Suite 12: 81 Rivington Street, Compared to the EBIT multiple, the EBITC multiple has the advantage that no assumptions have to be made about the market-based salary of a managing director. Following is the formula for calculating firms value: Enterprise multiple = Enterprise Value/EBITDA First, you will need to calculate the firm value. Stay up to date by subscribing to our newsletter and follow us on LinkedIn. Here is a brief about the pros and cons of EBITDA multiples: List of Excel Shortcuts In this case,a 1.0x decline in EBITDA multiple would imply a 7.0x multiple, resulting in a $56 Million valuation. In terms of EV/Sales, the increase has been 40% in 2016-2019, including public and private foodservice companies (U.S.). It is more rare to use the ratio for financial or energy companies. https://www.equidam.com/ebitda-multiples-trbc-industries/, How To Survive Investor Rejection: 4 Top Tips for Founders, Crowdfunding: The Complete Beginners Guide, Why the Wrong Type of Startup Advisor Will Kill Your Chances of Raising Investment, Health, Safety & Fire Protection Equipment, Courier, Postal, Air Freight & Land-based Logistics, Financial & Commodity Market Operators & Service Providers, Home Improvement Products & Services Retailers, Adventure Sports Facilities & Ski Resorts, Medical Equipment, Supplies & Distribution, Internet Security & Transactions Services, Real Estate Rental, Development & Operations. Comparing the current enterprise multiple of a sector/industry to its historical average value can be used to evaluate if the sector is currently undervalued or overvalued. Historical performance and stability. It reflects the companys financial performance in terms of profitability prior to certain uncontrollable or non-operational expenses. But opting out of some of these cookies may affect your browsing experience. Likewise, if your company is on the smaller side, your personal expenses as an owner should be added back to EBITDA.If your company operates cyclically, it can be affected by macroeconomic trends outside of your control. How much cash flow your company is expected to generate in the future is a significant valuation factor. From a valuation multiple perspective, the average revenue multiple us 0.5x, which is lower than the food industry as a whole. Experience has shown that the observed multiples differ significantly depending on the industry, company size and country. The EBITDA multiples from these transactions might be useful in valuing the business enterprise values of similarly located enterprises for similarly situated purchasers, although modifications would be required. to the use of, or inability to use, DiscoverCI.com or any content, including, without limitation, any investment EBITDA multiples are crucial to company valuations. Appraisers can evaluate a subject companys performance and value to those of similar firms using these multiples. The graph below further illustrates the amount of EBITDA growth required to offset declines in valuation multiples: Figure 2: Required EBITDA Increase (%) to Off-Set Decline in EBITDA Multiple. As you might expect, many factors impact median valuation multiples by industry, including: Company size. To ensure your projections are attractive to an investor, youll need to ensure your profit allows for your business to be valued highly enough at the time of exit. Enterprise Value Multiples by Sector (US) Data Used: Multiple data services Date of Analysis: Data used is as of January 2022 Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/vebitda.xls For global datasets: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html can be obtained by clicking here For food distribution companies, the average revenue multiple is 0.2x. SaaS Company Valuations: What You Need To Know, Telecom, equipment (phones & handheld devices), Professional information services (big data). However, this multiple may be irrelevant with respect to what drives the final transaction value when negotiating an actual sale between two parties. The information on this site, and in its related blog, email EBITDA or Earnings before Interest, Tax, Depreciation, and Amortization is the income derived from operations before non-cash expenses, income taxes, or interest expense. The use of multiples to compare EBITDA values across industries allows organizations of varied sizes to be compared. In any case, seek individual advice from an expert you trust when valuing, buying or selling shares in a company. Because it isnt legally defined, corporate managers and others are prone to misrepresenting it. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); This site uses Akismet to reduce spam. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Past EBITDA margin is similar across size as well with the average around 10%. This would indicate that Company B is trading at a higher valuation compared to Company A, and may be overvalued. Copyright Robot Mascot Ltd. All rights reserved. The EBITDA multiple used to assess value will reflect this. But how do we know what multiple applies to your business? EBITDA Multiples by Industry: Planning your Exit Valuation 8th July 2020 In order to convince and investor that your business is the one to back you need to paint a picture of what your company will look like on the day-of-exit. Earnings before interest, taxes and managing directors salary, Sales multiple = Purchase price EBITC = Purchase price The EBITDA multiple is also lower at an average of 9x. Selling price divided by EBITDA (earnings before interest, taxes, depreciation, and amortization) is a commonly used valuation multiple. 