Banco Bradesco Preference Shares (BBDC4: R$12.32) in 2nd consecutive rise; +9 centavos [0.7%] 04 July 2024

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Banco Bradesco SA's (SA: BBDC4 R$12.32) preference stock price extended its gains on Thursday, rising an additional 5.0 centavos (0.4%) to close at R$12.32.

This brought its 2-day rise to 0.7%; compared with the Bovespa Index which rose 1,376.9 points (1.1%) in the two days for a relative price change of -0.4%.

Cumulative volume in the 2 days was 0.6 times the average 2-day volume of 36.8 million preference shares. There were 13,570,000 preference shares worth R$167.2 million ($30 million) traded today.

Banco Bradesco SA is Brazil's 4th largest Bank by market cap.

BANCO BRADESCO PREFERENCE SHARES (BBDC4) Stock Dashboard [traded in Brazilian Real, BRL] End-of-Day Thu, Jul 04

http://www.bradesco.com.br/

LastBRL12.32Market CapBRL65 billion [US$12 billion]
P/E9.7Dividend Yield % (TTM)6
EPS (FY2023)BRL1.27DPS (past 12 months)BRL1.5 or 146 centavos
Shares Outstanding5,311,865,547ExchangeBRAZILIAN [Sao Paulo]
BBDC4 in IndicesBovespa [of 85 stocks]SectorBank [of 26 stocks]
EPS Growth (Q1 2024 vs Q1 2023)-22.9Today's VI*0.4
Today's Volume13,570,000Currency1.000 USD = 5.57 Brazilian Real (BRL)
Ave Daily Volume36,781,560 sharesPV$1000 (1 yr)BRL820
US$705
52-Week Price Range12.11 - 17.03
Days Untraded in Past Month1/21

A year ago the exchange rate was USD 1 = 4.79 BRL. USD1000 would have bought BRL4,791. A year ago the Banco Bradesco Preference Shares preference share price was BRL15.78. BRL4,791 would have bought 303.6 Banco Bradesco Preference Shares preference shares on that day. Those 303.6 preference shares would be worth BRL3,740 at today's preference share price of BRL12.32. At today's exchange rate of USD1=5.57 BRL this is equivalent to USD671. Dividends reinvested are worth BRL39 ($34). PV$1000= $705.

INDEX

SECTION 1 CORPORATE PROFILE

SECTION 2 RECENT NEWS AND RESEARCH

SECTION 3 THE PAST YEAR: PRESS RELEASES

SECTION 4 TODAY'S BEARISH SIGNALS

SECTION 5 ONGOING BEARISH PARAMETERS

SECTION 6 TODAY'S BULLISH SIGNALS

SECTION 7 ONGOING BULLISH PARAMETERS

SECTION 8 BANK METRICS

SECTION 9 DIVIDEND

SECTION 10 TOP MANAGEMENT

SECTION 11 TOP SHAREHOLDERS

Read more...

ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

APPENDIX II STOCK IDENTIFIERS

GLOSSARY

SECTION 1 CORPORATE PROFILE

1.1 Activities

Banco Bradesco S.A. attracts deposits and offers commercial banking services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage, and Internet banking services. Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands, and the United Kingdom. Bradesco offers credit cards, insurance, and pension funds. It is Brazil's 4th largest Bank by market capitalisation.

1.2 Contact Details

Websitehttp://www.bradesco.com.br/
Physical AddressCidade de Deus s/n Vila Yara Osasco, SP 06029-900 Brazil
Phone(11)3684 3749
Fax(11)3684 2714
Email4000.mvargas@bradesco.com.br

1.3 Industry & Sector [of 95 stocks]

Classification LevelName of Sector
Business SectorBanking & Investment Services
Industry GroupBanking Services
IndustryBanks
Economic SectorFinancials

SECTION 2 RECENT NEWS AND RESEARCH

BANCO BRADESCO PREFERENCE SHARES EX-DIVIDENDS SINCE JUL 2

The preference shares increased by 0.7% in the 2 trading sessions since the ex-dividend date of July 02. The company paid a dividend of 1.61 centavos per share. Based on dividends of 73.95 centavos per share for the trailing twelve months and the last price of R$12.32 the dividend yield is 6.0%.

