AkhenOsiris
$CRWD Downgrade on Valuation at Piper Sandler
"Shares have deservedly risen to the highest revenue multiple of any public software company above $75B in market cap," the analysts note, adding they "do not see a near-term catalyst for raising" their $400 price target.
This downgrade is a "valuation call," according to Piper Sandler. They acknowledge CrowdStrike's strong performance and momentum but believe the current stock price has already priced in much of this future growth.
The firm adds that by reaching an annual recurring revenue (ARR) of $3.6 billion and a fiscal 2025 revenue forecast exceeding $4 billion, CrowdStrike's large scale makes significant upside more challenging as growth rates face the "law of large numbers." This could lead to returns lagging behind other cybersecurity companies.
Further, Piper Sandler highlights CrowdStrike's premium valuation. Compared to similar software companies, CrowdStrike boasts the highest valuations in terms of both forward-year sales (18.9x) and free cash flow (57x).
Despite the downgrade, Piper Sandler remains "excited about the second act for CRWD," citing its cloud, identity, logging, and IT offerings. They acknowledge CrowdStrike's impressive execution and strong metrics but believe the current price reflects this optimism.
"We are optimistic about the company longer term as well as the opportunity, just not the stock over our 12-month investment horizon," concludes Piper Sandler.
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$CRWD Downgrade on Valuation at Piper Sandler
"Shares have deservedly risen to the highest revenue multiple of any public software company above $75B in market cap," the analysts note, adding they "do not see a near-term catalyst for raising" their $400 price target.
This downgrade is a "valuation call," according to Piper Sandler. They acknowledge CrowdStrike's strong performance and momentum but believe the current stock price has already priced in much of this future growth.
The firm adds that by reaching an annual recurring revenue (ARR) of $3.6 billion and a fiscal 2025 revenue forecast exceeding $4 billion, CrowdStrike's large scale makes significant upside more challenging as growth rates face the "law of large numbers." This could lead to returns lagging behind other cybersecurity companies.
Further, Piper Sandler highlights CrowdStrike's premium valuation. Compared to similar software companies, CrowdStrike boasts the highest valuations in terms of both forward-year sales (18.9x) and free cash flow (57x).
Despite the downgrade, Piper Sandler remains "excited about the second act for CRWD," citing its cloud, identity, logging, and IT offerings. They acknowledge CrowdStrike's impressive execution and strong metrics but believe the current price reflects this optimism.
"We are optimistic about the company longer term as well as the opportunity, just not the stock over our 12-month investment horizon," concludes Piper Sandler.
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AkhenOsiris
$AMZN
Mizuho analysts see Amazon on the cusp of an AI inflection point, citing a recent customer survey with a leading channel partner.
The investment firm's survey revealed several key trends that point to accelerated growth for Amazon's cloud computing arm, Amazon Web Services (AWS).
"We see an accelerated sales cycle from increased demand of ECB meetings and incremental exits of data center contracts," the note states. Enterprises are said to be seeking to finalize proposals and prepaying contracts to exit data centers, leading to a faster sales cycle for AWS.
While the spending mix by category remains largely unchanged, with infrastructure spending still dominant, Mizuho highlights a crucial shift: "cost optimization being offset by new services such as app monitoring, chatbot deployments, and large migration programs." This indicates a move towards higher-value services on AWS.
The most exciting finding, according to Mizuho, is the progress on Generative AI (Gen-AI) projects.
"The survey shows external-facing models (20% of total) are only 6 months away from commercial deployment," the report notes. This suggests a potential surge in inferencing activity as these models are rolled out to a large external customer base.
Based on these findings, Mizuho has increased its conviction on AWS revenue growth, forecasting 20% YoY growth compared to the consensus of 17.5%. They maintain AMZN as a Top Pick with a price target of $240.
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$AMZN
Mizuho analysts see Amazon on the cusp of an AI inflection point, citing a recent customer survey with a leading channel partner.
The investment firm's survey revealed several key trends that point to accelerated growth for Amazon's cloud computing arm, Amazon Web Services (AWS).
"We see an accelerated sales cycle from increased demand of ECB meetings and incremental exits of data center contracts," the note states. Enterprises are said to be seeking to finalize proposals and prepaying contracts to exit data centers, leading to a faster sales cycle for AWS.