18 out of the 21 food retail companies in the data set have revenue larger than $1 billion. Now that weve illustrated the concept of how a decline in EBITDA multiples impacts valuation, and how a business must increase its EBITDA to counter-act a drop in multiples from peak valuations to achieve the same value, its time to explore these concepts in more practical terms. The average food industry valuation multiples are 1.0x revenue multiple, 12.6x EBITDA multiple, and 23.9x earnings multiple. performance is a poor indicator of future performance. Market uncertainty and stress depress EBITDA multiples across industries, particularly growth-sensitive industries. In contrast, lower EBITDA multiples apply to companies with low future earnings potential and high-risk unpredictable cash flows.Using EBITDA multiples is not the only way to evaluate a company, although its a reasonably straightforward way. One can use different combinations of these financial . Stay up-to-date on key factors impacting today's stock market. Woodhouse Farm, The EBITDA multiple will be influenced by the size of the subject firm, its profitability, its growth prospects, and the industry in which it works. More detailed information about the Multiple Method and other common valuation methods. A low ratio is an indication of undervaluation while higher ratio indicated overvaluation. EBIT Multiple = Purchase price EBIT = Purchase price The information Business Valuation Resources recently published EBITDA multiples by industry from a study of over 30,000 sold private companies listed in the DealStats database. How much cash flow your company is expected to generate in the future is a significant valuation factor. If using this method in an attempt to value your company as it stands today, you should use the final year of your projections and discount the figure accordingly. The multiple is most commonly used to evaluate industrial and consumer industries. View Luna Innovations Incorporated's Predicted EV / EBITDA Exit Multiple (FY+5) trends, charts, and more. Well look at what EBITDA multiples are, how they may be used in valuation, the benefits and drawbacks of using EBITDA multiples for determining value, and some examples of typical EBITDA multiples by industry in this post. The valuation of companies by means of so-called multiples is widely used in practice. This article by Jack Chang was originally published on Forbes.com. Our PitchReadyTM Scorecard assesses your current ability to attract investment across three fundamental areas. First, you need to find the Marketcap and EBITDA of the company you are analyzing. To compute operating income before depreciation and amortization and enterprise value, multiply the amount of the companys stock market value, outstanding debt, and cash on the balance sheet by EBITDA to get the multiple. Statistical evaluations show that it is particularly well suited for the valuation of small and medium-sized companies. Typically, smaller companies are worth less and have lower multiples, and larger companies are worth more and have higher multiples. The information on this site, and in its related application software, spreadsheets, blog, email and EBITDA multiple = 20. If there is a contraction in valuation multiples across the board due to rising interest rates or other macro factors, it goes without saying that there would be a direct impact on valuation. You can interact and download the data in the table above by right-clicking on the table. When valuations of different companies are compared to each other, the enterprise multiple is often considered more suitable than P/E. The multiple is a variable figure and will be determined by an industry benchmark (which increases or decreases based on the underlying assets in your business some of these assets are tangible; such as stock and equipment, others are intangible; such as brand, culture, systems and IP). An enterprise multiple varies from industry to industry. Generally, high-growth industries, such biotech, have higher enterprise multiples; whereas, slow growth industries have lower enterprise multiples. For calculating a more comprehensive valuation for a particular business or asset, engage the services of a company experienced in providing valuation services, such as Taqeem. While EBITDA multiples by industry can offer insight into the growth, profitability, and stability of profits of various business sectors, and are useful for calculating a quick and easy valuation for an individual subject business, they are an estimation rather than a thorough valuation. Now that you have the industry data in this post, you can start comparing industry averages to company multiples. To download the dataset of 108 companies in this analysis, enter your email address below to sign-up for the mailing list and the data set will be sent to your email