Visa Inc. Class A
Buy, Hold or Sell?

Let's analyse Visa together

Penke I guess you are interested in Visa Inc. Class A. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Visa Inc. Class A. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Visa (30 sec.)

What can you expect buying and holding a share of Visa? (30 sec.)

How much money do you get?

$1.87

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$19.43

Expected worth in 1 year

$21.29

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$3.73

Return On Investment

1.4%

For what price can you sell your share?

Current Price per Share

$269.78

Expected price per share

$257.50 - $290.96

How sure are you?

50%

1. Valuation of Visa (5 min.)

Live pricePrice per Share (EOD)

$269.78

Book Value per Share

$19.43

Intrinsic Value Per Share

$43.73 - $88.80

Total Value Per Share

$63.16 - $108.22

My calculation of the intrinsic value of Visa is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($1.28) 3Y: ($2.05) TTM: ($2.31)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.03) 3Y: ($0.01) TTM: ($-0.06)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$5.02	$8.31	$5.27 - $8.63
2	$9.90	$16.79	$5.42 - $9.06
3	$14.63	$25.42	$5.57 - $9.49
4	$19.21	$34.18	$5.72 - $9.92
5	$23.65	$43.06	$5.87 - $10.35
6	$27.94	$52.05	$6.02 - $10.78
7	$32.09	$61.13	$6.17 - $11.21
8	$36.11	$70.29	$6.32 - $11.64
9	$39.99	$79.52	$6.47 - $12.07
10	$43.73	$88.80	$6.62 - $12.50

2. Growth of Visa (5 min.)

Is Visa growing?

	Current year	Previous year	Grow	Grow %
How rich?	$39.7b	$35.9b	$3b	7.7%

How much money is Visa making?

	Current year	Previous year	Grow	Grow %
Making money	$4.4b	$3.7b	$701.7m	15.6%
Net Profit Margin	53.9%	50.2%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Visa (5 min.)

4. Comparing to competitors in the Credit Services industry (5 min.)

Industry Rankings (Credit Services)

Richest
#3 / 249

Most Revenue
#3 / 249

Most Profit
#1 / 249

Most Efficient
#31 / 249

What can you expect buying and holding a share of Visa? (5 min.)

Welcome investor! Visa's management wants to use your money to grow the business. In return you get a share of Visa.

What can you expect buying and holding a share of Visa?

First you should know what it really means to hold a share of Visa. And how you can make/lose money.

Speculation

The Price per Share of Visa is $269.78. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Visa.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Visa, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $19.43. Based on the TTM, the Book Value Change Per Share is $0.47 per quarter. Based on the YOY, the Book Value Change Per Share is $0.20 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.47 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Visa.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	2.39	0.9%	2.16	0.8%	1.79	0.7%	1.60	0.6%	1.24	0.5%
Usd Book Value Change Per Share	0.67	0.2%	0.47	0.2%	0.20	0.1%	0.23	0.1%	0.22	0.1%
Usd Dividend Per Share	0.52	0.2%	0.47	0.2%	0.39	0.1%	0.35	0.1%	0.25	0.1%
Usd Total Gains Per Share	1.19	0.4%	0.93	0.3%	0.59	0.2%	0.58	0.2%	0.47	0.2%
Usd Price Per Share	260.35	-	238.33	-	201.02	-	205.25	-	163.36	-
Price to Earnings Ratio	27.22	-	27.72	-	28.32	-	33.38	-	39.62	-
Price-to-Total Gains Ratio	218.64	-	298.80	-	467.99	-	402.62	-	305.51	-
Price to Book Ratio	13.40	-	12.64	-	11.85	-	12.09	-	10.93	-
Price-to-Total Gains Ratio	218.64	-	298.80	-	467.99	-	402.62	-	305.51	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	269.78
Number of shares	3

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.47	0.35
Usd Book Value Change Per Share	0.47	0.23
Usd Total Gains Per Share	0.93	0.58
Gains per Quarter (3 shares)	2.80	1.74
Gains per Year (3 shares)	11.19	6.95

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	6	6	1	4	3	-3
2	11	11	12	8	5	4
3	17	17	23	13	8	11
4	22	22	34	17	11	18
5	28	28	45	21	14	25
6	34	34	56	25	16	32
7	39	39	67	30	19	39
8	45	45	78	34	22	46
9	50	50	89	38	25	53
10	56	56	100	42	27	60

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	69.0	2.0	0.0	97.2%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	9.0	3.0	0.0	75.0%	15.0	5.0	0.0	75.0%	30.0	10.0	0.0	75.0%	53.0	17.0	1.0	74.6%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	62.0	0.0	9.0	87.3%
Total Gains per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	36.0	4.0	0.0	90.0%	59.0	11.0	1.0	83.1%

Fundamentals of Visa

About Visa Inc. Class A

https://www.visa.com
Credit Services
0
PO Box 8999, San Francisco, CA, United States, 94128-8999
Google Maps Bing Maps

Visa Inc. operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services. The company also provides acceptance solutions, which include Cybersource that provides modular and value-added services for connecting merchants to payment processing; risk and identity solutions, such as Visa Advanced Authorization, Visa Secure, Visa Risk and Decision Manager, Visa Consumer Authentication Service, and payment-decisioning solutions for fraud prevention; and Visa Consulting and Analytics, a payment consulting advisory services. It provides its services under the Visa, Visa Electron, Interlink, V PAY, and PLUS brand names. The company serves merchants, financial institutions, and government entities. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.

Fundamental data was last updated by Penke on 2024-04-05 04:50:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is efficient in making profit.
Using its investors money, the company is less efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is expensive.
Based on the earnings, the company is overpriced.
Based on how much money comes from the company's main activities, the company is underpriced.

1.1. Profitability of Visa Inc. Class A.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Visa earns for each $1 of revenue.

Above 10% is considered healthy but always compare Visa to the Credit Services industry mean.
A Net Profit Margin of 56.6% means that $0.57 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Visa Inc. Class A:

The MRQ is 56.6%. The company is making a huge profit. +2
The TTM is 53.9%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	56.6%	TTM	53.9%	+2.8%
TTM	53.9%	YOY	50.2%	+3.7%
TTM	53.9%	5Y	51.6%	+2.3%
5Y	51.6%	10Y	47.4%	+4.1%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	56.6%	14.4%	+42.2%
TTM	53.9%	15.0%	+38.9%
YOY	50.2%	17.8%	+32.4%
5Y	51.6%	16.4%	+35.2%
10Y	47.4%	15.5%	+31.9%

Measures how much net profit Visa earns for each $1 of revenue.

Revenue is the amount of profit Visa generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Visa earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Visa to the Credit Services industry mean.
Can be used to compare companies within the Credit Services industry.

You typically want a high profit margin. This means that for each $1 in sales, Visa makes more profit. This shows the investor how efficiently Visa is operating in general and compared to other companies in the same industry. Visa operates in the Credit Services industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Visa. If profit margins remain low (compared to the Credit Services industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Visa is 0.57. This means that Visa earned $0.57 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Credit Services industry is 14.4%.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Visa with other companies in the same industry (Credit Services).
Net profit margin should rise over the years.
Can be influenced when Visa sells assets (profit will increase while costs remain the same).
It won’t show what part of Visa is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Visa

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Visa = 4,890,000
Total revenue MRQ Visa = 8,634,000
$4,890,000 / $8,634,000 = 0.57 or 56.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Visa is using its assets to generate profit.

Above 5% is considered healthy but always compare Visa to the Credit Services industry mean.
5.3% Return on Assets means that Visa generated $0.05 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Visa Inc. Class A:

The MRQ is 5.3%. Using its assets, the company is efficient in making profit. +1
The TTM is 5.0%. Using its assets, the company is efficient in making profit. +1

Trends

Current period		Compared to		+/-
MRQ	5.3%	TTM	5.0%	+0.3%
TTM	5.0%	YOY	4.5%	+0.5%
TTM	5.0%	5Y	4.3%	+0.8%
5Y	4.3%	10Y	3.8%	+0.5%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	5.3%	0.9%	+4.4%
TTM	5.0%	1.0%	+4.0%
YOY	4.5%	0.9%	+3.6%
5Y	4.3%	0.9%	+3.4%
10Y	3.8%	0.8%	+3.0%

Shows how efficient Visa is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Visa to the Credit Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Visa is using its resources to generate profit. If the return on assets (5.3%) from Visa are higher than the Credit Services mean (0.9%) that means Visa is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Visa is 5.3%. This means the company generated $0.05 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Credit Services industry is 0.9%.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Visa

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Visa = 4,890,000
Total assets MRQ (balance sheet) from Visa = 91,409,000
4,890,000 / 91,409,000 = 0.05 or 5.3%

ROA is an important ratio as it will tell you how effectively Visa is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Visa is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Visa to the Credit Services industry mean.
12.3% Return on Equity means Visa generated $0.12 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Visa Inc. Class A:

The MRQ is 12.3%. Using its investors money, the company is less efficient in making profit.
The TTM is 11.5%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	12.3%	TTM	11.5%	+0.8%
TTM	11.5%	YOY	10.5%	+1.0%
TTM	11.5%	5Y	9.4%	+2.1%
5Y	9.4%	10Y	7.6%	+1.8%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	12.3%	3.5%	+8.8%
TTM	11.5%	3.7%	+7.8%
YOY	10.5%	3.6%	+6.9%
5Y	9.4%	3.3%	+6.1%
10Y	7.6%	3.6%	+4.0%

Shows how efficient Visa is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Visa to the Credit Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Credit Services industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Visa is 12.3%. This means Visa generated $0.12 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Credit Services industry is 3.5%.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if Visa existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Visa

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Visa = 4,890,000
Shareholders equity (balance sheet) MRQ Visa = 39,733,000
4,890,000 / 39,733,000 = 0.12 or 12.3%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Visa Inc. Class A.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Visa is operating .

