Offshore
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ToffCap
RT @LuxOpesResearch: New one out, discussing ๐๐
We're in the quiet before the (earnings) storm.
๐ซ๐ท Diagnostic Medical Systems $ALDMS
๐ฎ๐น Brunello Cucinelli $BC
๐ซ๐ท Argan SA $ARG
๐ฉ๐ช Hornbach Holding $HBH
๐ต๐ฑ CCC $CCC
๐ช๐ธ Solaria $SLR
๐ซ๐ท Lhyfe $LHYFE
๐ซ๐ท OSE Immunotherapeutics $OSE
๐ณ๐ฑ Arcadis $ARCAD
๐ณ๐ฑ Aperam $APAM
(financial KPI table will be added as of next week)
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RT @LuxOpesResearch: New one out, discussing ๐๐
We're in the quiet before the (earnings) storm.
๐ซ๐ท Diagnostic Medical Systems $ALDMS
๐ฎ๐น Brunello Cucinelli $BC
๐ซ๐ท Argan SA $ARG
๐ฉ๐ช Hornbach Holding $HBH
๐ต๐ฑ CCC $CCC
๐ช๐ธ Solaria $SLR
๐ซ๐ท Lhyfe $LHYFE
๐ซ๐ท OSE Immunotherapeutics $OSE
๐ณ๐ฑ Arcadis $ARCAD
๐ณ๐ฑ Aperam $APAM
(financial KPI table will be added as of next week)
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Offshore
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ToffCap
Tecnicas Reunidas $TRE going vertical.
The company announced even higher 2025 and 2026 targets:
- FY25 โฌ6.1bn revenues and โฌ275m ebit
- FY25 โฌ6.5bn revenues and โฌ325m ebit
Insane operational performance rebound.
Shares +270% since write-up.. 10x on the calls. https://t.co/YUItZakXfA
Every now and then thereโs a company that continues to perform strongly, with the shares remaining very attractive even though they moved up quite a bit.
There's still 70-130% upside for Tecnicas Reunidas $TRE imo - and more if the supercycle really sets its.
The leaps are printing.
Some time ago I wrote about Tecnicas Reunidas $TRE:
So far the Tecnicas Reunidas thesis is progressing well, and the share price is tracking along nicely.
When I first wrote about Tecnicas Reunidas, nobody cared. Now very few care, but the market cap is back over โฌ1bn - for the first time in almost 5 years.
We're seeing steady growth and improved quality of the order book, revenues and operating margins.
This remains one of my investments with the most torque (playing this with long-dated calls).
Fast forward a few months, and Tecnicas is up ~60% ytd with the company reporting strong growth in the order backlog, revenues and earnings.
Just the most recent quarter:
- revenue reached โฌ1.3b, +30% yoy and +6% from the previous quarter. The natural gas segment was a standout performer, with revenues jumping over 60% to roughly โฌ1.0bn.
- ebit for the quarter was โฌ56m, +40% yoy.
- Tecnicas Reunidas' backlog reached a record high of โฌ14.9bn, +41% yoy. Their pipeline remains strong at over โฌ66bn, with ~โฌ15bn earmarked for decarbonization projects.
One of the reasons why stocks in this industry tends to see massive corrections, it not only because of the cyclical nature of the business but also due to the sizable and lumpy nature of projects.
Delays and cancellations can cause massive working capital swings. You need a strong balance sheet to protect yourself. So when the net cash position improves, it tends to have an exacerbated positive impact on the valuation (and the other way around).
As for the future, Tecnicas Reunidas maintained its 2025 guidance of revenues exceeding โฌ5.2bn and an ebit margin around 4.5%.
The outlook for 2026 is for more; over โฌ5.5bn revenues and an >5% ebit margin. Plus, they're planning on bringing back dividend payments in 2026. I would image that to be another boost to the shares.
With the 2025 and 2026 targets well in view, its time to take the 2028 targets seriously โ 8% ebit margins.
Thatโll be ~โฌ450-500m, and roughly โฌ250-300m net income.
During the last cycle (2006-2014) the company achieved max ~โฌ150m net income. In the peak years, the company was trading at roughly 15x p/e on average.
At 15x on the 2026 guidance (which is well within reach) this would be another +70% from todayโs share price.
However, the 2028 guidance implies >30% income growth p.a. over the few years after 2026. Why can't the multiple be higher in a few years?
20x on 2026e net income of let's say โฌ275m would be +130% vs today.
And this is all assuming earnings stabilize thereafter. A reminder, Iโm counting on the super cycle here, meaning we could see strong growth and cash generation for a decade.