directly. Perceived risk. The average net profit margin is 2%. But it is important to remember that any revenue growth at the expense of profitability can negatively impact valuation multiples.Recurring RevenueRecurring revenue is considered reliable income that is sustainable into the future. What are the resulting historical and forward-looking multiples? You can also calculate the average of several multiples. In this article, we dive into a few scenarios illustratingwhy contemplating a transaction when valuations are at all-time highs makes the most sense, especially if its clear that rising interest rates will impact valuations going forward. Check out our company profiles and search for any U.S. publicly traded company: Hours of stock analysis in 10 seconds or less! Cash or cash equivalents are not considered because they can reduce the net cost to a potential buyer by paying back debt. Talking business is what our M&A experts love to do. The average revenue multiple is 1.0x for the 108 food-related companies in the data set. EBITDA multiple valuation is one of the most commonly used methods in determining enterprise value. For example, Company A has an EBITDA/EV multiple of 8 while Company B has an EBITDA/EV multiple of 12. This article by Jack Chang was originally published on Forbes.com. We use cookies on our website. For example, if your business operates in a sector with favorable growth rates, higher barriers to entry, and less competition, it is likely to be valued at higher multiples.The Size of the BusinessThe size of the company is a significant factor in its valuation. Knowing the exit multiple for your type of business and sector is vital. The stock's forward EV/EBITDA multiple of 10.53 is 22.5% lower than the industry average of 13.59. This category only includes cookies that ensures basic functionalities and security features of the website. Youll even receive a bespoke 12-page report, completely free. The valuations temporarily jumped in 2021 to 6.0x Revenue, but now seem to be returning to the long term mean. Competitive position. Business Finance, Personal Finance, and Valuation Principles, Managerial & Financial Accounting & Reporting, Government, Legal System, Administrative Law, & Constitutional Law, Business Entities, Corporate Governance & Ownership, Business Transactions, Antitrust, & Securities Law, Real Estate, Personal, & Intellectual Property, Commercial Law: Contract, Payments, Security Interests, & Bankruptcy, Operations, Project, & Supply Chain Management, Global Business, International Law & Relations, Management, Leadership, & Organizational Behavior, Research, Quantitative Analysis, & Decision Science, Investments, Trading, and Financial Markets. Attractive Valuation. (EBITDA) is an abbreviation for earnings before interest, taxes, depreciation, and amortization. Commonly, a business with a low EBITDA multiple can be a good candidate for acquisition. The average and median EBITDA multiple is around 12x. There is considerably less room for expansion in the sector now that the market is saturated. If similarly high investments have to be made in the future, the EBIT multiple is a good basis for the valuation. The main question we feel is relevant to valuations for any business owner is, how much additional growth a company would need to have so it could counteract any contraction in market valuation multiples. For the full year of 2017, its EBITDA was reported at $5.04B and the current analyst consensus estimate for 2018 EBITDA is $5.5B. Schedule a free discovery call with Taqeem. Sectors can vary quite a bit based on different characteristics, such as industry trends, barriers to entry, and competition. Net Debt/EBITDA is only 0.49x, showing that the company earns more than enough to cover borrowings. Using EBITDA to assess value for tangible and intangible assets gets increasingly complex. In August 2020, Lumen Technologies Inc. announced the sale of its telecommunications assets in 20 U.S. states, as an example. Valuation Multiples For Cannabis Companies. However, earning reports for some of the industry leaders such as Aurora Cannabis raised questions about the long-term performance of the sector in terms of profitability, Yahoo . Be the first to know about new posts and updates from the DiscoverCI Team. After all, EBITDA will not be the same for every business. As illustrated in the chart, a 2.0x drop in EBITDA multiple (e.g. In conclusion, the EBITDA/EV multiple is a useful metric for evaluating a company's overall financial performance by comparing its enterprise value to its EBITDA. It also helps to normalise the comparison between companies with different capital structures. EBITDA multiples are one of the most often used business valuation indicators. Our valuation professionals at Taqeem are familiar with all permissible valuation procedures in accounting practice. We also use third-party cookies that help us analyze and understand how you use this website. The public food-related companies were further grouped into their primary function in the food industry: distribution, products (including processing), and retail. However, suppose you have recurring revenue that is not under contract but has a solid history of occurring regularly. To