Financial News

Quarterly Report (Q1/2024):

Release Date: May 22, 2024

Quarterly Report Analysis Q1 2024: Banco Bradesco Preference Shares reports Net Profit of BRL4.1b ($822m)

Banco Bradesco Preference Shares (SA:BBDC4) announced net profit for the quarter-ended 31 March 2024 [Q1/2024] of BRL4.1b ($822m).

Quarterly Report

March 312024202320242023Change
DescriptionBRL ('000)BRL ('000)$ ('000)$ ('000)(%)
EBIT4,300,4646,275,588857,403.81,237,610.1Down 31.5
Pre Tax Profit/(Loss)4,300,4646,275,588857,403.81,237,610.1Down 31.5
Profit/(Loss) after Tax4,120,9435,399,792821,611.91,064,894.2Slumped 23.7
Cash and cash equivalents143,643,378124,439,71528,638,858.424,540,784.2Up 15.4
Net Assets166,498,908155,321,34233,195,673.330,630,956.8Up 7.2

VI* Volume Index = Number of shares traded today/Average number of shares traded per day.

Past quarter momentum down: Banco Bradesco Preference Shares plunges 15% on average volume 0.9 times average.

Past month to HighLowVWAPVolume Index *
04 Jul 202413.0712.1112.641.0
04 Jun 202412.8912.5813.200.9
03 May 202413.9813.5914.000.9

[*Volume Index of 1.0 means volume for the month was 1.0 times its 12-month average]

[VWAP is defined as the Volume Weighted Average Price; High Low prices and VWAP are shown in Brazilian Real]

SECTION 3 THE PAST YEAR: PRESS RELEASES

3.1 Press Releases and Corporate Wire

Press Release article 1 of 17, Source: WEC, 56 words

June 24: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a cash dividend of 1.61 centavos per share. The ex-dividend date is Friday, August 02, 2024 and the record date is Thursday, August 01, 2024 and it is payable on Monday, September 02.

Press Release article 2 of 17, Source: WEC, 56 words

May 24: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a cash dividend of 1.61 centavos per share. The ex-dividend date is Tuesday, July 02, 2024 and the record date is Monday, July 01, 2024 and it is payable on Thursday, August 01.

Press Release article 3 of 17, Source: WEC, 56 words

May 24: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a cash dividend of 1.61 centavos per share. The ex-dividend date is Tuesday, June 04, 2024 and the record date is Monday, June 03, 2024 and it is payable on Monday, July 01.

Press Release article 4 of 17, Source: WEC, 56 words

April 11: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a cash dividend of 1.61 centavos per share. The ex-dividend date is Friday, May 03, 2024 and the record date is Thursday, May 02, 2024 and it is payable on Monday, June 03.

Press Release article 5 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Tuesday, December 03, 2024 and the record date is Monday, December 02, 2024 and it is payable on Thursday, January 02, 2025.

Press Release article 6 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Monday, November 04, 2024 and the record date is Friday, November 01, 2024 and it is payable on Monday, December 02, 2024.

Press Release article 7 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Tuesday, September 03, 2024 and the record date is Monday, September 02, 2024 and it is payable on Tuesday, October 01, 2024.

Press Release article 8 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Tuesday, July 02, 2024 and the record date is Monday, July 01, 2024 and it is payable on Thursday, August 01, 2024.

Press Release article 9 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Friday, May 03, 2024 and the record date is Thursday, May 02, 2024 and it is payable on Monday, June 03, 2024.

Press Release article 10 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Wednesday, January 03, 2024 and the record date is Tuesday, January 02, 2024 and it is payable on Thursday, February 01, 2024.