While the spending mix by category remains largely unchanged, with infrastructure spending still dominant, Mizuho highlights a crucial shift: "cost optimization being offset by new services such as app monitoring, chatbot deployments, and large migration programs." This indicates a move towards higher-value services on AWS.
The most exciting finding, according to Mizuho, is the progress on Generative AI (Gen-AI) projects.
"The survey shows external-facing models (20% of total) are only 6 months away from commercial deployment," the report notes. This suggests a potential surge in inferencing activity as these models are rolled out to a large external customer base.
Based on these findings, Mizuho has increased its conviction on AWS revenue growth, forecasting 20% YoY growth compared to the consensus of 17.5%. They maintain AMZN as a Top Pick with a price target of $240.
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Offshore
Photo
โ Dimitry Nakhla | Babylon Capitalยฎ
RT @DimitryNakhla: 10 Quality Stocks With Double The YTD Return Of $SPY (+12.02%) | NTM P/E | 5-Year Mean P/E ๐ต
#stocks #investing https://t.co/Tgl4EQ96UF
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RT @DimitryNakhla: 10 Quality Stocks With Double The YTD Return Of $SPY (+12.02%) | NTM P/E | 5-Year Mean P/E ๐ต
#stocks #investing https://t.co/Tgl4EQ96UF
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โ Dimitry Nakhla | Babylon Capitalยฎ
7 Quality Stocks With >10% CAGR Potential Assuming Lower Multiple & 2026 EPS Est ๐ต
๐ณ Visa $V
โข10-Year Avg P/E: 28.10x
โข2026E Earnings: $12.68
โขCAGR Potential w 27x โ 12.2% โ
๐ธ Mastercard $MA
โข10-Year Avg P/E: 31.28x
โข2026E Earnings: $19.34
โขCAGR Potential w 30x โ 11.8% โ
๐ฆ Amazon $AMZN (P/FCF Used)
โข10-Year Avg P/FCF: 37.79x
โข2026E FCF: $102.26B
โขCAGR Potential w 27x โ 12.0% โ
๐ Salesforce $CRM
โข5-Year Avg P/E: 47.63
โข2026E Earnings: $11.01
โขCAGR Potential w 27x โ 10.4% โ
๐ฉป UnitedHealth $UNH
โข10-Year Avg P/E: 18.64x
โข2026E Earnings: $34.97
โขCAGR Potential w 18x โ 11.5% โ
๐งพ Automatic Data $ADP
โข10-Year Avg P/E: 27.28x
โข2026E Earnings: $10.85
โขCAGR Potential w 26x โ 11.5% โ
๐ FactSet Research $FDS
โข10-Year Avg P/E: 26.05x
โข2026E Earnings: $19.35
โขCAGR Potential w 26x โ 10.2% โ
#stocks #investing
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7 Quality Stocks With >10% CAGR Potential Assuming Lower Multiple & 2026 EPS Est ๐ต
๐ณ Visa $V
โข10-Year Avg P/E: 28.10x
โข2026E Earnings: $12.68
โขCAGR Potential w 27x โ 12.2% โ
๐ธ Mastercard $MA
โข10-Year Avg P/E: 31.28x
โข2026E Earnings: $19.34
โขCAGR Potential w 30x โ 11.8% โ
๐ฆ Amazon $AMZN (P/FCF Used)
โข10-Year Avg P/FCF: 37.79x
โข2026E FCF: $102.26B
โขCAGR Potential w 27x โ 12.0% โ
๐ Salesforce $CRM
โข5-Year Avg P/E: 47.63
โข2026E Earnings: $11.01
โขCAGR Potential w 27x โ 10.4% โ
๐ฉป UnitedHealth $UNH
โข10-Year Avg P/E: 18.64x
โข2026E Earnings: $34.97
โขCAGR Potential w 18x โ 11.5% โ
๐งพ Automatic Data $ADP
โข10-Year Avg P/E: 27.28x
โข2026E Earnings: $10.85
โขCAGR Potential w 26x โ 11.5% โ
๐ FactSet Research $FDS
โข10-Year Avg P/E: 26.05x
โข2026E Earnings: $19.35
โขCAGR Potential w 26x โ 10.2% โ
#stocks #investing
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Offshore
Photo
โ Dimitry Nakhla | Babylon Capitalยฎ
RT @DimitryNakhla: Interesting to compare FCF Estimates of $AMZN $NVDA $GOOG & $MSFT ๐ต
โข By the end of 2028, $AMZN is projected to generate more FCF ($142.34B) than the rest ๐ธ
โข $NVDA is projected to nearly triple its FCF in 2 years (2024-2026) ๐คฏ
โข Despite $NVDA outstanding growth, $GOOG & $MSFT FCF projections are still impressive ๐
Current valuations:
โข $AMZN 1.96T
โข $NVDA 3.00T
โข $GOOG 2.25T
โข $MSFT 3.34T
Any thoughts? Comment below ๐๐ฝ
#stocks #investing
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RT @DimitryNakhla: Interesting to compare FCF Estimates of $AMZN $NVDA $GOOG & $MSFT ๐ต
