Olympus Corporation Logo

Olympus Corporation

7733.T

(2.5)
Stock Price

2.535,00 JPY

1.25% ROA

2.12% ROE

197.18x PER

Market Cap.

3.271.276.572.922,00 JPY

32.22% DER

0.64% Yield

1.72% NPM

Olympus Corporation Stock Analysis

Olympus Corporation Fundamental Analysis

Fundamental analysis in stock investing is like studying the foundation of a house before buying it. It involves looking at a company's financial health, like its earnings, assets, and debts, to determine if it's a good investment based on its fundamental strength and potential for growth.

Olympus Corporation Fundamental Stock Analysis
# Analysis Rating
1 ROE

ROE surpassing expectations (23.24%) highlights strong profitability and efficient use of shareholders' equity, making it an appealing investment prospect.

2 ROA

The stock's ability to make a lot of money from its assets shows that it is very profitable, making it a good choice for people who want to invest and make a lot of money.

3 Assets Growth

Over the past five years, this company's revenue has consistently increased, demonstrating a robust financial performance that makes it an appealing opportunity.

4 DER

The stock has a reasonable amount of debt compared to its ownership (68%), suggesting a balanced financial position and a moderate level of risk.

5 Dividend Growth

The company's dividend growth has shown a positive trajectory over the past three years, consistently increasing year after year, indicating a favorable trend for potential investors.

6 Dividend

Investors can rely on the company's consistent dividend payments over the past three years, offering a steady stream of returns.

7 Buffet Intrinsic Value

The company's stock seems undervalued (38.531) by Warren Buffett's formula, indicating a promising investment opportunity as its intrinsic value exceeds the market price.

8 PBV

The stock's elevated P/BV ratio (4.79x) raises concerns about its overvaluation, making it an imprudent choice for investors seeking value.

9 Revenue Growth

Company's revenue has stayed stagnant, showing no signs of improvement and making it a less favorable choice.

10 Net Profit Growth

Throughout the last five years, this company's net profit has remained unchanged, indicating a lack of growth and making it a less favorable investment option.

11 Graham Number

The Graham number analysis indicates that this company's stock price is likely overpriced, raising concerns about its investment potential.

Olympus Corporation Technical Analysis

Technical analysis in stock investing is like reading the patterns on a weather map to predict future weather conditions. It involves studying past stock price movements and trading volumes to make predictions about where a stock's price might go next, without necessarily looking at the company's financial health.

Olympus Corporation Technical Stock Analysis
# Analysis Recommendation
1 Awesome Oscillator Hold
2 MACD Buy
3 RSI Hold
4 Stoch RSI Sell

Olympus Corporation Price Chart

Financial Statements

Financial statements are like report cards for companies. They show how much money a company makes (income statement), what it owns and owes (balance sheet), and where it spends its money (cash flow statement), helping stock investors understand if a company is healthy and worth investing in.

Income Statements

An income statement for a company is like a scoreboard for its profits and losses. It shows how much money the company made (revenue) and how much it spent to make that money (expenses), helping stock investors see if a company is making a profit or not.

Revenue in stock investing is the total amount of money a company earns from its sales, and it's a key factor that investors consider to assess a company's financial performance and growth potential.

Olympus Corporation Revenue
Year Revenue Growth
1999 428.646.000.000
2000 466.704.000.000 8.15%
2001 528.415.000.000 11.68%
2002 564.343.000.000 6.37%
2003 633.622.000.000 10.93%
2004 813.538.000.000 22.12%
2005 978.127.000.000 16.83%
2006 1.061.786.000.000 7.88%
2007 1.128.875.000.000 5.94%
2008 980.803.000.000 -15.1%
2009 883.086.000.000 -11.07%
2010 847.105.000.000 -4.25%
2011 848.548.000.000 0.17%
2012 743.851.000.000 -14.07%
2013 713.286.000.000 -4.29%
2014 764.671.000.000 6.72%
2015 804.578.000.000 4.96%
2016 748.050.000.000 -7.56%
2017 786.497.000.000 4.89%
2018 793.862.000.000 0.93%
2019 797.411.000.000 0.45%
2020 730.544.000.000 -9.15%
2021 868.867.000.000 15.92%
2022 881.923.000.000 1.48%
2023 915.684.000.000 3.69%
2023 936.210.000.000 2.19%
2024 939.284.000.000 0.33%

Research and Development Expenses are the costs a company incurs to create and improve its products or services, which can be important for investors to evaluate a company's innovation and potential for future growth.