Measures how much profit Visa makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Visa to the Credit Services industry mean.
An Operating Margin of 69.1% means the company generated $0.69 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Visa Inc. Class A:

The MRQ is 69.1%. The company is operating very efficient. +2
The TTM is 65.3%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	69.1%	TTM	65.3%	+3.8%
TTM	65.3%	YOY	63.3%	+2.0%
TTM	65.3%	5Y	65.0%	+0.3%
5Y	65.0%	10Y	66.3%	-1.3%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	69.1%	20.8%	+48.3%
TTM	65.3%	19.3%	+46.0%
YOY	63.3%	27.9%	+35.4%
5Y	65.0%	21.9%	+43.1%
10Y	66.3%	26.1%	+40.2%

Measures how efficient Visa is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Visa to the Credit Services industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Visa is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Visa is 69.1%. This means that Visa earned $0.69 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Credit Services industry is 20.8%.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Visa

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Visa = 5,954,000
Total revenue MRQ Visa = 8,634,000
$5,954,000 / $8,634,000 = 0.69 or 69.1%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Visa is keeping operating costs low.

Below 1 is considered healthy (always compare to Credit Services industry mean).
An Operation Ratio of 0.31 means that the operating costs are $0.31 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Visa Inc. Class A:

The MRQ is 0.309. The company is very efficient in keeping operating costs low. +2
The TTM is 0.380. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.309	TTM	0.380	-0.070
TTM	0.380	YOY	0.331	+0.048
TTM	0.380	5Y	0.347	+0.032
5Y	0.347	10Y	0.347	+0.001

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.309	0.820	-0.511
TTM	0.380	0.814	-0.434
YOY	0.331	0.795	-0.464
5Y	0.347	0.766	-0.419
10Y	0.347	0.734	-0.387

Measures how efficient Visa is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Visa to the Credit Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Visa is 30.9%. This means that Visa earned $0.31 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Credit Services industry is 0.82.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Visa

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(1,660,000 +1,011,000) \ 8,634,000 = 0.31

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Visa Inc. Class A.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Visa is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Credit Services industry mean).
A Current Ratio of 1.45 means the company has $1.45 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Visa Inc. Class A:

The MRQ is 1.446. The company is just able to pay all its short-term debts.
The TTM is 1.473. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.446	TTM	1.473	-0.026
TTM	1.473	YOY	1.401	+0.072
TTM	1.473	5Y	1.587	-0.114
5Y	1.587	10Y	1.812	-0.226

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	1.446	2.808	-1.362
TTM	1.473	3.208	-1.735
YOY	1.401	2.373	-0.972
5Y	1.587	3.978	-2.391
10Y	1.812	4.043	-2.231

Measures if Visa is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Credit Services industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Visa if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Visa is 1.45. This means Visa has $1.45 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Credit Services industry is 2.81.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Visa

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
32,732,000 \ 22,634,000) = 1.45

The current ratio measures if Visa is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Visa is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Visa does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Visa is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Visa is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Visa to the Credit Services industry mean.
A Quick Ratio of 1.26 means the company can pay off $1.26 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Visa Inc. Class A:

The MRQ is 1.265. The company is able to pay all its short-term debts with the most liquid assets. +1
The TTM is 1.244. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	1.265	TTM	1.244	+0.021
TTM	1.244	YOY	1.152	+0.092
TTM	1.244	5Y	1.410	-0.166
5Y	1.410	10Y	1.712	-0.302

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	1.265	1.739	-0.474
TTM	1.244	1.975	-0.731
YOY	1.152	1.758	-0.606
5Y	1.410	3.594	-2.184
10Y	1.712	3.498	-1.786

1.4. Solvency of Visa Inc. Class A.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Visa assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Visa to Credit Services industry mean.
A Debt to Asset Ratio of 0.57 means that Visa assets are financed with 56.5% credit (debt) and the remaining percentage (100% - 56.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Visa Inc. Class A:

The MRQ is 0.565. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.564. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.565	TTM	0.564	+0.001
TTM	0.564	YOY	0.574	-0.010
TTM	0.564	5Y	0.547	+0.017
5Y	0.547	10Y	0.484	+0.064

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.565	0.729	-0.164
TTM	0.564	0.714	-0.150
YOY	0.574	0.717	-0.143
5Y	0.547	0.703	-0.156
10Y	0.484	0.692	-0.208

Measures how much % of Visa assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Visa than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Visa to Credit Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Visa is 0.57. This means means that Visa is financed with 56.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Credit Services industry is 280.8%.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Visa has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Visa

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
51,676,000 \ 91,409,000 = 56.5% or 0.57.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Visa is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Visa to the Credit Services industry mean.
A Debt to Equity ratio of 130.1% means that company has $1.30 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Visa Inc. Class A:

The MRQ is 1.301. The company is able to pay all its debts with equity. +1
The TTM is 1.294. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	1.301	TTM	1.294	+0.007
TTM	1.294	YOY	1.349	-0.055
TTM	1.294	5Y	1.214	+0.080
5Y	1.214	10Y	0.997	+0.217

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	1.301	2.541	-1.240
TTM	1.294	2.308	-1.014
YOY	1.349	2.357	-1.008
5Y	1.214	2.420	-1.206
10Y	0.997	2.373	-1.376

Measures if Visa is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Visa is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Visa is 1.30. This means that Visa can pay off $1.30 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Credit Services industry is 2.54.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Visa

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
51,676,000 \ 39,733,000 = 1.30 or 130.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Visa Inc. Class A

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Visa generates.

Above 15 is considered overpriced but always compare Visa to the Credit Services industry mean.
A PE ratio of 27.22 means the investor is paying $27.22 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Visa Inc. Class A:

The EOD is 28.206. Based on the earnings, the company is overpriced. -1
The MRQ is 27.220. Based on the earnings, the company is overpriced. -1
The TTM is 27.720. Based on the earnings, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	28.206	MRQ	27.220	+0.986
MRQ	27.220	TTM	27.720	-0.500
TTM	27.720	YOY	28.316	-0.596
TTM	27.720	5Y	33.382	-5.662
5Y	33.382	10Y	39.620	-6.237

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	28.206	6.944	+21.262
MRQ	27.220	6.676	+20.544
TTM	27.720	6.703	+21.017
YOY	28.316	7.708	+20.608
5Y	33.382	8.828	+24.554
10Y	39.620	12.021	+27.599

Measures how much money you pay for each share for every $1 in earnings Visa generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Visa to the Credit Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Visa is 27.22. This means the investor is paying $27.22 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Credit Services industry is 6.68.
What is the trend?
The trend is important because it shows you how Visa is performing over time. The most recent quarter might be important if Visa released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Visa up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Visa

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 2,045,000 = EPS
PE ratio MRQ = 27.22

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Visa Inc. Class A:

The EOD is 41.209. Based on how much money comes from the company's main activities, the company is fair priced.
The MRQ is 39.768. Based on how much money comes from the company's main activities, the company is fair priced.
The TTM is 28.116. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	41.209	MRQ	39.768	+1.440
MRQ	39.768	TTM	28.116	+11.652
TTM	28.116	YOY	25.606	+2.511
TTM	28.116	5Y	33.835	-5.719
5Y	33.835	10Y	46.816	-12.981

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	41.209	-0.497	+41.706
MRQ	39.768	-0.546	+40.314
TTM	28.116	-0.423	+28.539
YOY	25.606	-0.335	+25.941
5Y	33.835	0.117	+33.718
10Y	46.816	-0.149	+46.965

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Visa is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Credit Services industry mean).
A PB ratio of 13.40 means the investor is paying $13.40 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Visa Inc. Class A:

The EOD is 13.885. Based on the equity, the company is expensive. -2
The MRQ is 13.400. Based on the equity, the company is expensive. -2
The TTM is 12.643. Based on the equity, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	13.885	MRQ	13.400	+0.485
MRQ	13.400	TTM	12.643	+0.757
TTM	12.643	YOY	11.851	+0.791
TTM	12.643	5Y	12.087	+0.556
5Y	12.087	10Y	10.933	+1.153

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	13.885	0.903	+12.982
MRQ	13.400	0.849	+12.551
TTM	12.643	0.860	+11.783
YOY	11.851	1.105	+10.746
5Y	12.087	1.191	+10.896
10Y	10.933	1.296	+9.637

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Visa Inc. Class A.

3.1. Institutions holding Visa Inc. Class A

Institutions are holding 97.922% of the shares of Visa Inc. Class A.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	6.9814	0.8043	141413922	361254	0.2561
2023-12-31	BlackRock Inc	6.2418	0.8393	126432887	1531521	1.2262
2023-12-31	State Street Corporation	3.6213	0.9289	73352251	1881777	2.6329
2023-12-31	FMR Inc	2.5489	1.0326	51630282	1272535	2.527
2023-12-31	Morgan Stanley - Brokerage Accounts	2.5465	1.1834	51581286	1771031	3.5556
2023-12-31	T. Rowe Price Associates, Inc.	2.2232	1.5754	45033250	-1136072	-2.4607
2023-12-31	Goldman Sachs Group Inc	1.8209	0.8619	36884356	16659493	82.3714
2023-12-31	Geode Capital Management, LLC	1.6795	0.9243	34019343	233213	0.6903
2023-12-31	Bank of America Corp	1.1974	0.6361	24253889	-285717	-1.1643
2023-12-31	AllianceBernstein L.P.	1.1425	2.3184	23141895	-1048058	-4.3326
2023-12-31	Capital Research & Mgmt Co - Division 3	1.1327	1.3391	22943773	596950	2.6713
2023-12-31	Massachusetts Financial Services Company	1.0171	1.7322	20601542	-691590	-3.2479
2023-12-31	Royal Bank of Canada	0.9194	1.1321	18622484	-116122	-0.6197
2023-12-31	Capital World Investors	0.8835	0.8287	17895788	1323238	7.9845
2023-12-31	Wellington Management Company LLP	0.8775	0.8627	17773774	-1469221	-7.6351
2023-12-31	TCI Fund Management Limited	0.8292	12.1586	16797187	0	0
2023-12-31	Northern Trust Corp	0.8065	0.7698	16335741	-737959	-4.3222
2023-12-31	NORGES BANK	0.7386	0.6806	14960687	197343	1.3367
2023-12-31	Ameriprise Financial Inc	0.714	1.1275	14463702	234698	1.6494
2023-12-31	Legal & General Group PLC	0.6919	0.9363	14015639	3209334	29.6987
Total		38.6138	32.6722	782153678	+23787648	+3.0%