โข By the end of 2028, $AMZN is projected to generate more FCF ($142.34B) than the rest ๐ธ
โข $NVDA is projected to nearly triple its FCF in 2 years (2024-2026) ๐คฏ
โข Despite $NVDA outstanding growth, $GOOG & $MSFT FCF projections are still impressive ๐
Current valuations:
โข $AMZN 1.96T
โข $NVDA 3.00T
โข $GOOG 2.25T
โข $MSFT 3.34T
Any thoughts? Comment below ๐๐ฝ
#stocks #investing
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AkhenOsiris
Year-to-date, QQQ up just shy of 22%.
Was @DivesTech not bullish enough in his 25% call for 2024 ๐
Or did Kolanovic departure finally signal the top, the horror ๐ฑ
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Year-to-date, QQQ up just shy of 22%.
Was @DivesTech not bullish enough in his 25% call for 2024 ๐
Or did Kolanovic departure finally signal the top, the horror ๐ฑ
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Offshore
Photo
โ Dimitry Nakhla | Babylon Capitalยฎ
A sober valuation analysis on $FDS ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 24.70x
โข10-Year Mean: 26.06x
โขNTM FCF Yield: 3.95%
โข10-Year Mean: 4.19%
As you can see, $FDS appears to be fairly valued
Going forward, investors can receive ~5% more in earnings per share & ~5% less in FCF per share***
Before we discuss valuation, letโs analyze why $FDS is a high-quality business
BALANCE SHEETโ
โขCash & Short-Term Inv: $522.10M
โขLong-Term Debt: $1.24B
RETURN ON CAPITALโ
โข2019: 34.7%
โข2020: 25.4%
โข2021: 24.9%
โข2022: 15.2%
โข2023: 18.9%
โขLTM: 20.2%
RETURN ON EQUITYโ
โข2019: 58.9%
โข2020: 47.5%
โข2021: 41.8%
โข2022: 33.8%
โข2023: 31.7%
โขLTM: 28.8%
$FDS has strong return metrics, highlighting the financial efficiency of the business
REVENUESโ
โข2013: $0.86B
โข2023: $2.09B
โขCAGR: 9.28%
FREE CASH FLOWโ
โข2013: $251.29M
โข2023: $584.79M
โขCAGR: 8.81%
NORMALIZED EPSโ
โข2013: $5.04
โข2023: $14.55
โขCAGR: 11.18%
$FDS consistent growth in revenues, free cash flow, & net income is impressive especially when you consider the company has increased its revenues annually since for more than 20 years
SHARE BUYBACKSโ
โข2014 Shares Outstanding: 44.62M
โขLTM Shares Outstanding: 38.68M
โขShare Reduction: ~15.4%
By reducing its shares outstanding ~13.3%, $FDS increased its EPS by ~15.3% (assuming 0 growth)
PAID DIVIDENDSโ
โข2013: $1.32
โข2023: $3.74
โขCAGR: 10.97%
As you can see, $FDS is a quality business and the financials reflect its high % of recurring revenues ๐๐ฝ
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive ~5% MORE in EPS & ~5% LESS in FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $FDS has to grow earnings at a 12.35% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2026 EPS growth over the next few years to be less than the (12.35%) required growth rate:
2024E: $16.29 (11.9% YoY) *FY Aug
2025E: $17.47 (7.3% YoY)
2026E: $19.33 (10.6% YoY)
$FDS has a good track record of meeting analyst estimates ~2 years out, so letโs assume $FDS ends 2026 with $19.33 in EPS & see its CAGR potential assuming different multiples:
26x P/E: $502.58๐ต โฆ ~10.1% CAGR
25x P/E: $483.25๐ต โฆ ~8.1% CAGR
24x P/E: $463.92๐ต โฆ ~6.1% CAGR
23x P/E: $444.59๐ต โฆ ~4.1% CAGR
As you can see, $FDS appears to have attractive return potential if we assume at least 26x earnings (a multiple at its 10-year mean & but may not be justified given its lower growth rate & excessively elevated multiple from 2020-2023 which skewed the average higher)
Today at $416๐ต $FDS appears to be fairly valued
Iโd get more interested in $FDS at $385๐ต or at ~22.85x NTM earnings (7.5% below todays price) where I can reasonably anticipate double-digit CAGR potential with a 24x end multiple
Thank you @isaac_b12 for the request
#stocks #investing
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๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ.
