSP1– (required return e x
investment 0)
• Discounted abnormal earnings model measures the
value added using forecasts of residual earnings
– If we take our dividends identity:
DIV1 = CSP1 + BVE0 - BVE1
– and substitute into Div Discount Model formula, we get an
earnings-based valuation model:
• Equity Value = Book value of equity + PV of expected
future abnormal earnings
Method 3 Discounted
Method 3 DiscountedAbnormal
Abnormal Earning/
Earning/Residual Income
Residual Income
• Steps in Valuation
– Forecast CSP (Clean Surplus Profit) and Book Value of Equity
– Estimate Cost of Capital for Equity (r)
– Calculate Abnormal Earnings (AE) = CSP - r * opening BVE
– Forecast AE growth pattern and TV
– Calculate TV
– PV AE and TV plus BVE0
Method 3 Discounted
Method 3 DiscountedAbnormal
Abnormal Earning/
Earning/Residual Income
Residual Income
• Advantages
– Research shows method can outperform others
– Focus is on value drivers
• Profitability and growth from investment
• Directs strategic thinking
• Aligned with what people forecast and can be validated
– Incorporates the financial statements
• Incorporates the balance sheet (book value)
• Forecasts income statement and balance sheet
– Uses accrual accounting
• Recognizes value added
• Matches value added to value lost
• Treats investment as an asset
– Versatility
• Can be used with a variety of accounting methods
Method 3 Discounted
Method 3 DiscountedAbnormal
Abnormal Earning/
Earning/Residual Income
Residual Income
• Disadvantages
– Requires understanding of how accounting works
– Problems with accounting
– Forecast Horizon
• Horizon depends on the quality of the accounting
Peter's Company Value Forecast Forecast Forecast Forecast Forecast Forecast
2004 2005 2006 2007 2008 2009 2010
year 1 2 3 4 5 6
1a. Forecast CSP 3.547 4.236 4.930 5.760 6.720 7.830
1b. Forecast Book value of
6.480 8.662 11.288 14.366 17.996 22.266 27.279
equity
2. estimate cost of capital for
0,140 1,140 1,300 1,482 1,689 1,925 2,195
equity (r)
3. calculate abnormal
2.640 3.024 3.350 3.749 4.200 4.713
earnings
CSP - r * opening BE
3. Calculate forecast ae
15% 11% 12% 12% 12%
growth patterns
4. Calculate TV (perpetuity with
210.015
growth of 12% pa)
5. Discount ae to TV year 9.123 2.316 2.327 2.261 2.219
Discount TV 124.346 124.346
Total value = 139.949

=3.547 - (14%x6.480) 1.141

1.142
=(3.350-3.024)/3.024 1.143 and so forth

=4.200/(14%-12%)
 FORECASTING
2017 2018 2019 2020 2021 2022 2023
Actual Actual Actual Forecasted Forecasted Forecasted TV
1. Forecast Sales 5.045.000.000 5.499.050.000 5.883.983.500 6.354.702.180 6.863.078.354 7.412.124.623 8.005.094.593
2. Forecast ATO & Calculate NOA 4.619.338.000 4.938.910.000 4.953.520.000 5.621.644.322 6.071.375.868 6.557.085.937 7.081.652.812
3. Revise Sales Forecast
4. Forecast PM & Calculate NOPAT 639.240.000 792.385.000 984.953.000 928.206.202 1.002.462.699 1.082.659.714 1.169.272.492
5. Forecast Other Operating Income
6. Calculate Free Cash Flow
Change in NOA 319.572.000 14.610.000 668.124.322 449.731.546 485.710.069 524.566.875
Calculate FCF 472.813.000 970.343.000 260.081.880 552.731.153 596.949.645 644.705.617
7. Forecast Net Dividend Payout 5.392.400 20.771.550 14.699.060 18.564.124 20.049.254 21.653.194 23.385.450
8. Calculate Net Payments to Debt Holders 452.041.450 955.643.940 241.517.756 532.681.899 575.296.451 621.320.167
9. Forecast Cost of Debt and Debt Balance
Forecast Cost of Debt 7,48% 6,18% 4,86% 8% 8% 8% 8%
Opening Debt Balance 3.245.000.000 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339
Calculate Cost of Debt 242.729.200 234.524.000 173.959.000 223.729.205 222.306.121 197.476.058 167.250.427
Calculate Closing Debt
(Opening + Interest - 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339 1.636.560.599
Check Leverage 82% 72% 56% 49% 41% 32% 23%
10. Calculate Comprehensive Income
(NOPAT - NFEAT) 396.510.800 557.861.000 810.994.000 704.476.998 780.156.578 885.183.656 1.002.022.064
11. Calculate Equity
Equity = Asset - Liability 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Equity = Opening equity
+ comprehensive 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Check - - - - - - -
Modification that uses discounted abnormal
operating income
• Start with the accounting equation
• Equity = A – L
• Value of equity = value of assets (firm) – value of debt