3.2. Funds holding Visa Inc. Class A

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Performer (AFRIS)	6.9548	0.1743	140876720	140876720	0
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.4255	0.8956	49129850	-105372	-0.214
2024-02-29	Vanguard Institutional 500 Index Trust	1.9524	1.0452	39548051	405692	1.0365
2024-01-31	Fidelity 500 Index	0.9343	1.0676	18925185	193686	1.034
2024-02-29	SPDR® S&P 500 ETF Trust	0.923	1.0518	18695996	117180	0.6307
2024-02-29	iShares Core S&P 500 ETF	0.8187	1.0503	16583569	50350	0.3045
2024-02-29	Vanguard Growth Index Investor	0.7033	1.8116	14246735	126184	0.8936
2024-02-29	AF High Growth (AFRIS)	0.5287	0.1781	10709783	10709783	0
2024-02-29	Financial Select Sector SPDR® ETF	0.5246	8.1015	10625258	-17949	-0.1686
2024-02-29	Vanguard Institutional Index I	0.5184	1.0485	10500554	-42233	-0.4006
2024-02-29	Vanguard Dividend Appreciation ETF	0.4348	2.7284	8807869	58036	0.6633
2024-02-29	State St S&P 500® Indx SL Cl III	0.3808	1.0437	7712554	27400	0.3565
2023-12-31	Capital Group Growth Fnd of Amer Comp	0.3785	0.8015	7666167	279157	3.779
2023-12-31	American Funds Growth Fund of Amer A	0.3785	0.8015	7666167	279157	3.779
2024-01-31	Fidelity Contrafund	0.3583	1.6266	7258327	30317	0.4194
2023-12-31	T. Rowe Price Blue Chip Growth	0.3363	3.2209	6811673	-370489	-5.1585
2023-12-31	T. Rowe Price US Lrg-Cap Core Gr Eq Comp	0.3363	3.2097	6811673	-370489	-5.1585
2023-12-31	Capital Group Wash Mutual Invtrs Comp	0.3223	1.0105	6528222	793068	13.8282
2023-12-31	American Funds Washington Mutual A	0.3223	1.0105	6528222	793068	13.8282
2024-02-29	iShares MSCI USA Quality Factor ETF	0.312	4.7069	6319632	2670	0.0423
Total		19.8438	36.5847	401952207	+153835936	+38.3%

3.3. Insider Transactions

Insiders are holding 0.629% of the shares of Visa Inc. Class A.

Date	Owner	Type	Amount	Price
2024-04-01	Ryan Mcinerney	SELL	8200	280.36
2024-02-07	Peter M Andreski	SELL	2615	278.88
2024-02-01	Ryan Mcinerney	SELL	8150	273.39
2024-01-19	Rajat Taneja	SELL	36546	270.2
2023-12-13	Rajat Taneja	SELL	25000	260.04
2023-12-01	Ryan Mcinerney	SELL	8150	255.79
2023-11-22	Rajat Taneja	SELL	7811	253.17
2023-11-17	Rajat Taneja	SELL	9200	250.01
2023-11-01	Alfred F Kelly Jr	SELL	40000	236.14
2023-10-16	Ryan Mcinerney	SELL	8150	240
2023-09-13	Rajat Taneja	SELL	15800	250.01
2023-09-01	Ryan Mcinerney	SELL	8150	247.47

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Visa Inc. Class A compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.672	0.466	+44%	0.200	+235%	0.227	+196%	0.219	+208%
Book Value Per Share	-	-	19.429	18.838	+3%	16.962	+15%	16.923	+15%	14.874	+31%
Current Ratio	-	-	1.446	1.473	-2%	1.401	+3%	1.587	-9%	1.812	-20%
Debt To Asset Ratio	-	-	0.565	0.564	+0%	0.574	-2%	0.547	+3%	0.484	+17%
Debt To Equity Ratio	-	-	1.301	1.294	+1%	1.349	-4%	1.214	+7%	0.997	+30%
Dividend Per Share	-	-	0.518	0.467	+11%	0.394	+32%	0.352	+47%	0.253	+105%
Eps	-	-	2.391	2.155	+11%	1.789	+34%	1.604	+49%	1.236	+94%
Free Cash Flow Per Share	-	-	1.637	2.308	-29%	2.091	-22%	1.720	-5%	1.279	+28%
Free Cash Flow To Equity Per Share	-	-	-0.505	0.398	-227%	0.428	-218%	0.274	-284%	0.330	-253%
Gross Profit Margin	-	-	0.940	0.927	+1%	0.908	+3%	0.913	+3%	0.877	+7%
Intrinsic Value_10Y_max	-	-	88.795	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	43.732	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	8.310	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	5.023	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	25.417	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	14.627	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	43.064	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	23.647	-	-	-	-	-	-	-	-
Market Cap	426681354516.480	-25%	532415750000.000	493308145000.000	+8%	426707267500.000	+25%	443714117500.000	+20%	369042444169.242	+44%
Net Profit Margin	-	-	0.566	0.539	+5%	0.502	+13%	0.516	+10%	0.474	+19%
Operating Margin	-	-	0.691	0.653	+6%	0.633	+9%	0.650	+6%	0.663	+4%
Operating Ratio	-	-	0.309	0.380	-19%	0.331	-7%	0.347	-11%	0.347	-11%
Pb Ratio	13.885	+3%	13.400	12.643	+6%	11.851	+13%	12.087	+11%	10.933	+23%
Pe Ratio	28.206	+3%	27.220	27.720	-2%	28.316	-4%	33.382	-18%	39.620	-31%
Price Per Share	269.780	+3%	260.350	238.325	+9%	201.018	+30%	205.251	+27%	163.358	+59%
Price To Free Cash Flow Ratio	41.209	+3%	39.768	28.116	+41%	25.606	+55%	33.835	+18%	46.816	-15%
Price To Total Gains Ratio	226.558	+3%	218.639	298.804	-27%	467.990	-53%	402.617	-46%	305.508	-28%
Quick Ratio	-	-	1.265	1.244	+2%	1.152	+10%	1.410	-10%	1.712	-26%
Return On Assets	-	-	0.053	0.050	+7%	0.045	+19%	0.043	+26%	0.038	+41%
Return On Equity	-	-	0.123	0.115	+7%	0.105	+17%	0.094	+30%	0.076	+61%
Total Gains Per Share	-	-	1.191	0.933	+28%	0.594	+100%	0.580	+105%	0.471	+153%
Usd Book Value	-	-	39733000000.000	39003000000.000	+2%	35994250000.000	+10%	36624000000.000	+8%	33740100000.000	+18%
Usd Book Value Change Per Share	-	-	0.672	0.466	+44%	0.200	+235%	0.227	+196%	0.219	+208%
Usd Book Value Per Share	-	-	19.429	18.838	+3%	16.962	+15%	16.923	+15%	14.874	+31%
Usd Dividend Per Share	-	-	0.518	0.467	+11%	0.394	+32%	0.352	+47%	0.253	+105%
Usd Eps	-	-	2.391	2.155	+11%	1.789	+34%	1.604	+49%	1.236	+94%
Usd Free Cash Flow	-	-	3347000000.000	4780250000.000	-30%	4435500000.000	-25%	3701950000.000	-10%	2853100000.000	+17%
Usd Free Cash Flow Per Share	-	-	1.637	2.308	-29%	2.091	-22%	1.720	-5%	1.279	+28%
Usd Free Cash Flow To Equity Per Share	-	-	-0.505	0.398	-227%	0.428	-218%	0.274	-284%	0.330	-253%
Usd Market Cap	426681354516.480	-25%	532415750000.000	493308145000.000	+8%	426707267500.000	+25%	443714117500.000	+20%	369042444169.242	+44%
Usd Price Per Share	269.780	+3%	260.350	238.325	+9%	201.018	+30%	205.251	+27%	163.358	+59%
Usd Profit	-	-	4890000000.000	4496000000.000	+9%	3794250000.000	+29%	3470000000.000	+41%	2643175000.000	+85%
Usd Revenue	-	-	8634000000.000	8337750000.000	+4%	7546750000.000	+14%	6700950000.000	+29%	5425025000.000	+59%
Usd Total Gains Per Share	-	-	1.191	0.933	+28%	0.594	+100%	0.580	+105%	0.471	+153%
	EOD	+2 -6	MRQ	TTM	+24 -12	YOY	+27 -9	5Y	+23 -13	10Y	+27 -9

4.2. Fundamental Score

Let's check the fundamental score of Visa Inc. Class A based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	28.206
Price to Book Ratio (EOD)	Between	0-1	13.885
Net Profit Margin (MRQ)	Greater than	0	0.566
Operating Margin (MRQ)	Greater than	0	0.691
Quick Ratio (MRQ)	Greater than	1	1.265
Current Ratio (MRQ)	Greater than	1	1.446
Debt to Asset Ratio (MRQ)	Less than	1	0.565
Debt to Equity Ratio (MRQ)	Less than	1	1.301
Return on Equity (MRQ)	Greater than	0.15	0.123
Return on Assets (MRQ)	Greater than	0.05	0.053
Total			6/10 (60.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
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4.3. Technical Score

Let's check the technical score of Visa Inc. Class A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	34.598
Ma 20	Greater than	Ma 50	276.253
Ma 50	Greater than	Ma 100	279.460
Ma 100	Greater than	Ma 200	271.402
Open	Greater than	Close	271.470
Total			3/5 (60.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
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Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	91,409,000
Total Liabilities	51,676,000
Total Stockholder Equity	39,733,000

	As reported
Total Liabilities	51,676,000
Total Stockholder Equity	+ 39,733,000
Total Assets	= 91,409,000

Assets

Total Assets	91,409,000
Total Current Assets	32,732,000
Long-term Assets	58,677,000