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A sober valuation analysis on $FDS ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 24.70x
โข10-Year Mean: 26.06x
โขNTM FCF Yield: 3.95%
โข10-Year Mean: 4.19%
As you can see, $FDS appears to be fairly valued
Going forward, investors can receive ~5% more in earnings per share & ~5% less in FCF per share***
Before we discuss valuation, letโs analyze why $FDS is a high-quality business
BALANCE SHEETโ
โขCash & Short-Term Inv: $522.10M
โขLong-Term Debt: $1.24B
RETURN ON CAPITALโ
โข2019: 34.7%
โข2020: 25.4%
โข2021: 24.9%
โข2022: 15.2%
โข2023: 18.9%
โขLTM: 20.2%
RETURN ON EQUITYโ
โข2019: 58.9%
โข2020: 47.5%
โข2021: 41.8%
โข2022: 33.8%
โข2023: 31.7%
โขLTM: 28.8%
$FDS has strong return metrics, highlighting the financial efficiency of the business
REVENUESโ
โข2013: $0.86B
โข2023: $2.09B
โขCAGR: 9.28%
FREE CASH FLOWโ
โข2013: $251.29M
โข2023: $584.79M
โขCAGR: 8.81%
NORMALIZED EPSโ
โข2013: $5.04
โข2023: $14.55
โขCAGR: 11.18%
$FDS consistent growth in revenues, free cash flow, & net income is impressive especially when you consider the company has increased its revenues annually since for more than 20 years
SHARE BUYBACKSโ
โข2014 Shares Outstanding: 44.62M
โขLTM Shares Outstanding: 38.68M
โขShare Reduction: ~15.4%
By reducing its shares outstanding ~13.3%, $FDS increased its EPS by ~15.3% (assuming 0 growth)
PAID DIVIDENDSโ
โข2013: $1.32
โข2023: $3.74
โขCAGR: 10.97%
As you can see, $FDS is a quality business and the financials reflect its high % of recurring revenues ๐๐ฝ
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive ~5% MORE in EPS & ~5% LESS in FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $FDS has to grow earnings at a 12.35% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2026 EPS growth over the next few years to be less than the (12.35%) required growth rate:
2024E: $16.29 (11.9% YoY) *FY Aug
2025E: $17.47 (7.3% YoY)
2026E: $19.33 (10.6% YoY)
$FDS has a good track record of meeting analyst estimates ~2 years out, so letโs assume $FDS ends 2026 with $19.33 in EPS & see its CAGR potential assuming different multiples:
26x P/E: $502.58๐ต โฆ ~10.1% CAGR
25x P/E: $483.25๐ต โฆ ~8.1% CAGR
24x P/E: $463.92๐ต โฆ ~6.1% CAGR
23x P/E: $444.59๐ต โฆ ~4.1% CAGR
As you can see, $FDS appears to have attractive return potential if we assume at least 26x earnings (a multiple at its 10-year mean & but may not be justified given its lower growth rate & excessively elevated multiple from 2020-2023 which skewed the average higher)
Today at $416๐ต $FDS appears to be fairly valued
Iโd get more interested in $FDS at $385๐ต or at ~22.85x NTM earnings (7.5% below todays price) where I can reasonably anticipate double-digit CAGR potential with a 24x end multiple
Thank you @isaac_b12 for the request
#stocks #investing
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๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ.
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