Olympus Corporation Research and Development Expenses
Year Research and Development Expenses Growth
1999 0
2000 0 0%
2001 0 0%
2002 0 0%
2003 0 0%
2004 0 0%
2005 0 0%
2006 0 0%
2007 0 0%
2008 0 0%
2009 0 0%
2010 0 0%
2011 0 0%
2012 63.379.000.000 100%
2013 66.796.000.000 5.12%
2014 74.101.000.000 9.86%
2015 81.415.000.000 8.98%
2016 79.178.000.000 -2.83%
2017 89.500.000.000 11.53%
2018 94.000.000.000 4.79%
2019 91.600.000.000 -2.62%
2020 81.800.000.000 -11.98%
2021 85.300.000.000 4.1%
2022 76.900.000.000 -10.92%
2023 0 0%
2023 80.727.000.000 100%
2024 96.040.000.000 15.94%

General and Administrative Expenses are the costs a company incurs to run its day-to-day operations, such as office rent, salaries, and utilities, which investors consider to understand a company's overall efficiency and management effectiveness.

Olympus Corporation General and Administrative Expenses
Year General and Administrative Expenses Growth
1999 0
2000 159.764.000.000 100%
2001 177.495.000.000 9.99%
2002 208.465.000.000 14.86%
2003 235.572.000.000 11.51%
2004 273.917.000.000 14%
2005 295.706.000.000 7.37%
2006 351.554.000.000 15.89%
2007 396.856.000.000 11.42%
2008 0 0%
2009 0 0%
2010 0 0%
2011 0 0%
2012 343.121.000.000 100%
2013 367.011.000.000 6.51%
2014 398.889.000.000 7.99%
2015 430.773.000.000 7.4%
2016 414.855.000.000 -3.84%
2017 426.596.000.000 2.75%
2018 437.510.000.000 2.49%
2019 405.023.000.000 -8.02%
2020 357.032.000.000 -13.44%
2021 405.399.000.000 11.93%
2022 420.547.000.000 3.6%
2023 451.452.000.000 6.85%
2023 473.231.000.000 4.6%
2024 0 0%

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure that helps stock investors analyze a company's profitability by looking at its earnings without considering certain expenses. This helps to get a clearer picture of the company's financial performance and its ability to generate cash flow.

Olympus Corporation EBITDA
Year EBITDA Growth
1999 428.646.000.000
2000 58.582.000.000 -631.7%
2001 68.798.000.000 14.85%
2002 84.361.000.000 18.45%
2003 87.170.000.000 3.22%
2004 65.448.000.000 -33.19%
2005 107.525.000.000 39.13%
2006 150.237.000.000 28.43%
2007 160.280.000.000 6.27%
2008 180.845.000.000 11.37%
2009 115.801.000.000 -56.17%
2010 80.960.000.000 -43.03%
2011 75.967.000.000 -6.57%
2012 68.467.000.000 -10.95%
2013 108.690.000.000 37.01%
2014 131.590.000.000 17.4%
2015 148.569.000.000 11.43%
2016 123.059.000.000 -20.73%
2017 136.627.000.000 9.93%
2018 89.133.000.000 -53.28%
2019 153.720.000.000 42.02%
2020 143.115.000.000 -7.41%
2021 219.869.000.000 34.91%
2022 257.210.000.000 14.52%
2023 -2.720.000.000 9556.25%
2023 215.694.000.000 101.26%
2024 218.236.000.000 1.16%

Gross profit is the money a company makes from selling its products or services after subtracting the cost of producing or providing them, and it is an important measure for investors to understand a company's profitability.