Total Current Assets

Total Current Assets (as reported)	32,732,000
Cash And Cash Equivalents	13,591,000
Short-term Investments	5,005,000
Net Receivables	5,031,000
Inventory	4,780,000
Other Current Assets	4,325,000
Total Current Assets (calculated)	32,732,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	58,677,000
Property Plant Equipment	3,472,000
Goodwill	18,120,000
Long Term Investments	2,809,000
Intangible Assets	26,739,000
Long-term Assets Other	7,537,000
Long-term Assets (calculated)	58,677,000
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	22,634,000
Long-term Liabilities	29,042,000
Total Stockholder Equity	39,733,000

Total Current Liabilities

Total Current Liabilities (as reported)	22,634,000
Accounts payable	348,000
Other Current Liabilities	22,286,000
Total Current Liabilities (calculated)	22,634,000
+/-	0

Long-term Liabilities

Long-term Liabilities (as reported)	29,042,000
Long term Debt	20,703,000
Long-term Liabilities Other	3,064,000
Long-term Liabilities (calculated)	23,767,000
+/-	5,275,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	39,733,000
Common Stock	22,105,000
Retained Earnings	18,422,000
Accumulated Other Comprehensive Income	-655,000
Total Stockholder Equity (calculated)	39,872,000
+/-	139,000

Other

Capital Stock	22,105,000
Cash and Short Term Investments	18,596,000
Common Stock Shares Outstanding	2,045,000
Liabilities and Stockholders Equity	91,409,000
Net Debt	7,112,000
Net Invested Capital	60,436,000
Net Working Capital	10,098,000
Short Long Term Debt Total	20,703,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

> Total Assets

0
2,963,918
0
3,252,476
3,434,309
4,390,117
27,742,000
33,869,000
34,442,000
34,981,000
31,822,000
31,964,000
32,624,000
32,281,000
31,715,000
32,068,000
32,696,000
33,408,000
33,989,000
34,422,000
34,447,000
34,760,000
35,768,000
36,846,000
38,741,000
40,013,000
35,859,000
35,059,000
35,285,000
35,956,000
36,248,000
37,263,000
37,675,000
38,569,000
38,884,000
38,835,000
39,429,000
40,236,000
54,977,000
54,326,000
63,867,000
64,035,000
63,370,000
63,227,000
64,000,000
67,977,000
67,154,000
69,042,000
68,175,000
69,225,000
71,655,000
69,865,000
70,249,000
72,574,000
74,781,000
72,820,000
77,884,000
80,919,000
80,426,000
80,195,000
82,671,000
82,896,000
81,929,000
81,808,000
85,410,000
85,501,000
85,387,000
86,755,000
89,234,000
90,499,000
91,409,000

91,409,000

90,499,000

89,234,000

86,755,000

85,387,000

85,501,000

85,410,000

81,808,000

81,929,000

82,896,000

82,671,000

80,195,000

80,426,000

80,919,000

77,884,000

72,820,000

74,781,000

72,574,000

70,249,000

69,865,000

71,655,000

69,225,000

68,175,000

69,042,000

67,154,000

67,977,000

64,000,000

63,227,000

63,370,000

64,035,000

63,867,000

54,326,000

54,977,000

40,236,000

39,429,000

38,835,000

38,884,000

38,569,000

37,675,000

37,263,000

36,248,000

35,956,000

35,285,000

35,059,000

35,859,000

40,013,000

38,741,000

36,846,000

35,768,000

34,760,000

34,447,000

34,422,000

33,989,000

33,408,000

32,696,000

32,068,000

31,715,000

32,281,000

32,624,000

31,964,000

31,822,000

34,981,000

34,442,000

33,869,000

27,742,000

4,390,117

3,434,309

3,252,476

2,963,918

> Total Current Assets

0
1,593,931
0
2,040,604
1,997,102
2,506,939
5,813,000
10,086,000
10,761,000
11,174,000
8,089,000
8,225,000
9,562,000
9,241,000
8,753,000
9,115,000
9,850,000
8,734,000
9,355,000
9,606,000
9,516,000
9,190,000
9,978,000
10,295,000
10,899,000
11,786,000
7,387,000
6,914,000
6,941,000
7,822,000
7,765,000
8,507,000
9,025,000
9,562,000
9,864,000
10,105,000
10,068,000
10,892,000
25,473,000
24,303,000
14,374,000
14,313,000
14,689,000
15,505,000
15,718,000
19,023,000
17,287,000
18,536,000
18,491,000
18,216,000
20,107,000
18,490,000
18,305,000
20,970,000
22,319,000
19,907,000
25,011,000
27,645,000
26,280,000
26,901,000
28,042,000
27,607,000
25,906,000
24,091,000
28,971,000
30,205,000
27,859,000
28,657,000
31,670,000
33,532,000
32,732,000

32,732,000

33,532,000

31,670,000

28,657,000

27,859,000

30,205,000

28,971,000

24,091,000

25,906,000

27,607,000

28,042,000

26,901,000

26,280,000

27,645,000

25,011,000

19,907,000

22,319,000

20,970,000

18,305,000

18,490,000

20,107,000

18,216,000

18,491,000

18,536,000

17,287,000

19,023,000

15,718,000

15,505,000

14,689,000

14,313,000

14,374,000

24,303,000

25,473,000

10,892,000

10,068,000

10,105,000

9,864,000

9,562,000

9,025,000

8,507,000

7,765,000

7,822,000

6,941,000

6,914,000

7,387,000

11,786,000

10,899,000

10,295,000

9,978,000

9,190,000

9,516,000

9,606,000

9,355,000

8,734,000

9,850,000

9,115,000

8,753,000

9,241,000

9,562,000

8,225,000

8,089,000

11,174,000

10,761,000

10,086,000

5,813,000

2,506,939

1,997,102

2,040,604

1,593,931

Cash And Cash Equivalents

0
270,124
0
386,042
589,733
275,379
1,698,000
5,041,000
5,762,000
4,979,000
2,613,000
3,363,000
4,200,000
4,617,000
4,160,000
4,560,000
5,205,000
3,867,000
3,684,000
3,512,000
3,600,000
2,127,000
1,942,000
2,042,000
1,558,000
2,074,000
1,334,000
1,377,000
1,453,000
2,186,000
2,121,000
1,820,000
2,058,000
1,971,000
2,085,000
2,039,000
2,147,000
3,518,000
12,837,000
15,943,000
5,887,000
5,619,000
5,824,000
6,427,000
7,437,000
9,874,000
8,138,000
8,142,000
8,505,000
8,162,000
8,289,000
7,648,000
7,912,000
7,838,000
8,768,000
9,740,000
13,898,000
16,289,000
15,032,000
16,494,000
18,034,000
16,487,000
14,720,000
12,299,000
14,047,000
15,689,000
13,334,000
13,842,000
15,590,000
16,286,000
13,591,000

13,591,000

16,286,000

15,590,000

13,842,000

13,334,000

15,689,000

14,047,000

12,299,000

14,720,000

16,487,000

18,034,000

16,494,000

15,032,000

16,289,000

13,898,000

9,740,000

8,768,000

7,838,000

7,912,000

7,648,000

8,289,000

8,162,000

8,505,000

8,142,000

8,138,000

9,874,000

7,437,000

6,427,000

5,824,000

5,619,000

5,887,000

15,943,000

12,837,000

3,518,000

2,147,000

2,039,000

2,085,000

1,971,000

2,058,000

1,820,000

2,121,000

2,186,000

1,453,000

1,377,000

1,334,000

2,074,000

1,558,000

2,042,000

1,942,000

2,127,000

3,600,000

3,512,000

3,684,000

3,867,000

5,205,000

4,560,000

4,160,000

4,617,000

4,200,000

3,363,000

2,613,000

4,979,000

5,762,000

5,041,000

1,698,000

275,379

589,733

386,042

270,124

Short-term Investments

0
58,524
0
0
0
747,080
729,000
598,000
477,000
355,000
189,000
126,000
130,000
115,000
93,000
85,000
85,000
184,000
201,000
197,000
220,000
1,271,000
799,000
915,000
745,000
743,000
1,451,000
1,342,000
1,895,000
2,069,000
1,969,000
1,674,000
2,006,000
1,979,000
2,495,000
2,567,000
2,575,000
2,497,000
8,508,000
3,954,000
2,865,000
3,319,000
3,697,000
1,495,000
2,754,000
3,564,000
3,413,000
3,577,000
3,396,000
3,547,000
3,461,000
3,876,000
3,265,000
4,236,000
3,902,000
2,411,000
2,739,000
3,752,000
3,009,000
2,058,000
1,206,000
2,025,000
1,201,000
1,230,000
3,309,000
2,833,000
2,785,000
2,752,000
3,166,000
3,842,000
5,005,000

5,005,000

3,842,000

3,166,000

2,752,000

2,785,000

2,833,000

3,309,000

1,230,000

1,201,000

2,025,000

1,206,000

2,058,000

3,009,000

3,752,000

2,739,000

2,411,000

3,902,000

4,236,000

3,265,000

3,876,000

3,461,000

3,547,000

3,396,000

3,577,000

3,413,000

3,564,000

2,754,000

1,495,000

3,697,000

3,319,000

2,865,000

3,954,000

8,508,000

2,497,000

2,575,000

2,567,000

2,495,000

1,979,000

2,006,000

1,674,000

1,969,000

2,069,000

1,895,000

1,342,000

1,451,000

743,000

745,000

915,000

799,000

1,271,000

220,000

197,000

201,000

184,000

85,000

93,000

115,000

130,000

126,000

189,000

355,000

477,000

598,000

729,000

747,080

58,524

Net Receivables

0
258,035
0
254,391
268,404
254,716
1,687,000
1,478,000
1,572,000
1,473,000
1,123,000
1,251,000
1,417,000
1,049,000
1,272,000
1,168,000
917,000
878,000
1,033,000
935,000
956,000
972,000
1,138,000
1,163,000
1,236,000
1,356,000
3,001,000
2,453,000
1,838,000
1,702,000
1,748,000
1,617,000
1,625,000
1,699,000
1,400,000
1,575,000
1,596,000
1,332,000
1,365,000
1,358,000
2,565,000
2,740,000
2,453,000
4,431,000
2,524,000
2,554,000
2,899,000
3,760,000
2,835,000
2,790,000
4,528,000
2,978,000
3,220,000
4,590,000
4,934,000
2,948,000
3,564,000
2,882,000
3,342,000
3,225,000
3,515,000
3,726,000
3,956,000
3,767,000
3,881,000
3,952,000
4,240,000
4,064,000
4,736,000
4,474,000
5,031,000