Iโve told you before why this stock has been so beaten up:
- there's not much love given poor management decisions in the past.
- we're still shell shocked from the recent horrible downcycle.
- EPC firms (like TR) constantly face cost overruns, delays, disputes with clients, as well as geopolitical and regulatory risks.
- add to that the highly competitive landscape, with numerous global and regional players vying for contracts.
Basically the same as always: "crappy company, crappy stock"
But the story is starting to change. The share price moves are getting stronger.
There will be a ton of volatility ahead, but so far so good.
Let's continue to hope they won't mess it up. - ToffCap tweet
Tecnicas Reunidas $TRE going vertical.
The company announced even higher 2025 and 2026 targets:
- FY25 โฌ6.1bn revenues and โฌ275m ebit
- FY25 โฌ6.5bn revenues and โฌ325m ebit
Insane operational performance rebound.
Shares +270% since write-up.. 10x on the calls. https://t.co/YUItZakXfA
Every now and then thereโs a company that continues to perform strongly, with the shares remaining very attractive even though they moved up quite a bit.
There's still 70-130% upside for Tecnicas Reunidas $TRE imo - and more if the supercycle really sets its.
The leaps are printing.
Some time ago I wrote about Tecnicas Reunidas $TRE:
So far the Tecnicas Reunidas thesis is progressing well, and the share price is tracking along nicely.
When I first wrote about Tecnicas Reunidas, nobody cared. Now very few care, but the market cap is back over โฌ1bn - for the first time in almost 5 years.
We're seeing steady growth and improved quality of the order book, revenues and operating margins.
This remains one of my investments with the most torque (playing this with long-dated calls).
Fast forward a few months, and Tecnicas is up ~60% ytd with the company reporting strong growth in the order backlog, revenues and earnings.
Just the most recent quarter:
- revenue reached โฌ1.3b, +30% yoy and +6% from the previous quarter. The natural gas segment was a standout performer, with revenues jumping over 60% to roughly โฌ1.0bn.
- ebit for the quarter was โฌ56m, +40% yoy.
- Tecnicas Reunidas' backlog reached a record high of โฌ14.9bn, +41% yoy. Their pipeline remains strong at over โฌ66bn, with ~โฌ15bn earmarked for decarbonization projects.
One of the reasons why stocks in this industry tends to see massive corrections, it not only because of the cyclical nature of the business but also due to the sizable and lumpy nature of projects.
Delays and cancellations can cause massive working capital swings. You need a strong balance sheet to protect yourself. So when the net cash position improves, it tends to have an exacerbated positive impact on the valuation (and the other way around).
As for the future, Tecnicas Reunidas maintained its 2025 guidance of revenues exceeding โฌ5.2bn and an ebit margin around 4.5%.
The outlook for 2026 is for more; over โฌ5.5bn revenues and an >5% ebit margin. Plus, they're planning on bringing back dividend payments in 2026. I would image that to be another boost to the shares.
With the 2025 and 2026 targets well in view, its time to take the 2028 targets seriously โ 8% ebit margins.
Thatโll be ~โฌ450-500m, and roughly โฌ250-300m net income.
During the last cycle (2006-2014) the company achieved max ~โฌ150m net income. In the peak years, the company was trading at roughly 15x p/e on average.
At 15x on the 2026 guidance (which is well within reach) this would be another +70% from todayโs share price.
However, the 2028 guidance implies >30% income growth p.a. over the few years after 2026. Why can't the multiple be higher in a few years?
20x on 2026e net income of let's say โฌ275m would be +130% vs today.
And this is all assuming earnings stabilize thereafter. A reminder, Iโm counting on the super cycle here, meaning we could see strong growth and cash generation for a decade.
Iโve told you before why this stock has been so beaten up:
- there's not much love given poor management decisions in the past.
- we're still shell shocked from the recent horrible downcycle.
- EPC firms (like TR) constantly face cost overruns, delays, disputes with clients, as well as geopolitical and regulatory risks.
- add to that the highly competitive landscape, with numerous global and regional players vying for contracts.
Basically the same as always: "crappy company, crappy stock"
But the story is starting to change. The share price moves are getting stronger.
There will be a ton of volatility ahead, but so far so good.
Let's continue to hope they won't mess it up. - ToffCap tweet
Offshore
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Investing visuals
$NBIS: the gift that keeps on giving ๐
Some major news, pushing new ATH's:
โข $MSFT deal give access to 100,000 NVIDIA GB300 GPUs and is part of a total $33B in neoclouds
โข Acquired ~79 acres of land in Birmingham, Alabama for $90M as part of their U.S. expansion.