Olympus Corporation Gross Profit
Year Gross Profit Growth
1999 428.646.000.000
2000 195.260.000.000 -119.53%
2001 219.778.000.000 11.16%
2002 270.811.000.000 18.84%
2003 298.569.000.000 9.3%
2004 297.070.000.000 -0.5%
2005 358.229.000.000 17.07%
2006 450.283.000.000 20.44%
2007 509.479.000.000 11.62%
2008 461.223.000.000 -10.46%
2009 408.244.000.000 -12.98%
2010 387.594.000.000 -5.33%
2011 383.805.000.000 -0.99%
2012 378.198.000.000 -1.48%
2013 440.456.000.000 14.13%
2014 489.851.000.000 10.08%
2015 535.237.000.000 8.48%
2016 491.342.000.000 -8.93%
2017 510.484.000.000 3.75%
2018 509.565.000.000 -0.18%
2019 499.567.000.000 -2%
2020 459.530.000.000 -8.71%
2021 571.695.000.000 19.62%
2022 596.849.000.000 4.21%
2023 604.844.000.000 1.32%
2023 589.830.000.000 -2.55%
2024 624.824.000.000 5.6%

Net income in stock investing is like the money a company actually gets to keep as profit after paying all its bills, and it's an important measure to understand how well a company is doing financially.

Olympus Corporation Net Profit
Year Net Profit Growth
1999 1.860.000.000
2000 11.787.000.000 84.22%
2001 10.279.000.000 -14.67%
2002 24.348.000.000 57.78%
2003 33.564.000.000 27.46%
2004 -11.827.000.000 383.79%
2005 28.564.000.000 141.41%
2006 47.799.000.000 40.24%
2007 57.969.000.000 17.54%
2008 -114.810.000.000 150.49%
2009 47.763.000.000 340.37%
2010 7.381.000.000 -547.11%
2011 -48.985.000.000 115.07%
2012 8.020.000.000 710.79%
2013 13.627.000.000 41.15%
2014 -8.737.000.000 255.97%
2015 62.594.000.000 113.96%
2016 78.191.000.000 19.95%
2017 57.064.000.000 -37.02%
2018 8.147.000.000 -600.43%
2019 51.670.000.000 84.23%
2020 12.918.000.000 -299.98%
2021 115.742.000.000 88.84%
2022 143.432.000.000 19.31%
2023 -97.056.000.000 247.78%
2023 242.566.000.000 140.01%
2024 58.332.000.000 -315.84%

EPS, or earnings per share, is a measure that shows how much profit a company has earned for each outstanding share of its stock, and it is important for stock investors as it helps understand the profitability of a company and compare it with other companies in the market.

Olympus Corporation Earning per Share (EPS)
Year Earning per Share (EPS) Growth
1999 2
2000 11 90.91%
2001 10 -22.22%
2002 23 59.09%
2003 32 29.03%
2004 -10 444.44%
2005 27 134.62%
2006 44 40.91%
2007 54 16.98%
2008 -95 155.79%
2009 44 315.91%
2010 4 -1366.67%
2011 -41 107.5%
2012 7 671.43%
2013 10 30%
2014 -6 266.67%
2015 46 113.33%
2016 31 -45.16%
2017 42 24.39%
2018 6 -720%
2019 61 91.8%
2020 45 -38.64%
2021 90 51.11%
2022 113 20.35%
2023 -79 244.87%
2023 200 139.2%
2024 50 -298%

Cashflow Statements

Cashflow statements show the movement of money in and out of a company, helping stock investors understand how much money a company makes and spends. By examining cashflow statements, investors can assess if a company is generating enough cash to pay its bills, invest in growth, and provide returns to stockholders.

Free cash flow is the leftover cash that a company generates after covering its operating expenses and capital expenditures, which is important for stock investors as it shows how much money a company has available to invest in growth, pay dividends, or reduce debt.

Olympus Corporation Free Cashflow
Year Free Cashflow Growth
2000 7.805.000.000
2001 25.445.000.000 69.33%
2002 45.802.000.000 44.45%
2003 -12.875.000.000 455.74%
2004 -36.702.000.000 64.92%
2005 4.142.000.000 986.09%
2006 67.131.000.000 93.83%
2007 41.053.000.000 -63.52%
2008 -7.818.000.000 625.11%
2009 31.347.000.000 124.94%
2010 3.293.000.000 -851.93%
2011 -4.355.000.000 175.61%
2012 -2.732.000.000 -59.41%
2013 39.804.000.000 106.86%
2014 25.713.000.000 -54.8%
2015 -7.788.000.000 430.16%
2016 42.944.000.000 118.14%
2017 31.737.000.000 -35.31%
2018 5.477.000.000 -479.46%
2019 67.615.000.000 91.9%
2020 64.895.000.000 -4.19%
2021 107.958.000.000 39.89%
2022 27.867.000.000 -287.4%
2023 27.426.000.000 -1.61%
2023 -22.259.000.000 223.21%
2024 10.546.000.000 311.07%

Operating cash flow represents the cash generated or consumed by a company's day-to-day operations, excluding external investing or financing activities, and is crucial for stock investors as it shows how much cash a company is generating from its core business operations.