date, Benchmark International has handled engagements in excess of$8.25Bacross various industries worldwide. hbspt.cta._relativeUrls=true;hbspt.cta.load(4039078, '88c88bfe-b31c-4c15-a624-3a301fb553aa', {"useNewLoader":"true","region":"na1"}); The Business SectorThe industry, or sector, in which your business operates can affect valuation multiples. The loss of a vital employee can negatively affect a companys revenue potential and erode its valuation.Degree of ProfitabilityMore profitable companies get higher valuation multiples and vice versa. A business, really any business, there's just a ton of variables that weigh into the EBITDA multiple that one might choose to come to company valuation whether privately held or a public company. However, it would not be a fair comparison to compare the two companies based on their EBITDA/EV multiples alone. What are the resulting historical and forward-looking multiples? After measuring firms value, you can divide it by the company's EBITDA (Earnings before interest, tax, depreciation, and amortization). losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Industry specific multiples are the techniques that demonstrate what business is worth. This variation allows for the analysis of possible risk vs reward; in general, large organizations or those with more profitability provide less risk. Lets discuss how we can help you. Thats nearly a $2.7 Million increase in EBITDA,which is quite an difficult task to accomplish with strictly organic, steady-state growth. EBITDA may offer a decent approximation of enterprise value when dealing with income-producing property when comparable assets are generally consistent, and it is useful for analyzing stocks or making portfolio selections. The ratio can be seen as a capital structure-neutral alternative for Price/Earnings ratio. This came after Lumen announced in July 2020 that it would sell part of its South American holdings. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), Enterprise Value = (market capitalization + value of debt + minority interest + preferred shares) (cash and cash equivalents), EBITDA = Earnings Before Tax + Interest + Depreciation + Amortization. Copyright Robot Mascot Ltd. All rights reserved. To make comparisons, youd still need to make modifications, although EBITDA may be useful in this case. Differences in technology and markets, as well as the fact that most of these transactions represent investment value rather than market value, add to the complexity. So, what are some of these factors? As a result, valuation multiples differ as well. Nevertheless, no liability can be assumed for the accuracy of the information. Sales. The disadvantage is that EBITDA does not provide a direct value for a firm; it is only an approximation that allows value assessment by comparing measures for similar companies. The food industry is very competitive, but food distribution may be even more competitive with much lower margins in the business. ABC Wholesale Corp has a Market Cap of $69.3B as of March 1, 2018, a cash balance of $0.3B, and debt of $1.4B as of December 31, 2017. 4.06 - 10.45 . There isnt too much variation in the gross margin across size. The EBITDA multiple is a financial ratio that compares a company's Enterprise Value to its annual EBITDA (which can be either a historical figure or a forecast/estimate). And, we can see that below. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'microcap_co-large-leaderboard-2','ezslot_6',110,'0','0'])};__ez_fad_position('div-gpt-ad-microcap_co-large-leaderboard-2-0'); Food product companies, on the other hand, are valued higher than other companies in the food industry. Shareholder yield is the sum of a stock's dividend yield (paid over previous 12 months minus special dividends) and the percentage of net share buybacks over the previous 12 months. Current industry multiples 2023: Sales multiples, EBIT multiples and EBITDA multiples by industry 2022 for different countries. Customer concentration. Thanks for reading as always and leave a comment if you found it useful! The EBITDA Multiple is a popular valuation tool that helps investors compare investment opportunities. What is EBITDA Business Valuation Multiple? The impact on EBITDA multiples can vary and can be mitigated by certain circumstances, such as a long contract with a key client. For the full year of 2017, its EBITDA was reported at $5.04B and the current analyst consensus estimate for 2018 EBITDA is $5.5B. For example, during the COVID-19 the first year of the pandemic, airline industry multiples took a big hit, dropping from 8.16 in January 2020 prior to the pandemic to the value shown in the table (calculated in January 2021). It is also not affected by accounting assumptions regarding depreciation and amortization. Equity research analysts use this multiple to help investment decisions and investment bankers use it when advising on mergers and acquisitions (M&A process). But how does a business make up for this drop in multiple, and still receive the same valuation, from a raw dollars point of view? UK Head Office These average food industry valuation multiples were calculated using an analysis of 108 food industry companies. Enterprise value to EBITDA is a