5,031,000

4,474,000

4,736,000

4,064,000

4,240,000

3,952,000

3,881,000

3,767,000

3,956,000

3,726,000

3,515,000

3,225,000

3,342,000

2,882,000

3,564,000

2,948,000

4,934,000

4,590,000

3,220,000

2,978,000

4,528,000

2,790,000

2,835,000

3,760,000

2,899,000

2,554,000

2,524,000

4,431,000

2,453,000

2,740,000

2,565,000

1,358,000

1,365,000

1,332,000

1,596,000

1,575,000

1,400,000

1,699,000

1,625,000

1,617,000

1,748,000

1,702,000

1,838,000

2,453,000

3,001,000

1,356,000

1,236,000

1,163,000

1,138,000

972,000

956,000

935,000

1,033,000

878,000

917,000

1,168,000

1,272,000

1,049,000

1,417,000

1,251,000

1,123,000

1,473,000

1,572,000

1,478,000

1,687,000

254,716

268,404

254,391

258,035

Other Current Assets

0
771,202
0
1,116,735
841,309
96,147
793,000
727,000
777,000
935,000
894,000
885,000
956,000
1,026,000
1,056,000
1,054,000
1,046,000
1,074,000
1,047,000
1,022,000
1,092,000
1,209,000
1,114,000
1,131,000
1,110,000
1,032,000
168,000
215,000
240,000
282,000
235,000
255,000
221,000
210,000
200,000
243,000
248,000
303,000
414,000
291,000
291,000
284,000
265,000
292,000
308,000
344,000
295,000
331,000
377,000
340,000
547,000
589,000
690,000
741,000
803,000
957,000
1,150,000
1,214,000
1,281,000
5,124,000
1,321,000
1,359,000
1,334,000
1,309,000
7,734,000
1,272,000
3,204,000
3,644,000
3,644,000
4,161,000
4,325,000

4,325,000

4,161,000

3,644,000

3,204,000

1,272,000

7,734,000

1,309,000

1,334,000

1,359,000

1,321,000

5,124,000

1,281,000

1,214,000

1,150,000

957,000

803,000

741,000

690,000

589,000

547,000

340,000

377,000

331,000

295,000

344,000

308,000

292,000

265,000

284,000

291,000

414,000

303,000

248,000

243,000

200,000

210,000

221,000

255,000

235,000

282,000

240,000

215,000

168,000

1,032,000

1,110,000

1,131,000

1,114,000

1,209,000

1,092,000

1,022,000

1,047,000

1,074,000

1,046,000

1,054,000

1,056,000

1,026,000

956,000

885,000

894,000

935,000

777,000

727,000

793,000

96,147

841,309

1,116,735

771,202

> Long-term Assets

0
1,369,987
0
1,211,872
1,437,207
1,883,178
21,929,000
23,783,000
23,681,000
23,807,000
23,733,000
23,739,000
23,062,000
23,040,000
22,962,000
22,953,000
22,846,000
24,674,000
24,634,000
24,816,000
24,931,000
25,570,000
25,790,000
26,551,000
27,842,000
28,227,000
28,472,000
28,145,000
28,344,000
28,134,000
28,483,000
28,756,000
28,650,000
29,007,000
29,020,000
28,730,000
29,361,000
29,344,000
29,504,000
30,023,000
49,493,000
49,722,000
48,681,000
47,722,000
48,282,000
48,954,000
49,867,000
50,506,000
49,684,000
51,009,000
51,548,000
51,375,000
51,944,000
51,604,000
52,462,000
52,913,000
52,873,000
53,274,000
54,146,000
53,294,000
54,629,000
55,289,000
56,023,000
57,717,000
56,439,000
55,296,000
57,528,000
58,098,000
57,564,000
56,967,000
58,677,000

58,677,000

56,967,000

57,564,000

58,098,000

57,528,000

55,296,000

56,439,000

57,717,000

56,023,000

55,289,000

54,629,000

53,294,000

54,146,000

53,274,000

52,873,000

52,913,000

52,462,000

51,604,000

51,944,000

51,375,000

51,548,000

51,009,000

49,684,000

50,506,000

49,867,000

48,954,000

48,282,000

47,722,000

48,681,000

49,722,000

49,493,000

30,023,000

29,504,000

29,344,000

29,361,000

28,730,000

29,020,000

29,007,000

28,650,000

28,756,000

28,483,000

28,134,000

28,344,000

28,145,000

28,472,000

28,227,000

27,842,000

26,551,000

25,790,000

25,570,000

24,931,000

24,816,000

24,634,000

24,674,000

22,846,000

22,953,000

22,962,000

23,040,000

23,062,000

23,739,000

23,733,000

23,807,000

23,681,000

23,783,000

21,929,000

1,883,178

1,437,207

1,211,872

1,369,987

Property Plant Equipment

0
280,899
0
0
0
313,092
912,000
1,018,000
1,048,000
1,080,000
1,117,000
1,155,000
1,170,000
1,204,000
1,203,000
1,183,000
1,185,000
1,357,000
1,380,000
1,453,000
1,510,000
1,541,000
1,542,000
1,540,000
1,581,000
1,634,000
1,641,000
1,674,000
1,689,000
1,732,000
1,746,000
1,760,000
1,772,000
1,892,000
1,861,000
1,843,000
1,847,000
1,888,000
1,884,000
1,883,000
2,136,000
2,150,000
2,201,000
2,133,000
2,202,000
2,253,000
2,238,000
2,366,000
2,387,000
2,472,000
2,437,000
2,456,000
2,549,000
2,695,000
2,739,000
2,776,000
2,746,000
2,737,000
2,713,000
2,684,000
2,707,000
2,715,000
2,908,000
3,120,000
3,146,000
3,223,000
3,236,000
3,359,000
3,370,000
3,425,000
3,472,000

3,472,000

3,425,000

3,370,000

3,359,000

3,236,000

3,223,000

3,146,000

3,120,000

2,908,000

2,715,000

2,707,000

2,684,000

2,713,000

2,737,000

2,746,000

2,776,000

2,739,000

2,695,000

2,549,000

2,456,000

2,437,000

2,472,000

2,387,000

2,366,000

2,238,000

2,253,000

2,202,000

2,133,000

2,201,000

2,150,000

2,136,000

1,883,000

1,884,000

1,888,000

1,847,000

1,843,000

1,861,000

1,892,000

1,772,000

1,760,000

1,746,000

1,732,000

1,689,000

1,674,000

1,641,000

1,634,000

1,581,000

1,540,000

1,542,000

1,541,000

1,510,000

1,453,000

1,380,000

1,357,000

1,185,000

1,183,000

1,203,000

1,204,000

1,170,000

1,155,000

1,117,000

1,080,000

1,048,000

1,018,000

912,000

313,092

280,899

Goodwill

0
0
0
0
0
0
9,055,000
10,216,000
10,139,000
10,213,000
10,213,000
10,213,000
10,213,000
10,208,000
10,208,000
10,208,000
10,208,000
11,447,000
11,447,000
11,588,000
11,668,000
11,668,000
11,668,000
11,668,000
11,681,000
11,681,000
11,681,000
11,681,000
11,681,000
11,681,000
11,681,000
11,681,000
11,741,000
11,753,000
11,753,000
11,753,000
11,825,000
11,825,000
11,825,000
11,836,000
15,044,000
15,066,000
14,892,000
14,825,000
15,009,000
15,110,000
15,162,000
15,372,000
15,204,000
15,194,000
15,149,000
15,088,000
15,313,000
15,656,000
15,767,000
15,755,000
15,791,000
15,910,000
16,121,000
15,980,000
16,021,000
15,958,000
16,555,000
18,143,000
17,977,000
17,787,000
18,024,000
18,078,000
18,082,000
17,997,000
18,120,000

18,120,000

17,997,000

18,082,000

18,078,000

18,024,000

17,787,000

17,977,000

18,143,000

16,555,000

15,958,000

16,021,000

15,980,000

16,121,000

15,910,000

15,791,000

15,755,000

15,767,000

15,656,000

15,313,000

15,088,000

15,149,000

15,194,000

15,204,000

15,372,000

15,162,000

15,110,000

15,009,000

14,825,000

14,892,000

15,066,000

15,044,000

11,836,000

11,825,000

11,753,000

11,741,000

11,681,000

11,668,000

11,588,000

11,447,000

10,208,000

10,213,000

10,139,000

10,216,000

9,055,000

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
181,000
168,000
159,000
154,000
128,000
24,000
13,000
7,000
7,000
711,000
899,000
1,696,000
2,923,000
3,283,000
3,401,000
2,974,000
3,189,000
2,760,000
3,040,000
3,066,000
2,798,000
3,015,000
3,028,000
2,779,000
3,300,000
3,384,000
3,487,000
3,577,000
3,762,000
3,931,000
3,802,000
2,882,000
2,117,000
1,926,000
2,674,000
2,602,000
2,835,000
4,082,000
4,132,000
3,506,000
2,918,000
2,157,000
1,719,000
1,064,000
547,000
231,000
161,000
110,000
1,111,000
1,705,000
2,087,000
2,296,000
2,240,000
2,136,000
2,735,000
2,840,000
2,122,000
1,921,000
2,809,000