Olympus Corporation Operating Cashflow
Year Operating Cashflow Growth
2000 29.304.000.000
2001 50.607.000.000 42.09%
2002 78.751.000.000 35.74%
2003 30.537.000.000 -157.89%
2004 10.025.000.000 -204.61%
2005 49.034.000.000 79.56%
2006 108.400.000.000 54.77%
2007 89.006.000.000 -21.79%
2008 41.628.000.000 -113.81%
2009 76.245.000.000 45.4%
2010 32.917.000.000 -131.63%
2011 30.889.000.000 -6.57%
2012 25.233.000.000 -22.42%
2013 72.388.000.000 65.14%
2014 66.811.000.000 -8.35%
2015 48.621.000.000 -37.41%
2016 90.194.000.000 46.09%
2017 95.146.000.000 5.2%
2018 66.943.000.000 -42.13%
2019 133.544.000.000 49.87%
2020 124.122.000.000 -7.59%
2021 169.729.000.000 26.87%
2022 98.490.000.000 -72.33%
2023 41.335.000.000 -138.27%
2023 42.365.000.000 2.43%
2024 23.257.000.000 -82.16%

Capex, short for capital expenditures, refers to the money a company spends on acquiring or upgrading tangible assets like buildings, equipment, or technology, which is important for stock investors as it indicates how much a company is investing in its infrastructure to support future growth and profitability.

Olympus Corporation Capital Expenditure
Year Capital Expenditure Growth
2000 21.499.000.000
2001 25.162.000.000 14.56%
2002 32.949.000.000 23.63%
2003 43.412.000.000 24.1%
2004 46.727.000.000 7.09%
2005 44.892.000.000 -4.09%
2006 41.269.000.000 -8.78%
2007 47.953.000.000 13.94%
2008 49.446.000.000 3.02%
2009 44.898.000.000 -10.13%
2010 29.624.000.000 -51.56%
2011 35.244.000.000 15.95%
2012 27.965.000.000 -26.03%
2013 32.584.000.000 14.18%
2014 41.098.000.000 20.72%
2015 56.409.000.000 27.14%
2016 47.250.000.000 -19.38%
2017 63.409.000.000 25.48%
2018 61.466.000.000 -3.16%
2019 65.929.000.000 6.77%
2020 59.227.000.000 -11.32%
2021 61.771.000.000 4.12%
2022 70.623.000.000 12.53%
2023 13.909.000.000 -407.75%
2023 64.624.000.000 78.48%
2024 12.711.000.000 -408.41%

Balance Sheet

Balance sheets provide a snapshot of a company's financial health and its assets (such as cash, inventory, and property) and liabilities (like debts and obligations) at a specific point in time. For stock investors, balance sheets help assess the company's overall worth and evaluate its ability to meet financial obligations and support future growth.

Equity refers to the ownership interest or stake that shareholders have in a company, representing their claim on its assets and earnings after all debts and liabilities are paid.

Olympus Corporation Equity
Year Equity Growth
1999 191.902.000.000
2000 194.135.000.000 1.15%
2001 203.822.000.000 4.75%
2002 223.312.000.000 8.73%
2003 253.344.000.000 11.85%
2004 254.124.000.000 0.31%
2005 300.313.000.000 15.38%
2006 344.871.000.000 12.92%
2007 367.876.000.000 6.25%
2008 168.784.000.000 -117.96%
2009 216.891.000.000 22.18%
2010 166.836.000.000 -30%
2011 48.028.000.000 -247.37%
2012 152.407.000.000 68.49%
2013 331.284.000.000 54%
2014 357.254.000.000 7.27%
2015 384.283.000.000 7.03%
2016 430.880.000.000 10.81%
2017 444.259.000.000 3.01%
2018 442.387.000.000 -0.42%
2019 371.958.000.000 -18.93%
2020 395.480.000.000 5.95%
2021 511.362.000.000 22.66%
2022 641.234.000.000 20.25%
2023 757.186.000.000 15.31%
2023 827.532.000.000 8.5%
2024 790.058.000.000 -4.74%

Assets represent the valuable resources that a company owns, such as cash, inventory, property, and equipment, and understanding a company's assets helps investors assess its value and potential for generating future profits.