Press Release article 11 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Friday, February 02, 2024 and the record date is Thursday, February 01, 2024 and it is payable on Friday, March 01, 2024.

Press Release article 12 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Monday, March 04, 2024 and the record date is Friday, March 01, 2024 and it is payable on Monday, April 01, 2024.

Press Release article 13 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Tuesday, April 02, 2024 and the record date is Monday, April 01, 2024 and it is payable on Thursday, May 02, 2024.

Press Release article 14 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Tuesday, June 04, 2024 and the record date is Monday, June 03, 2024 and it is payable on Monday, July 01, 2024.

Press Release article 15 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Friday, August 02, 2024 and the record date is Thursday, August 01, 2024 and it is payable on Monday, September 02, 2024.

Press Release article 16 of 17, Source: WEC, 58 words

December 22 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 1.90 centavos per share. The ex-dividend date is Wednesday, October 02, 2024 and the record date is Tuesday, October 01, 2024 and it is payable on Friday, November 01, 2024.

Press Release article 17 of 17, Source: WEC, 57 words

December 13 2023: Banco Bradesco Preference Shares announces dividend

Banco Bradesco Preference Shares today announced a special dividend of 44.73 centavos per share. The ex-dividend date is Friday, December 22 and the record date is Thursday, December 21, 2023 and it is payable on Friday, June 28, 2024.

SECTION 4 TODAY'S BEARISH SIGNALS

Price/Earnings of 9.7 > Bank sector (of 26 preference stocks) avg of 5.2:

- The price-to-earnings ratio of 9.7 indicates overvaluation compared with sector average of 5.2 and market average of 4.1.

4.1 Relative Value Indicators: Overvaluation compared with Index averages and bond yield

- Earnings yield of 10.3% is less attractive compared with the Brazilian average earning yield of 24.2%.

- The earnings yield of 10.3% is below the 10-year bond yield of 12.2%.

(All figures in %)

Earnings Yield10.3
Brazilian avg24.2
Dividend Yield6.0
Bond Yield12.2

4.2 Rank in the bottom 21% by Price Performance in the Brazilian market

DescriptionValueRank
1-week Price Change %-0.5In Bottom 21%
Rel Strength 6 mo21In Bottom 20%

4.3 Downtrend

Beta < 1 combined with price fall. The Beta of the preference stock is 0.8.

Price/Moving Average Price of 0.87 and negative MACD:

- The Price/MAP 200 for Banco Bradesco Preference Shares is 0.87. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the Bovespa Index of 1.01, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of R$13.0 is lower than the 200-day MAP of R$14.17, a third bearish indicator. The 200-day MAP has decreased to R$14.17, a fourth bearish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 12.38 minus the 26-day EMA of 12.59 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

Past Quarter:

- In the last three months the preference stock has hit a new 52-week low five times, pointing to a downtrend.

The Worst 3 weeks in the past quarter

In the past quarter the steepest fall of 4.0% took place in the week beginning Monday April 15.

Mon-FriChange %Bovespa Index Change %Vol Ind [1 is avg]
Apr 15-19-4-0.71
May 20-24-3.4-32.3
Jun 17-21-3.41.41

Trailing Relative Strength (6 months) at 21 percentile:

- The preference stock has a 6-month relative strength of 21 in the Brazilian market of 261 stocks and 77 preference stocks indicating it is trailing 79% of the market.

4.4 Other Bearish Signals

- Return on Equity of 8.7% versus sector average of 11.3%.

SECTION 5 ONGOING BEARISH PARAMETERS

5.1 Present Value of R$1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Worst Periods with PVR$1000 < 861

PVR$1,0003 mo ago1 yr ago3 yrs ago
BBDC4.SAR$860R$820R$773
Bank sectorR$959R$997R$1,031
Bovespa IndexR$1,006R$1,060R$989

5.2 The Worst Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % < -14.6

3-Year price change of -37.1% for Banco Bradesco Preference Shares underperformed the change of -1.1% in the Bovespa Index for a relative price change of -36%.