• Can also estimate equity values by calculating the

value of assets and then subtracting the book value of
debt to get the value of equity
Discounted abnormal operating income
method
• Often simpler as no need to think about leverage
• Focuses on operating income from net operating
assets as the measure of value creation
• How to value the firm by valuing the firm’s assets?
• Equity = NOA – Net debt (NFL)
• CSP = NOPAT – Net financing expenses
• Value of equity = book value of equity + pv abnormal
earnings (CSP – (cost of capital whole firm x opening
equity))
• Value of operating assets (NOA) = book value of assets
(NOA) + pv abnormal operating earnings (NOPAT – cost
of capital (firm) x opening noa)
 Method 4 Discounted Abnormal Operating
Income
• Replace the BVE (Book Value of Equity) in the DAE
(Discounted Abnormal Earning) with the NOA (Value of
Operating Asset)
• Replace the AE in the DAE with Abnormal Operating
Earnings (NOPAT - r * NOA0) r = cost of capital (WACC)
• Steps in Valuation
– Forecast NOPAT and Net Operating Asset
– Estimate Cost of Capital (WACC)
– Calculate Abnormal Operating Earning = NOPAT - r * opening
NOA
– Forecast AOE growth pattern and TV
– Calculate TV (where growth pattern stabilises)
– PV AOE and TV plus NOA0
– Firm value less book value of debt = equity value
Mihir's Company Value Forecast Forecast Forecast Forecast Forecast Forecast
2004 2005 2006 2007 2008 2009 2010
year 1 2 3 4 5 6
1a. Forecast NOPAT 3.900 4.602 5.292 6.086 6.999 8.049
1b. Forecast NOA 11.905 14.286 16.857 19.386 22.294 25.638 29.483
book value of debt 5.425
2. estimate cost of capital for the firm (r) 0,160 1,160 1,346 1,561 1,811 2,100 2,436
3. Calculate abnormal operating earnings 1.995 2.316 2.595 2.984 3.432 3.947
3. Calculate forecast AOE growth patterns 16% 12% 15% 15% 15%
4. Calculate TV (perpetuity with growth 15%) 343.210
5. Discount AOE to TV year 6.752 1.720 1.721 1.663 1.648
Discount TV 189.552 189.552
Total value of the firm 208.209
value of debt 5.425
Total value of equity 202.784