๐ค https://t.co/DzCz0lwS9I
tweet
$NBIS: the gift that keeps on giving ๐
Some major news, pushing new ATH's:
โข $MSFT deal give access to 100,000 NVIDIA GB300 GPUs and is part of a total $33B in neoclouds
โข Acquired ~79 acres of land in Birmingham, Alabama for $90M as part of their U.S. expansion.
๐ค https://t.co/DzCz0lwS9I
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Offshore
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ToffCap
eGuarantee $8771 ๐ฏ๐ต has seen Ariake Capital aggressively buying shares on the open market recently, now at 7.2%.
No action yet, but the eGuarantee has show consistent and solid growth over the years, meanwhile the shares have gone nowhere.
Any views are appreciated as always https://t.co/0M8DAwcuqR
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eGuarantee $8771 ๐ฏ๐ต has seen Ariake Capital aggressively buying shares on the open market recently, now at 7.2%.
No action yet, but the eGuarantee has show consistent and solid growth over the years, meanwhile the shares have gone nowhere.
Any views are appreciated as always https://t.co/0M8DAwcuqR
tweet
AkhenOsiris
$FLUT $DKNG $GENI $SRAD
Regulus:
โWhile comparable matched trading volumes remain relatively small compared to bookmaker handle, we believe the stock market is right to be cautious.โ
โWe do not believe that prediction market exchanges + market makers will ever be liquid enough and/or have access to sufficiently competitive insurance products to enable them to compete in SGPs that have four legs or more, or payout more than c. 5x the stakeโฆ However, this competitive advantage for sportsbooks protects maybe half the current parlay market, or c. 30% of current revenueโฆ The problem is that prediction markets can reasonably go for the other 60% of US sports betting revenue highly effectively: singles bets on big events and SGPs with 3 legs or fewer, especially since they tend to appeal to sharper customers.โ
https://t.co/C5WPZAip25
tweet
$FLUT $DKNG $GENI $SRAD
Regulus:
โWhile comparable matched trading volumes remain relatively small compared to bookmaker handle, we believe the stock market is right to be cautious.โ
โWe do not believe that prediction market exchanges + market makers will ever be liquid enough and/or have access to sufficiently competitive insurance products to enable them to compete in SGPs that have four legs or more, or payout more than c. 5x the stakeโฆ However, this competitive advantage for sportsbooks protects maybe half the current parlay market, or c. 30% of current revenueโฆ The problem is that prediction markets can reasonably go for the other 60% of US sports betting revenue highly effectively: singles bets on big events and SGPs with 3 legs or fewer, especially since they tend to appeal to sharper customers.โ
https://t.co/C5WPZAip25
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Offshore
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Dimitry Nakhla | Babylon Capitalยฎ
RT @DimitryNakhla: A quality valuation analysis on $FICO ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 42.78x
โข5-Year Mean: 43.00x
โขNTM FCF Yield: 2.45%
โข5-Year Mean: 2.41%
As you can see, $FICO appears to be trading near fair value
Going forward, investors can receive about the same in earnings per share & FCF per share ๐ง ***
Before we get into valuation, letโs take a look at why $FICO is a great business
BALANCE SHEET๐
โขCash & Short-Term Inv: $189.05M
โขLong-Term Debt: $2.38B
$FICO has a strategically managed balance sheet, a BB+ S&P Credit Rating, & 6x FFO Interest Coverage
RETURN ON CAPITALโ
โข2020: 26.9%
โข2021: 33.8%
โข2022: 48.9%
โข2023: 52.8%
โข2024: 56.9%
โขLTM: 63.1%
$FICO has strong returns on capital, highlighting the financial efficiency of the business
REVENUESโ
โข2019: $1.16B
โข2024: $1.72B
โขCAGR: 8.19%
FREE CASH FLOWโ
โข2019: $236.37M
โข2024: $624.08M
โขCAGR: 21.43%
NORMALIZED EPSโ
โข2019: $7.51
โข2024: $23.74
โขCAGR: 25.88%
SHARE BUYBACKSโ
โข2019 Shares Outstanding: 30.29M
โขLTM Shares Outstanding: 24.75M
By reducing its shares outstanding by 18.3%, $FICO increased its EPS by 22.4% (assuming 0 growth)
MARGINSโ
โขLTM Gross Margins: 81.7%
โขLTM Operating Margins: 45.9%
โขLTM Net Income Margins: 32.8%