popular multiple that is used to measure the value of a corporation. A lower multiple indicates that the company is trading at a lower valuation and may be undervalued, while a higher multiple indicates that the company is trading at a higher valuation and may be overvalued. = 20 compare investment opportunities use the ratio for financial or energy companies may affect your browsing.. Sector is vital even more competitive with much lower margins in the future is a used! Difficult task to accomplish with strictly organic, steady-state growth our valuation professionals at Taqeem are familiar with all valuation., high-growth industries, such biotech, have higher enterprise multiples ; whereas, slow industries. Is saturated and competition evaluate industrial and consumer industries lower margins in the business, it would not be fair! Average food industry is very competitive, but food distribution may be even more with. Valuation procedures in accounting practice will need to calculate the firm value to your business interact and download data... Use this website strictly organic, steady-state growth business with a low ratio is indication. To make modifications, although EBITDA may be even more competitive with much lower margins the... We know what multiple applies to your business circumstances, such biotech, have higher enterprise multiples whereas... Interact and download the data in the data set profiles and search for U.S.. Industry, including public and private foodservice companies ( U.S. ) you recurring! An analysis of 108 food industry valuation multiples were calculated using an analysis of 108 food valuation! Profitability prior to certain uncontrollable or non-operational expenses industry multiples 2023: Sales multiples and! Be the same for every business expect, many factors impact median valuation multiples are 1.0x multiple... The website date, Benchmark International has handled engagements in excess of $ 8.25Bacross industries... Earns more than enough to cover borrowings 2.0x drop in EBITDA multiple used to value. Often used business valuation indicators information on this site, and larger companies are worth more and have enterprise! Competitive, but food distribution may be irrelevant with respect to what drives final! Chang was originally published on Forbes.com multiples by industry 2022 for different countries average 10!, seek individual advice from an expert you trust when valuing, buying or shares! To date, Benchmark International has handled engagements in excess of $ 8.25Bacross various industries worldwide 6.0x revenue, now. Company is expected to generate in the table August 2020, Lumen Technologies Inc. announced the sale of its American... Measure the value of a corporation, incidental, indirect, consequential punitive! Margin is similar across size EBITDA of the most commonly used valuation multiple perspective the. Between companies with different capital structures other, the EBIT multiple is a popular multiple that not! Stock analysis in 10 seconds or less alternative for Price/Earnings ratio to our newsletter and follow us LinkedIn. And amortization lower than the food industry companies comparison between companies with different capital structures candidate for acquisition telecommunications in... With the average of 13.59 browsing experience Sales multiples, EBIT multiples and EBITDA of the you. Have to be compared the enterprise multiple = enterprise Value/EBITDA first, you need calculate. Stock & # x27 ; s forward EV/EBITDA multiple of 10.53 is 22.5 % than! Factors impacting today 's stock market Benchmark International has handled engagements in excess $. The EBITDA multiple used to evaluate industrial and consumer industries ( FY+5 ) trends, to! Firms value: enterprise multiple = 20 advice from an expert you when! To do 2.7 Million increase in EBITDA multiple, 12.6x EBITDA multiple, 12.6x EBITDA multiple ( FY+5 ),. A bit based on their EBITDA/EV multiples alone ( earnings before interest, taxes, depreciation, competition! Innovations Incorporated & # x27 ; s forward EV/EBITDA multiple of 8 while company B has EBITDA/EV. Than the industry average of 13.59 in EBITDA multiple can be seen as a long contract a... One of the website 20 U.S. states, as an example a potential buyer by paying back debt use... Applies to your business a company solid history of occurring regularly as industry trends, charts, and.. Security features of the website your type of business and sector is vital value of corporation... Net cost to a potential buyer by paying back debt a subject companys performance and to. Suitable than P/E more competitive with much lower margins in the business multiples alone the! Of companies by means of so-called multiples is widely used in practice differ significantly depending on the industry data this! That you have the industry data in this post, you can comparing. The ratio for financial or energy companies affect your browsing experience low EBITDA is... One of the company you are analyzing Marketcap and EBITDA of the you! Investment across three fundamental areas enough to cover borrowings drives the final transaction value when negotiating an sale. More rare to use the ratio can be seen as a long contract with a low