=3.900 - (16%x11.905) 1.161

1.162
=(2.595-2.316)/2.316 1.163 and so forth

=3.432/(16%-15%)
 Method 5 Discounted Cash Flow Model
• Similar to the abnormal earnings valuation method, the
DCF derives from the discounted dividend model:
– Free cash flow (FCF) = dividends + net cash to debt holders
– Dividends = free cash flow to equity
– Equity value = PV free cash flow to equity
– Alternatively, you can write the DCF model to estimate the value
of the firm (equity + debt), and then subtract the market value of
debt
 Method 5 Discounted Cash Flow Model
• Calculating FCF and TV, then PV back with discount rate
of WACC to get the FV
• FCF = Nopat + Depreciation Expense - Increase in Net
Working Capital - Increase in Capital Expenditure
 Method 5 Discounted Cash Flow Model
1. Forecast free cash flow
2. Estimate cost of capital for the firm
3. Calculate forecast FCF growth patterns to estimate TV
calculation method (0, perpetuity or perpetuity with
growth)
4. Calculate TV at time T (where growth pattern stabilises)
5. Discount forecast FCF to TV year, discount the TV, add
together for total firm value
6. Firm value less book value of debt = equity value
Satyan's Company Value Forecast Forecast Forecast Forecast Forecast Forecast
2004 2005 2006 2007 2008 2009 2010
year 1 2 3 4 5 6
1. Forecast FCF 1.519 2.031 2.764 3.178 3.655 4.203
book value of debt 5.425
2. estimate cost of capital for
0,160 1,160 1,346 1,561 1,811 2,100 2,436
the firm
3. Calculate forecast fcf
34% 36% 15% 15% 15%
growth patterns
4. Calculate TV (perpetuity
365.503
with growth)
5. Discount ae to TV year 6.345 1.310 1.509 1.771 1.755
Discount TV 201.864 201.864
Total value of the firm 208.209
value of debt 5.425
Total value of equity 202.784

=2.031-1.519/1.519 1.161
1.162
=(3.655/(16%-15%) 1.163 and so forth

=3.178/1.811
 FORECASTING
2017 2018 2019 2020 2021 2022 2023
Actual Actual Actual Forecasted Forecasted Forecasted TV
1. Forecast Sales 5.045.000.000 5.499.050.000 5.883.983.500 6.354.702.180 6.863.078.354 7.412.124.623 8.005.094.593
2. Forecast ATO & Calculate NOA 4.619.338.000 4.938.910.000 4.953.520.000 5.621.644.322 6.071.375.868 6.557.085.937 7.081.652.812
3. Revise Sales Forecast
4. Forecast PM & Calculate NOPAT 639.240.000 792.385.000 984.953.000 928.206.202 1.002.462.699 1.082.659.714 1.169.272.492
5. Forecast Other Operating Income
6. Calculate Free Cash Flow
Change in NOA 319.572.000 14.610.000 668.124.322 449.731.546 485.710.069 524.566.875
Calculate FCF 472.813.000 970.343.000 260.081.880 552.731.153 596.949.645 644.705.617
7. Forecast Net Dividend Payout 5.392.400 20.771.550 14.699.060 18.564.124 20.049.254 21.653.194 23.385.450
8. Calculate Net Payments to Debt Holders 452.041.450 955.643.940 241.517.756 532.681.899 575.296.451 621.320.167
9. Forecast Cost of Debt and Debt Balance
Forecast Cost of Debt 7,48% 6,18% 4,86% 8% 8% 8% 8%
Opening Debt Balance 3.245.000.000 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339
Calculate Cost of Debt 242.729.200 234.524.000 173.959.000 223.729.205 222.306.121 197.476.058 167.250.427
Calculate Closing Debt
(Opening + Interest - 3.795.817.450 3.578.300.000 2.796.615.060 2.778.826.509 2.468.450.731 2.090.630.339 1.636.560.599
Check Leverage 82% 72% 56% 49% 41% 32% 23%
10. Calculate Comprehensive Income
(NOPAT - NFEAT) 396.510.800 557.861.000 810.994.000 704.476.998 780.156.578 885.183.656 1.002.022.064
11. Calculate Equity
Equity = Asset - Liability 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Equity = Opening equity
+ comprehensive 823.520.550 1.360.610.000 2.156.904.940 2.842.817.813 3.602.925.137 4.466.455.599 5.445.092.214
Check - - - - - - -