Price Change %QuarterYear3 Years
Banco Bradesco Preference Shares-14.7-21.9-37.1
Bank sector-4.1-0.33.1
Bovespa Index-0.55.4-1.1

5.3 MCap: 5-Year Decrease of R$89 B [$16B] (58%)

In the past 5 years Market Capitalization has decreased by R$89.4 billion (58%) from R$154.8 billion to R$65.4 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.

PriceMCap (BRL B)MCap ($ B)
LastR$12.3265.411.7
1 Year agoR$15.7887.918.2
2 Years agoR$15.378416.1
3 Years agoR$19.59126.125
4 Years agoR$14.2594.717.7
5 Years agoR$22.04154.840.3

5.4 EPS growth [FY2023 vs FY2022] of -32.8%:

FYEPS (R$)Growth %
20231.27-32.8
20221.89-8.7

5.5 Annualised Period-based Total preference Shareholder Returns [TSR %]: The Worst Periods with TSR < -1.8%

TSR %1 yr3 yrs5 yrs20 yrs
BBDC4.SA-18-8.2-5.3-1.9

5.6 Declining VWAP, down 13% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has decreased by 12.9% to R$14.32.

Past five years, 12 months ended Jul 04 (BRL)

YearHigh PriceVWAPLow Price
202417.0314.3212.11
202319.3414.4611.62
202220.016.614.71
202121.716.5112.84
202022.9216.4410.46

5.7 Declining preference share turnover

In the past five years, average daily preference share turnover has decreased 4.7% to R$526.6 million ($94.5 million). This suggests decreased liquidity.

Past five years, 12 months ended Jul 04 (BRL million)

YearAverage Daily Turnover
2024526.6
2023632.6
2022679.7
2021798.9
2020552.5

5.8 Satisfies 1 out of 9 criterion of Joseph Piotroski [pass mark 5]:

- Positive net income.

But does not meet the following 8 criteria of Joseph Piotroski:

- Positive operating cashflow.

- Return on Assets improvement.

- Good quality of earnings [operating cashflow exceeds net income].

- Improvement in long-term debt to total assets.

- Improvement in current ratio.

- Total shares on issue unchanged (or reduction in total shares on issue).

- Improvement in gross margin.

- Improvement in asset turnover.

SECTION 6 TODAY'S BULLISH SIGNALS

Price/Earnings:

Banco Bradesco Preference Shares stock is trading at the fourteenth lowest P/E multiple in the Bovespa Index.Banco Bradesco Preference Shares stock is the twentieth highest dividend yielding stock in the Bovespa Index.

6.1 3-DAY: WEAK MOMENTUM UP

BBDC4 strengthens 0.7% on weak volume 0.6 times average. Compared with the Bovespa Index which rose 1,445.9 points (or 1.2%) in the 3-days, the relative price change was -0.5%.

The price ranged between a high of R$12.32 on Thursday Jul 04 and a low of R$12.23 on Tuesday Jul 02.

JulBanco Bradesco Preference SharesClose [BRL]Change %Comment
Thu 04In 2nd consecutive rise12.320.4Top Rise
Wed 03Inches higher, resistance at 12-day EMA12.270.3Price rise on beating relative strength
Tue 02Offers earnings yield of 10.4%12.23-0.04Steepest Fall

* RPC - Relative Price Change is % price change of stock less % change of the Bovespa Index.

6.2 Rank in the top 21% by Relative Valuation in the Brazilian market

DescriptionValueRank
Price to Book Value0.5In Top 21%

6.3 Oversold/Bullish Signals:

- The Stochastic indicator of 18.1 has pierced the oversold line of 20; this indicates the price is close to its 14-day low and is likely to revert to an uptrend.