2,809,000

1,921,000

2,122,000

2,840,000

2,735,000

2,136,000

2,240,000

2,296,000

2,087,000

1,705,000

1,111,000

110,000

161,000

231,000

547,000

1,064,000

1,719,000

2,157,000

2,918,000

3,506,000

4,132,000

4,082,000

2,835,000

2,602,000

2,674,000

1,926,000

2,117,000

2,882,000

3,802,000

3,931,000

3,762,000

3,577,000

3,487,000

3,384,000

3,300,000

2,779,000

3,028,000

3,015,000

2,798,000

3,066,000

3,040,000

2,760,000

3,189,000

2,974,000

3,401,000

3,283,000

2,923,000

1,696,000

899,000

711,000

7,000

13,000

24,000

128,000

154,000

159,000

168,000

181,000

Intangible Assets

0
0
0
0
0
0
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
10,883,000
11,478,000
11,463,000
11,464,000
11,453,000
11,436,000
11,454,000
11,437,000
11,437,000
11,420,000
11,403,000
11,385,000
11,368,000
11,351,000
11,334,000
11,317,000
11,427,000
11,411,000
11,395,000
11,379,000
11,375,000
11,361,000
11,348,000
11,335,000
27,078,000
27,234,000
26,381,000
26,416,000
27,322,000
27,848,000
28,109,000
28,537,000
27,628,000
27,558,000
27,301,000
26,966,000
27,272,000
26,780,000
27,137,000
27,011,000
27,188,000
27,808,000
28,593,000
27,823,000
28,023,000
27,664,000
27,272,000
27,006,000
26,093,000
25,065,000
26,307,000
26,574,000
26,576,000
26,104,000
26,739,000

26,739,000

26,104,000

26,576,000

26,574,000

26,307,000

25,065,000

26,093,000

27,006,000

27,272,000

27,664,000

28,023,000

27,823,000

28,593,000

27,808,000

27,188,000

27,011,000

27,137,000

26,780,000

27,272,000

26,966,000

27,301,000

27,558,000

27,628,000

28,537,000

28,109,000

27,848,000

27,322,000

26,416,000

26,381,000

27,234,000

27,078,000

11,335,000

11,348,000

11,361,000

11,375,000

11,379,000

11,395,000

11,411,000

11,427,000

11,317,000

11,334,000

11,351,000

11,368,000

11,385,000

11,403,000

11,420,000

11,437,000

11,454,000

11,436,000

11,453,000

11,464,000

11,463,000

11,478,000

10,883,000

Other Assets

0
1,089,088
0
0
0
1,570,086
21,017,000
22,765,000
22,633,000
22,727,000
22,616,000
22,584,000
21,892,000
21,836,000
21,759,000
21,770,000
21,661,000
23,317,000
23,254,000
23,363,000
23,421,000
24,029,000
24,248,000
25,011,000
26,261,000
26,593,000
26,831,000
26,471,000
26,655,000
26,402,000
26,737,000
26,996,000
26,878,000
27,115,000
27,159,000
26,887,000
27,514,000
27,456,000
27,620,000
28,140,000
47,357,000
47,572,000
46,480,000
45,589,000
46,080,000
46,701,000
47,629,000
48,140,000
1,505,000
1,566,000
2,370,000
3,359,000
3,892,000
4,316,000
5,100,000
6,307,000
6,601,000
6,588,000
6,719,000
6,697,000
6,767,000
7,247,000
7,201,000
7,152,000
6,983,000
7,085,000
7,226,000
7,247,000
7,414,000
7,032,000
0

7,032,000

7,414,000

7,247,000

7,226,000

7,085,000

6,983,000

7,152,000

7,201,000

7,247,000

6,767,000

6,697,000

6,719,000

6,588,000

6,601,000

6,307,000

5,100,000

4,316,000

3,892,000

3,359,000

2,370,000

1,566,000

1,505,000

48,140,000

47,629,000

46,701,000

46,080,000

45,589,000

46,480,000

47,572,000

47,357,000

28,140,000

27,620,000

27,456,000

27,514,000

26,887,000

27,159,000

27,115,000

26,878,000

26,996,000

26,737,000

26,402,000

26,655,000

26,471,000

26,831,000

26,593,000

26,261,000

25,011,000

24,248,000

24,029,000

23,421,000

23,363,000

23,254,000

23,317,000

21,661,000

21,770,000

21,759,000

21,836,000

21,892,000

22,584,000

22,616,000

22,727,000

22,633,000

22,765,000

21,017,000

1,570,086

1,089,088

> Total Liabilities

0
2,343,264
0
2,244,752
2,199,407
4,852,834
11,026,000
12,681,000
11,766,000
13,840,000
10,177,000
9,840,000
9,825,000
9,088,000
8,238,000
8,081,000
8,016,000
8,394,000
8,445,000
8,268,000
8,395,000
8,323,000
8,467,000
8,325,000
12,583,000
12,383,000
8,271,000
8,164,000
8,282,000
9,086,000
9,234,000
9,968,000
10,389,000
11,156,000
10,942,000
10,598,000
10,802,000
10,394,000
25,501,000
25,195,000
31,040,000
31,123,000
31,644,000
32,444,000
32,056,000
35,217,000
33,753,000
34,939,000
34,857,000
35,219,000
37,560,000
35,590,000
35,254,000
37,890,000
39,511,000
38,235,000
42,360,000
44,709,000
42,747,000
42,499,000
44,881,000
45,307,000
45,735,000
45,819,000
49,927,000
49,920,000
48,463,000
48,190,000
50,253,000
51,766,000
51,676,000

51,676,000

51,766,000

50,253,000

48,190,000

48,463,000

49,920,000

49,927,000

45,819,000

45,735,000

45,307,000

44,881,000

42,499,000

42,747,000

44,709,000

42,360,000

38,235,000

39,511,000

37,890,000

35,254,000

35,590,000

37,560,000

35,219,000

34,857,000

34,939,000

33,753,000

35,217,000

32,056,000

32,444,000

31,644,000

31,123,000

31,040,000

25,195,000

25,501,000

10,394,000

10,802,000

10,598,000

10,942,000

11,156,000

10,389,000

9,968,000

9,234,000

9,086,000

8,282,000

8,164,000

8,271,000

12,383,000

12,583,000

8,325,000

8,467,000

8,323,000

8,395,000

8,268,000

8,445,000

8,394,000

8,016,000

8,081,000

8,238,000

9,088,000

9,825,000

9,840,000

10,177,000

13,840,000

11,766,000

12,681,000

11,026,000

4,852,834

2,199,407

2,244,752

2,343,264

> Total Current Liabilities

0
1,392,963
0
1,262,628
1,192,823
3,282,089
5,179,000
5,841,000
6,065,000
7,165,000
4,612,000
4,243,000
4,435,000
4,442,000
3,637,000
3,537,000
3,482,000
3,498,000
3,679,000
3,465,000
3,531,000
3,451,000
3,537,000
3,587,000
7,854,000
7,954,000
3,747,000
3,539,000
3,671,000
4,335,000
4,385,000
4,961,000
5,314,000
6,006,000
5,798,000
5,443,000
5,789,000
5,374,000
5,357,000
5,125,000
7,783,000
8,046,000
10,341,000
10,206,000
9,511,000
9,994,000
8,363,000
9,551,000
10,934,000
11,305,000
13,389,000
11,380,000
10,829,000
13,415,000
17,579,000
15,942,000
16,100,000
14,510,000
12,390,000
12,711,000
14,023,000
15,739,000
18,568,000
18,702,000
20,309,000
20,853,000
19,353,000
19,097,000
21,230,000
23,098,000
22,634,000

22,634,000

23,098,000

21,230,000

19,097,000

19,353,000

20,853,000

20,309,000

18,702,000

18,568,000

15,739,000

14,023,000

12,711,000

12,390,000

14,510,000

16,100,000

15,942,000

17,579,000

13,415,000

10,829,000

11,380,000

13,389,000

11,305,000

10,934,000

9,551,000

8,363,000

9,994,000

9,511,000

10,206,000

10,341,000

8,046,000

7,783,000

5,125,000

5,357,000

5,374,000

5,789,000

5,443,000

5,798,000

6,006,000

5,314,000

4,961,000

4,385,000

4,335,000

3,671,000

3,539,000

3,747,000

7,954,000

7,854,000

3,587,000

3,537,000

3,451,000

3,531,000

3,465,000

3,679,000

3,498,000

3,482,000

3,537,000

3,637,000

4,442,000

4,435,000

4,243,000

4,612,000

7,165,000

6,065,000

5,841,000

5,179,000

3,282,089

1,192,823

1,262,628

1,392,963

Short-term Debt

0
32,339
0
25,914
19,489
41,280
75,000
72,000
11,000
51,000
51,000
52,000
52,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
13,000
449,000
426,000
702,000
747,000
719,000
1,072,000
722,000
817,000
2,306,000
2,174,000
1,099,000
1,307,000
3,780,000
3,149,000
1,126,000
1,237,000
3,094,000
2,838,000
723,000
1,999,000
2,084,000
2,313,000
1,748,000
1,749,000
1,749,000
2,302,000
3,052,000
2,310,000
2,168,000
3,890,000
2,081,000
2,420,000
3,990,000
3,000,000
3,999,000
2,999,000
2,999,000
2,048,000
2,000,000
2,376,000
999,000
3,247,000
3,548,000
3,249,000
2,250,000
3,573,000
3,069,000
3,675,000
106,000
0

106,000

3,675,000

3,069,000

3,573,000

2,250,000

3,249,000

3,548,000

3,247,000

999,000

2,376,000

2,000,000

2,048,000

2,999,000

3,999,000

3,000,000

3,990,000

2,420,000

2,081,000

3,890,000

2,168,000

2,310,000

3,052,000

2,302,000

1,749,000

1,748,000

2,313,000

2,084,000

1,999,000

723,000

2,838,000

3,094,000

1,237,000

1,126,000

3,149,000

3,780,000

1,307,000

1,099,000

2,174,000

2,306,000

817,000

722,000

1,072,000

719,000

747,000

702,000

426,000

449,000

13,000

12,000

52,000

51,000

11,000

72,000

75,000

41,280

19,489

25,914

32,339

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,332,000
0
0
0
780,000
0
0
1,999,000
15,882,000
4,372,000
4,627,000
15,891,000
1,749,000
16,621,000
16,624,000
16,627,000
0
0
0
0
0
3,000,000
3,999,000
2,999,000
2,999,000
0
0
0
999,000
3,247,000
3,548,000
3,249,000
2,250,000
0
0
0
0
0