Olympus Corporation Assets
Year Assets Growth
1999 534.613.000.000
2000 584.103.000.000 8.47%
2001 562.078.000.000 -3.92%
2002 605.768.000.000 7.21%
2003 682.673.000.000 11.27%
2004 858.083.000.000 20.44%
2005 976.132.000.000 12.09%
2006 1.091.800.000.000 10.59%
2007 1.358.349.000.000 19.62%
2008 1.106.318.000.000 -22.78%
2009 1.152.227.000.000 3.98%
2010 1.063.593.000.000 -8.33%
2011 966.526.000.000 -10.04%
2012 960.082.000.000 -0.67%
2013 1.027.475.000.000 6.56%
2014 1.081.551.000.000 5%
2015 1.000.614.000.000 -8.09%
2016 991.062.000.000 -0.96%
2017 978.663.000.000 -1.27%
2018 932.030.000.000 -5%
2019 1.015.663.000.000 8.23%
2020 1.181.017.000.000 14%
2021 1.357.999.000.000 13.03%
2022 1.508.308.000.000 9.97%
2023 1.534.216.000.000 1.69%
2023 1.617.765.000.000 5.16%
2024 1.515.386.000.000 -6.76%

Liabilities refer to the financial obligations or debts that a company owes to creditors or external parties, and understanding a company's liabilities is important for investors as it helps assess the company's financial risk and ability to meet its obligations.

Olympus Corporation Liabilities
Year Liabilities Growth
1999 0
2000 389.968.000.000 100%
2001 358.256.000.000 -8.85%
2002 382.456.000.000 6.33%
2003 429.329.000.000 10.92%
2004 603.959.000.000 28.91%
2005 675.819.000.000 10.63%
2006 746.929.000.000 9.52%
2007 990.473.000.000 24.59%
2008 937.534.000.000 -5.65%
2009 935.336.000.000 -0.23%
2010 896.757.000.000 -4.3%
2011 918.498.000.000 2.37%
2012 807.675.000.000 -13.72%
2013 696.191.000.000 -16.01%
2014 724.297.000.000 3.88%
2015 616.331.000.000 -17.52%
2016 560.182.000.000 -10.02%
2017 534.404.000.000 -4.82%
2018 489.643.000.000 -9.14%
2019 643.705.000.000 23.93%
2020 785.537.000.000 18.06%
2021 846.637.000.000 7.22%
2022 867.074.000.000 2.36%
2023 775.557.000.000 -11.8%
2023 790.233.000.000 1.86%
2024 725.328.000.000 -8.95%

Olympus Corporation Financial Ratio (TTM)

Valuation Metrics

Revenue per Share
826.38
Net Income per Share
14.23
Price to Earning Ratio
197.18x
Price To Sales Ratio
3.4x
POCF Ratio
27.55
PFCF Ratio
58.14
Price to Book Ratio
4.14
EV to Sales
3.38
EV Over EBITDA
18.9
EV to Operating CashFlow
27.38
EV to FreeCashFlow
57.78
Earnings Yield
0.01
FreeCashFlow Yield
0.02
Market Cap
3.271,28 Bil.
Enterprise Value
3.251,42 Bil.
Graham Number
465.85
Graham NetNet
-158.31

Income Statement Metrics

Net Income per Share
14.23
Income Quality
3.58
ROE
0.02
Return On Assets
0.01
Return On Capital Employed
0.1
Net Income per EBT
0.39
EBT Per Ebit
0.41
Ebit per Revenue
0.11
Effective Tax Rate
0.33

Margins

Sales, General, & Administrative to Revenue
0.38
Research & Developement to Revenue
0.09
Stock Based Compensation to Revenue
0
Gross Profit Margin
0.67
Operating Profit Margin
0.11
Pretax Profit Margin
0.04
Net Profit Margin
0.02

Dividends

Dividend Yield
0.01
Dividend Yield %
0.64
Payout Ratio
1.26
Dividend Per Share
18