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive about the same in EPS & FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $FICO has to grow earnings at a 21.39% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2028 EPS growth over the next few years to be just greater than the (21.39%) required growth rate:
2025E: $29.44 (24% YoY) *FY Sep
2026E: $35.86 (22% YoY)
2027E: $44.45 (24% YoY)
2028E: $54.83 (23% YoY)
$FICO has a good track record of meeting analyst estimates ~2 years out, but letโs assume $FICO ends 2028 with $54.83 in EPS & see its CAGR potential assuming different multiples
42x P/E: $2302๐ต โฆ ~17.6% CAGR
40x P/E: $2193๐ต โฆ ~15.8% CAGR
38x P/E: 2083๐ต โฆ ~13.9% CAGR
36x P/E: $1974๐ต โฆ ~12.1% CAGR
34x P/E: $1864๐ต โฆ ~10.0% CAGR
As you can see, $FICO appears to have attractive return potential if we assume >36x earnings multiple (allowing for ~15% multiple compression)
$FICO is a high-quality business & a good consideration for investment today at $1378๐ต
$FICO becomes extremely attractive close to $1150๐ต (20% lower from todayโs price) where you can reasonably assume mid teens CAGR (13% - 16%) given a 31x - 34x multiple
Given perceived headwinds & regulatory risks, $FICO stock price may be very volatile over the next few months so it would be wise to patiently piece into the position, allowing a win-win scenario whether shares fall or rise shortly after initial purchase
___
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.
tweet
RT @DimitryNakhla: A quality valuation analysis on $FICO ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 42.78x
โข5-Year Mean: 43.00x
โขNTM FCF Yield: 2.45%
โข5-Year Mean: 2.41%
As you can see, $FICO appears to be trading near fair value
Going forward, investors can receive about the same in earnings per share & FCF per share ๐ง ***
Before we get into valuation, letโs take a look at why $FICO is a great business
BALANCE SHEET๐
โขCash & Short-Term Inv: $189.05M
โขLong-Term Debt: $2.38B
$FICO has a strategically managed balance sheet, a BB+ S&P Credit Rating, & 6x FFO Interest Coverage
RETURN ON CAPITALโ
โข2020: 26.9%
โข2021: 33.8%
โข2022: 48.9%
โข2023: 52.8%
โข2024: 56.9%
โขLTM: 63.1%
$FICO has strong returns on capital, highlighting the financial efficiency of the business
REVENUESโ
โข2019: $1.16B
โข2024: $1.72B
โขCAGR: 8.19%
FREE CASH FLOWโ
โข2019: $236.37M
โข2024: $624.08M
โขCAGR: 21.43%
NORMALIZED EPSโ
โข2019: $7.51
โข2024: $23.74
โขCAGR: 25.88%
SHARE BUYBACKSโ
โข2019 Shares Outstanding: 30.29M
โขLTM Shares Outstanding: 24.75M
By reducing its shares outstanding by 18.3%, $FICO increased its EPS by 22.4% (assuming 0 growth)
MARGINSโ
โขLTM Gross Margins: 81.7%
โขLTM Operating Margins: 45.9%
โขLTM Net Income Margins: 32.8%
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive about the same in EPS & FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $FICO has to grow earnings at a 21.39% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2028 EPS growth over the next few years to be just greater than the (21.39%) required growth rate:
2025E: $29.44 (24% YoY) *FY Sep
2026E: $35.86 (22% YoY)
2027E: $44.45 (24% YoY)
2028E: $54.83 (23% YoY)
$FICO has a good track record of meeting analyst estimates ~2 years out, but letโs assume $FICO ends 2028 with $54.83 in EPS & see its CAGR potential assuming different multiples
42x P/E: $2302๐ต โฆ ~17.6% CAGR
40x P/E: $2193๐ต โฆ ~15.8% CAGR
38x P/E: 2083๐ต โฆ ~13.9% CAGR
36x P/E: $1974๐ต โฆ ~12.1% CAGR
34x P/E: $1864๐ต โฆ ~10.0% CAGR
As you can see, $FICO appears to have attractive return potential if we assume >36x earnings multiple (allowing for ~15% multiple compression)
$FICO is a high-quality business & a good consideration for investment today at $1378๐ต
$FICO becomes extremely attractive close to $1150๐ต (20% lower from todayโs price) where you can reasonably assume mid teens CAGR (13% - 16%) given a 31x - 34x multiple
Given perceived headwinds & regulatory risks, $FICO stock price may be very volatile over the next few months so it would be wise to patiently piece into the position, allowing a win-win scenario whether shares fall or rise shortly after initial purchase
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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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