2,250,000

3,249,000

3,548,000

3,247,000

999,000

2,999,000

3,999,000

3,000,000

16,627,000

16,624,000

16,621,000

1,749,000

15,891,000

4,627,000

4,372,000

15,882,000

1,999,000

780,000

1,332,000

Accounts payable

0
119,075
0
64,157
73,662
98,586
76,000
111,000
109,000
159,000
93,000
72,000
106,000
156,000
87,000
78,000
94,000
137,000
95,000
86,000
93,000
169,000
87,000
75,000
111,000
152,000
114,000
118,000
131,000
184,000
101,000
114,000
101,000
147,000
135,000
81,000
89,000
127,000
118,000
90,000
115,000
203,000
118,000
120,000
130,000
179,000
108,000
136,000
145,000
183,000
124,000
119,000
150,000
156,000
133,000
161,000
153,000
174,000
131,000
126,000
172,000
266,000
252,000
182,000
228,000
340,000
258,000
280,000
281,000
375,000
348,000

348,000

375,000

281,000

280,000

258,000

340,000

228,000

182,000

252,000

266,000

172,000

126,000

131,000

174,000

153,000

161,000

133,000

156,000

150,000

119,000

124,000

183,000

145,000

136,000

108,000

179,000

130,000

120,000

118,000

203,000

115,000

90,000

118,000

127,000

89,000

81,000

135,000

147,000

101,000

114,000

101,000

184,000

131,000

118,000

114,000

152,000

111,000

75,000

87,000

169,000

93,000

86,000

95,000

137,000

94,000

78,000

87,000

156,000

106,000

72,000

93,000

159,000

109,000

111,000

76,000

98,586

73,662

64,157

119,075

Other Current Liabilities

0
566,410
0
493,801
424,625
3,130,343
1,753,000
3,229,000
3,584,000
2,314,000
906,000
966,000
1,067,000
4,235,000
1,129,000
1,185,000
1,264,000
3,307,000
1,351,000
1,401,000
1,503,000
1,459,000
3,450,000
3,512,000
1,649,000
1,653,000
3,633,000
3,421,000
3,540,000
1,785,000
2,038,000
4,847,000
5,213,000
1,997,000
2,435,000
5,362,000
5,700,000
2,072,000
2,321,000
5,035,000
7,668,000
7,843,000
2,878,000
2,796,000
2,984,000
3,195,000
8,255,000
9,415,000
10,789,000
11,122,000
13,265,000
11,261,000
10,679,000
13,259,000
5,968,000
6,074,000
5,967,000
6,026,000
12,259,000
12,585,000
13,851,000
7,503,000
15,069,000
14,972,000
16,832,000
18,263,000
19,095,000
18,817,000
20,949,000
22,723,000
22,286,000

22,286,000

22,723,000

20,949,000

18,817,000

19,095,000

18,263,000

16,832,000

14,972,000

15,069,000

7,503,000

13,851,000

12,585,000

12,259,000

6,026,000

5,967,000

6,074,000

5,968,000

13,259,000

10,679,000

11,261,000

13,265,000

11,122,000

10,789,000

9,415,000

8,255,000

3,195,000

2,984,000

2,796,000

2,878,000

7,843,000

7,668,000

5,035,000

2,321,000

2,072,000

5,700,000

5,362,000

2,435,000

1,997,000

5,213,000

4,847,000

2,038,000

1,785,000

3,540,000

3,421,000

3,633,000

1,653,000

1,649,000

3,512,000

3,450,000

1,459,000

1,503,000

1,401,000

1,351,000

3,307,000

1,264,000

1,185,000

1,129,000

4,235,000

1,067,000

966,000

906,000

2,314,000

3,584,000

3,229,000

1,753,000

3,130,343

424,625

493,801

566,410

> Long-term Liabilities

0
950,301
0
982,124
1,006,584
1,570,745
5,847,000
6,840,000
5,701,000
6,675,000
5,565,000
5,597,000
5,390,000
4,646,000
4,601,000
4,544,000
4,534,000
4,896,000
4,766,000
4,803,000
4,864,000
4,872,000
4,930,000
4,738,000
4,729,000
4,429,000
4,524,000
4,625,000
4,611,000
4,751,000
4,849,000
5,007,000
5,075,000
5,150,000
5,144,000
5,155,000
5,013,000
5,020,000
20,144,000
20,070,000
23,257,000
23,077,000
21,303,000
22,238,000
22,545,000
25,223,000
25,390,000
25,388,000
23,923,000
23,914,000
24,171,000
24,210,000
24,425,000
24,475,000
21,932,000
22,293,000
26,260,000
30,199,000
30,357,000
29,788,000
30,858,000
29,568,000
27,167,000
27,117,000
29,618,000
29,067,000
29,110,000
29,093,000
29,023,000
28,668,000
29,042,000

29,042,000

28,668,000

29,023,000

29,093,000

29,110,000

29,067,000

29,618,000

27,117,000

27,167,000

29,568,000

30,858,000

29,788,000

30,357,000

30,199,000

26,260,000

22,293,000

21,932,000

24,475,000

24,425,000

24,210,000

24,171,000

23,914,000

23,923,000

25,388,000

25,390,000

25,223,000

22,545,000

22,238,000

21,303,000

23,077,000

23,257,000

20,070,000

20,144,000

5,020,000

5,013,000

5,155,000

5,144,000

5,150,000

5,075,000

5,007,000

4,849,000

4,751,000

4,611,000

4,625,000

4,524,000

4,429,000

4,729,000

4,738,000

4,930,000

4,872,000

4,864,000

4,803,000

4,766,000

4,896,000

4,534,000

4,544,000

4,601,000

4,646,000

5,390,000

5,597,000

5,565,000

6,675,000

5,701,000

6,840,000

5,847,000

1,570,745

1,006,584

982,124

950,301

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
46,000
44,000
41,000
38,000
35,000
32,000
29,000
25,000
22,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,877,000
15,876,000
15,879,000
15,882,000
14,138,000
14,140,000
14,142,000
16,618,000
16,621,000
16,624,000
16,627,000
16,630,000
16,633,000
16,630,000
16,694,000
16,729,000
13,688,000
13,893,000
17,880,000
21,071,000
21,055,000
20,974,000
20,996,000
19,978,000
17,673,000
17,479,000
20,546,000
20,200,000
20,487,000
20,606,000
20,560,000
0
0

20,560,000

20,606,000

20,487,000

20,200,000

20,546,000

17,479,000

17,673,000

19,978,000

20,996,000

20,974,000

21,055,000

21,071,000

17,880,000

13,893,000

13,688,000

16,729,000

16,694,000

16,630,000

16,633,000

16,630,000

16,627,000

16,624,000

16,621,000

16,618,000

14,142,000

14,140,000

14,138,000

15,882,000

15,879,000

15,876,000

15,877,000

22,000

25,000

29,000

32,000

35,000

38,000

41,000

44,000

46,000

Other Liabilities

0
909,021
0
0
0
1,570,745
2,149,000
2,110,000
2,058,000
1,673,000
1,669,000
1,688,000
1,691,000
795,000
754,000
698,000
701,000
683,000
551,000
573,000
588,000
667,000
718,000
797,000
785,000
371,000
467,000
579,000
568,000
602,000
689,000
861,000
905,000
1,005,000
1,005,000
1,024,000
879,000
897,000
923,000
938,000
2,401,000
2,387,000
2,343,000
2,367,000
2,515,000
2,625,000
3,662,000
3,654,000
7,296,000
7,284,000
7,538,000
7,580,000
7,731,000
7,746,000
7,752,000
7,861,000
7,826,000
8,666,000
9,302,000
8,814,000
9,862,000
9,590,000
9,494,000
9,638,000
9,072,000
8,867,000
8,623,000
0
0
7,479,000
0

7,479,000

8,623,000

8,867,000

9,072,000

9,638,000

9,494,000

9,590,000

9,862,000

8,814,000

9,302,000

8,666,000

7,826,000

7,861,000

7,752,000

7,746,000

7,731,000

7,580,000

7,538,000

7,284,000

7,296,000

3,654,000

3,662,000

2,625,000

2,515,000

2,367,000

2,343,000

2,387,000

2,401,000

938,000

923,000

897,000

879,000

1,024,000

1,005,000

905,000

861,000

689,000

602,000

568,000

579,000

467,000

371,000

785,000

797,000

718,000

667,000

588,000

573,000

551,000

683,000

701,000

698,000

754,000

795,000

1,691,000

1,688,000

1,669,000

1,673,000

2,058,000

2,110,000

2,149,000

1,570,745

909,021

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
3,653,000
3,807,000
3,806,000
3,808,000
3,798,000
4,181,000
4,186,000
4,205,000
4,254,000
4,205,000
4,212,000
3,941,000
3,944,000
4,058,000
4,057,000
4,046,000
4,043,000
4,149,000
4,160,000
4,146,000
4,170,000
4,145,000
4,139,000
4,131,000
4,134,000
4,123,000
3,344,000
3,256,000
4,977,000
4,808,000
4,822,000
5,731,000
5,888,000
5,980,000
5,107,000
5,110,000
4,802,000
4,618,000
4,835,000
4,911,000
4,930,000
4,807,000
4,810,000
4,796,000
4,728,000
5,237,000
5,343,000
5,212,000
6,240,000
6,128,000
6,078,000
6,081,000
5,685,000
5,332,000
5,443,000
5,462,000
5,380,000
0
0