SECTION 7 ONGOING BULLISH PARAMETERS

7.1 Rank in the top 99% by Liquidity in the Brazilian market

DescriptionValueRank
Days untraded in the past quarter1
Ave daily turnoverR$529 million ($95 million)In top 99%

7.2 Annualised Period-based Total preference Shareholder Returns [TSR %]: The Best Period with TSR > 7.9%

TSR %10 yrs
BBDC4.SA8

7.3 Increased Volume, up 39% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 39.2% to 36.8 million preference shares.

Avg. Daily Volume Traded 12 months ended Jul 04, million preference shares

YearADVT
202436.8
202343.9
202238.1
202141.4
202026.4

7.4 Satisfies one criterion of Benjamin Graham

- The P/E of 9.7 multiplied by the P/NTA of 0.5 is 4.4. Being less than the Benjamin Graham benchmark of 22.5 the preference stock appears undervalued.

SECTION 8 BANK METRICS

8.1 Bank Metrics (FY2023)

All values are in R$ billion

DescriptionFY2023FY2022Change
Interest Income211.5 200.6 Up 5.4%
Interest Expense156.4 130.8 Up 19.6%
Net Interest Income55.1 69.8 Down 21.1%
Bank Other Revenue18.2 9.3 Up 95.4%

Favourable Changes:

- Interest Income up 5.4% from R$200.6b to R$211.5b

- Bank Other Revenue up 95.4% from R$9.3b to R$18.2b

Unfavourable Changes:

- Interest Expense up 19.6% from R$130.8b to R$156.4b

- Net Interest Income down 21.1% from R$69.8b to R$55.1b

SECTION 9 DIVIDEND

9.1 Dividend History

In the past 2 years annual dividends have increased by 42.9 centavos from 31.1 centavos to 74.0 centavos. Based on a start date of 2 years ago, there has been no decline in dividends over the last 2 years.

Date PaidValue ( centavos)Type
02 Jul 20241.61Cash
02 Jul 20241.9Special
04 Jun 20241.61Cash
04 Jun 20241.9Special
03 May 20241.9Special
03 May 20241.61Cash
02 Apr 20241.9Special
02 Apr 20241.61Cash
04 Mar 20241.9Special
02 Feb 20241.9Special
03 Jan 20241.9Special
22 Dec 202344.73Special
04 Dec 20231.9Special
03 Nov 20231.9Special
03 Oct 20231.9Special
04 Sep 20231.9Special
02 Aug 20231.9Special
Tr 12 Months73.97
2022 - 202331.09

SECTION 10 TOP MANAGEMENT

10.1 Top Management

NameDesignation
Luiz Carlos Trabuco CappiChief Executive Officer
Domingos Figueiredo de AbreuExecutive Vice President
Mauricio Machado de MinasExecutive Vice President
Octavio de Lazari JuniorExecutive Vice President
Andre Rodrigues CanoExecutive Vice President
Alexandre da Silva GluherExecutive Vice President, Chief Risk Officer
Marcelo de Araujo NoronhaExecutive Vice President
Josue Augusto PanciniExecutive Vice President

SECTION 11 TOP SHAREHOLDERS

Top 3 shareholders

Name of the Share HolderNumber Of Shares% of Capital
Cidade de Deus Cia Cial Participacoes122119788923.0
Fundacao Bradesco4562892508.6
Ncf Participacoes S.A.2852471805.4

% held by Top 3 shareholders 37.0%

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

BBDC4: EXPORT DATA TO EXCEL:

+ PRICE VOLUME - 5-YEAR HISTORY

+ PEER COMPARISON

BBDC4: OTHER INFORMATION:

+ NEWS ARCHIVES - BBDC4 PAST 4 YEARS:

+ PRICE VOLUME CHARTS

+ USD vs BRL EXCHANGE RATE CHARTS IN HTML

+ BOARD OF DIRECTORS

APPENDIX II STOCK IDENTIFIERS

ISIN: BRBBDCACNPR8

PermID: 5035095906

RIC: BBDC4.SA

LEI: 549300CTUU1RFXHQJE44

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Dividend Yield: Dividend Per Share/Share Price (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TTM: Trailing 12 Months

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

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