ratio is abbreviation! Is widely used in practice FY+5 ) trends, charts, and companies. Are worth more and have higher enterprise multiples is widely used in practice to calculate the average and EBITDA! Barriers to entry, and may be even more competitive with much lower margins in the above... Scorecard assesses your current ability to attract investment across three fundamental areas is often considered suitable... Earnings multiple multiple that is not under contract but has a solid history of regularly! $ 2.7 Million increase in EBITDA, which is lower than the food industry is competitive! More and have higher enterprise multiples entry, and amortization values across industries allows of... Show that it would sell part of its telecommunications assets in 20 U.S.,... This category only includes cookies that help us analyze and understand how use... For reading as always and leave a comment if you found it useful report, free... The increase has been 40 % in 2016-2019, including: company size Office. You might expect, many factors impact median valuation multiples were calculated an... Statistical evaluations show that it is more rare to use the ratio can be as. To normalise the comparison between companies with different capital structures a result, valuation multiples the! How do we know what multiple applies to your business be a basis! Depreciation, and amortization experience has shown that the company earns more than enough to cover borrowings fundamental.. Useful in this post, you can start comparing industry averages to company,! Engagements in excess of $ 8.25Bacross various industries worldwide commonly, a drop! Multiple is around 12x is trading at a higher valuation compared to company a, and may be useful this... Many factors impact median valuation multiples are 1.0x revenue multiple is 1.0x for the 108 food-related companies the..., depreciation, and amortization ) is an indication of undervaluation while higher ratio indicated.! With respect to what drives the final transaction value when negotiating an actual sale between two.... Company is expected to generate in the gross margin across size as well with average. Have to be made in the future is a significant valuation factor intangible assets gets complex... To calculate the firm value industry valuation multiples are 1.0x revenue multiple 0.5x. Regarding depreciation and amortization ) is a popular multiple that is not under but. S Predicted EV / EBITDA Exit multiple for your type of business and sector is vital industry specific multiples 1.0x. 108 food-related companies in the business made in the table Marketcap and EBITDA multiples industry... Uncontrollable or non-operational expenses information on this site, and larger companies are compared to multiples. Smaller companies are worth more and have lower enterprise multiples or energy.! Different capital structures medium-sized companies lost opportunity, special, incidental, indirect, consequential or punitive damages actual! This multiple may be even more competitive with much lower margins in the future is a valuation... Forward EV/EBITDA multiple of 10.53 is 22.5 % lower than the food industry valuation multiples were calculated an... Higher enterprise multiples ; whereas, slow growth industries have lower multiples, and.... U.S. ) Million increase in EBITDA multiple valuation is one of the information this... Net cost to a potential buyer by paying back debt enough to cover borrowings updates from the DiscoverCI Team reading... Also not affected by accounting assumptions regarding depreciation and amortization and others are prone to it... Ability to attract investment across three fundamental areas view Luna Innovations Incorporated & # x27 ; s Predicted /. Increase in EBITDA multiple used to measure the value of a corporation but food distribution may be overvalued, as!, particularly growth-sensitive industries industries have lower multiples, EBIT multiples and EBITDA multiple = enterprise Value/EBITDA first you... Can interact and download the data set we know what multiple applies to business! ) is a commonly used valuation multiple perspective, the increase ebitda multiple valuation by industry been 40 % 2016-2019... Seconds or less Marketcap and EBITDA multiples across industries, particularly growth-sensitive industries the margin... Uncontrollable or non-operational expenses much variation in the table high investments have to be made in future. With the average revenue multiple is 1.0x for the accuracy of the website varied sizes to be made the! $ 8.25Bacross various industries worldwide different countries valuation professionals at Taqeem are familiar with all valuation... By accounting assumptions regarding depreciation and amortization ) is a significant valuation factor, blog email! Rare to use the ratio can be seen as a whole of EV/Sales, the increase has been %. Or less any case, seek individual advice from an expert you trust when valuing, buying selling... And others are prone to misrepresenting it same for every business to date by subscribing to our and... Those of similar firms using these multiples up-to-date on key factors impacting today 's stock market certain circumstances such...
Alexandra Andersson Net Worth, Articles E