Operating Metrics

Operating Cashflow per Share
101.86
Free CashFlow per Share
48.27
Capex to Operating CashFlow
0.53
Capex to Revenue
0.06
Capex to Depreciation
0.94
Return on Invested Capital
0.07
Return on Tangible Assets
0.01
Days Sales Outstanding
81.42
Days Payables Outstanding
66.21
Days of Inventory on Hand
217.71
Receivables Turnover
4.48
Payables Turnover
5.51
Inventory Turnover
1.68
Capex per Share
53.59

Balance Sheet

Cash per Share
244,00
Book Value per Share
677,76
Tangible Book Value per Share
512.87
Shareholders Equity per Share
677.76
Interest Debt per Share
226.26
Debt to Equity
0.32
Debt to Assets
0.17
Net Debt to EBITDA
-0.12
Current Ratio
1.76
Tangible Asset Value
597,85 Bil.
Net Current Asset Value
11,30 Bil.
Invested Capital
782547000000
Working Capital
317,43 Bil.
Intangibles to Total Assets
0.13
Average Receivables
224,58 Bil.
Average Payables
59,88 Bil.
Average Inventory
190212500000
Debt to Market Cap
0.08

Dividends

Dividends in stock investing are like rewards that companies give to their shareholders. They are a portion of the company's profits distributed to investors, typically in the form of cash payments, as a way for them to share in the company's success.

Olympus Corporation Dividends
Year Dividends Growth
2000 13
2001 13 0%
2002 13 0%
2003 15 13.33%
2004 15 0%
2005 15 0%
2006 26 40%
2007 44 43.18%
2008 40 -10%
2009 15 -166.67%
2010 30 50%
2011 15 -100%
2015 10 -50%
2016 17 41.18%
2017 28 39.29%
2018 28 0%
2019 30 6.67%
2020 20 -50%
2021 12 -66.67%
2022 14 14.29%
2023 16 12.5%
2024 18 11.11%
2025 0 0%

Olympus Corporation Profile

About Olympus Corporation

Olympus Corporation manufactures and sells precision machineries and instruments worldwide. It operates through four segments: Endoscopic Solutions Business, Therapeutic Solutions Business, Scientific Solutions Business, and Others. The Endoscopic Solutions Business segment offers gastrointestinal and surgical endoscopes, endoscopy system, and repair services. The Therapeutic Solutions Business segment provides urology, gynecology, ear, nose, and throat products; endo-therapy and energy devices; and surgical single-use devices. The Scientific Solutions Business segment offers biological and industrial microscopes, industrial endoscopes and videoscopes, non-destructive testing equipment, and X-ray fluorescence (XRF) analyzers. The Others segment offers biomedical materials and orthopedic equipment. The company also offers medical devices, such as surgical microscopes, endoscope reprocessors, electrosurgical devices, and respiratory-endotherapy devices, as well as system integration and maintenance/services. The company was formerly known as Olympus Optical Co., Ltd. and changed its name to Olympus Corporation in October 2003. Olympus Corporation was founded in 1919 and is headquartered in Tokyo, Japan.

CEO
Mr. Stefan Kaufmann
Employee
28.838
Address
Shinjuku Monolith
Tokyo, 163-0914

Olympus Corporation Executives & BODs

Olympus Corporation Executives & BODs
# Name Age
1 Mr. Andre Roggan
Executive Officer & Chief Technology Officer
70
2 Mr. Tetsuo Kobayashi
Executive Officer and Chief Manufacturing & Supply Officer
70
3 Mr. Frank Drewalowski
Executive Officer & Endoscopic Solutions Division Head
70
4 Mr. Yasuo Takeuchi
Representative Executive Officer, ESG Officer & Executive Chairman
70
5 Mr. Stefan Kaufmann
Representative Executive Officer, President, Chief Executive Officer & Director
70
6 Ms. Gabriela Kaynor
Executive Officer & Chief Strategy Officer
70
7 Tatsuya Izumi
Executive Officer & Chief Financial Officer
70
8 Stephen Kneebone
Corporate Officer & Chief Information Officer
70
9 Takaaki Sakurai
Vice President of Investor Relations
70
10 Ms. Eva Gardyan-Eisenlohr
Chief Compliance Officer, Global Head of Governance, Risk & Compliance
70

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