5,380,000

5,462,000

5,443,000

5,332,000

5,685,000

6,081,000

6,078,000

6,128,000

6,240,000

5,212,000

5,343,000

5,237,000

4,728,000

4,796,000

4,810,000

4,807,000

4,930,000

4,911,000

4,835,000

4,618,000

4,802,000

5,110,000

5,107,000

5,980,000

5,888,000

5,731,000

4,822,000

4,808,000

4,977,000

3,256,000

3,344,000

4,123,000

4,134,000

4,131,000

4,139,000

4,145,000

4,170,000

4,146,000

4,160,000

4,149,000

4,043,000

4,046,000

4,057,000

4,058,000

3,944,000

3,941,000

4,212,000

4,205,000

4,254,000

4,205,000

4,186,000

4,181,000

3,798,000

3,808,000

3,806,000

3,807,000

3,653,000

> Total Stockholder Equity

0
582,814
0
968,458
1,191,864
-501,327
16,716,000
21,188,000
21,549,000
21,141,000
21,640,000
22,120,000
22,794,000
23,189,000
23,472,000
23,983,000
24,676,000
25,011,000
25,541,000
26,151,000
26,050,000
26,437,000
27,301,000
28,521,000
26,158,000
27,630,000
27,588,000
26,895,000
27,003,000
26,870,000
27,014,000
27,295,000
27,286,000
27,413,000
27,942,000
28,237,000
28,627,000
29,842,000
29,476,000
29,131,000
32,827,000
32,912,000
31,726,000
30,783,000
31,944,000
32,760,000
33,401,000
34,103,000
33,318,000
34,006,000
34,095,000
34,275,000
34,995,000
34,684,000
35,270,000
34,585,000
35,524,000
36,210,000
37,679,000
37,696,000
37,790,000
37,589,000
36,194,000
35,989,000
35,483,000
35,581,000
36,924,000
38,565,000
38,981,000
38,733,000
39,733,000

39,733,000

38,733,000

38,981,000

38,565,000

36,924,000

35,581,000

35,483,000

35,989,000

36,194,000

37,589,000

37,790,000

37,696,000

37,679,000

36,210,000

35,524,000

34,585,000

35,270,000

34,684,000

34,995,000

34,275,000

34,095,000

34,006,000

33,318,000

34,103,000

33,401,000

32,760,000

31,944,000

30,783,000

31,726,000

32,912,000

32,827,000

29,131,000

29,476,000

29,842,000

28,627,000

28,237,000

27,942,000

27,413,000

27,286,000

27,295,000

27,014,000

26,870,000

27,003,000

26,895,000

27,588,000

27,630,000

26,158,000

28,521,000

27,301,000

26,437,000

26,050,000

26,151,000

25,541,000

25,011,000

24,676,000

23,983,000

23,472,000

23,189,000

22,794,000

22,120,000

21,640,000

21,141,000

21,549,000

21,188,000

16,716,000

-501,327

1,191,864

968,458

582,814

Common Stock

0
0
0
0
0
0
0
1,508,000
0
1,508,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
195
194
196
195
195
193
192
190
189
21,869,000
21,808,000
21,980,000
22,076,000
22,150,000
22,105,000

22,105,000

22,150,000

22,076,000

21,980,000

21,808,000

21,869,000

189

190

192

193

195

196

194

195

1,508,000

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
1,783,000
2,219,000
2,691,000
3,199,000
3,822,000
4,368,000
5,023,000
5,707,000
6,130,000
6,706,000
7,544,000
8,688,000
6,411,000
7,809,000
7,997,000
7,723,000
7,989,000
7,974,000
8,269,000
8,714,000
8,909,000
9,131,000
9,732,000
10,108,000
10,623,000
11,843,000
11,701,000
11,582,000
10,334,000
10,462,000
10,492,000
9,140,000
9,299,000
9,508,000
9,966,000
10,192,000
10,426,000
11,318,000
11,908,000
12,513,000
13,040,000
13,502,000
13,899,000
13,366,000
14,072,000
14,088,000
14,813,000
15,513,000
15,294,000
15,351,000
14,606,000
14,651,000
14,960,000
16,116,000
16,403,000
17,610,000
17,908,000
0
0

17,908,000

17,610,000

16,403,000

16,116,000

14,960,000

14,651,000

14,606,000

15,351,000

15,294,000

15,513,000

14,813,000

14,088,000

14,072,000

13,366,000

13,899,000

13,502,000

13,040,000

12,513,000

11,908,000

11,318,000

10,426,000

10,192,000

9,966,000

9,508,000

9,299,000

9,140,000

10,492,000

10,462,000

10,334,000

11,582,000

11,701,000

11,843,000

10,623,000

10,108,000

9,732,000

9,131,000

8,909,000

8,714,000

8,269,000

7,974,000

7,989,000

7,723,000

7,997,000

7,809,000

6,411,000

8,688,000

7,544,000

6,706,000

6,130,000

5,707,000

5,023,000

4,368,000

3,822,000

3,199,000

2,691,000

2,219,000

1,783,000

Accumulated Other Comprehensive Income

0
582,814
0
968,458
1,191,864
-328
-512,000
-5,000
-9,000
-70,000
-94,000
-88,000
-102,000
-188,000
-175,000
-99,000
-82,000
-151,000
-150,000
-139,000
-136,000
-176,000
-172,000
-176,000
-175,000
-171,000
-137,000
-133,000
-116,000
21,000
43,000
26,000
-16,000
-17,000
10,000
31,000
-4,000
-74,000
-49,000
-96,000
-543,000
-458,000
-1,369,000
-980,000
118,000
878,000
1,203,000
1,728,000
741,000
547,000
275,000
-86,000
110,000
-650,000
-340,000
-444,000
-279,000
354,000
1,154,000
372,000
601,000
436,000
-72,000
-405,000
-1,267,000
-2,369,000
-1,259,000
-990,000
-978,000
-1,317,000
-655,000

-655,000

-1,317,000

-978,000

-990,000

-1,259,000

-2,369,000

-1,267,000

-405,000

-72,000

436,000

601,000

372,000

1,154,000

354,000

-279,000

-444,000

-340,000

-650,000

110,000

-86,000

275,000

547,000

741,000

1,728,000

1,203,000

878,000

118,000

-980,000

-1,369,000

-458,000

-543,000

-96,000

-49,000

-74,000

-4,000

31,000

10,000

-17,000

-16,000

26,000

43,000

21,000

-116,000

-133,000

-137,000

-171,000

-175,000

-176,000

-172,000

-176,000

-136,000

-139,000

-150,000

-151,000

-82,000

-99,000

-175,000

-188,000

-102,000

-88,000

-94,000

-70,000

-9,000

-5,000

-512,000

-328

1,191,864

968,458

582,814

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
21,115,000
21,160,000
20,957,000
20,883,000
20,936,000
20,794,000
20,668,000
20,583,000
20,056,000
19,907,000
19,929,000
20,009,000
19,922,000
19,992,000
19,728,000
19,305,000
19,130,000
18,875,000
18,702,000
18,555,000
18,393,000
18,299,000
18,200,000
18,098,000
18,008,000
18,073,000
17,824,000
17,645,000
17,514,000
17,395,000
17,184,000
17,103,000
17,009,000
16,900,000
16,761,000
16,713,000
16,686,000
16,678,000
16,540,000
16,547,000
16,552,000
16,541,000
16,424,000
16,385,000
16,457,000
16,721,000
18,063,000
18,505,000
18,787,000
18,855,000
18,776,000
18,876,000
18,962,000
19,545,000
19,826,812
20,094,813
20,289,814
0
0

20,289,814

20,094,813

19,826,812

19,545,000

18,962,000

18,876,000

18,776,000

18,855,000

18,787,000

18,505,000

18,063,000

16,721,000

16,457,000

16,385,000

16,424,000

16,541,000

16,552,000

16,547,000

16,540,000

16,678,000

16,686,000

16,713,000

16,761,000

16,900,000

17,009,000

17,103,000

17,184,000

17,395,000

17,514,000

17,645,000

17,824,000

18,073,000

18,008,000

18,098,000

18,200,000

18,299,000

18,393,000

18,555,000

18,702,000

18,875,000

19,130,000

19,305,000

19,728,000

19,992,000

19,922,000

20,009,000

19,929,000

19,907,000

20,056,000

20,583,000

20,668,000

20,794,000

20,936,000

20,883,000

20,957,000

21,160,000

21,115,000

Treasury Stock

-170,000

-26,437,000

-26,052,000

-26,154,000

-25,544,000

-25,014,000

-24,680,000

-23,987,000

-1,000

-2,000

-35,000

Other Stockholders Equity

0
620,654
0
1,007,724
1,191,864
-500,999
17,297,000
20,970,000
21,007,000
21,025,000
21,057,000
21,075,000
21,113,000
21,158,000
20,956,000
20,883,000
20,936,000
20,794,000
20,668,000
20,583,000
20,056,000
19,907,000
19,929,000
20,009,000
19,922,000
19,992,000
19,728,000
19,305,000
19,130,000
18,875,000
18,702,000
18,555,000
18,393,000
18,299,000
18,200,000
18,098,000
18,008,000
18,073,000
17,824,000
17,645,000
17,319,000
17,191,000
16,886,000
17,026,000
17,001,000
16,848,000
16,756,000
16,707,000
16,681,000
16,671,000
16,448,000
16,384,000
16,383,000
16,370,000
16,249,000
16,201,000
16,433,000
16,682,000
18,029,000
21,811,000
18,763,000
18,722,000
18,665,000
18,756,000
21,790,000
-2,359,000
-2,009,000
-1,920,000
-1,811,000
-1,838,000
-1,754,000

-1,754,000

-1,838,000

-1,811,000

-1,920,000

-2,009,000

-2,359,000

21,790,000

18,756,000

18,665,000

18,722,000

18,763,000

21,811,000

18,029,000

16,682,000

16,433,000

16,201,000

16,249,000

16,370,000

16,383,000

16,384,000

16,448,000

16,671,000

16,681,000

16,707,000

16,756,000

16,848,000

17,001,000

17,026,000

16,886,000

17,191,000

17,319,000

17,645,000

17,824,000

18,073,000

18,008,000

18,098,000

18,200,000

18,299,000

18,393,000

18,555,000

18,702,000

18,875,000

19,130,000

19,305,000

19,728,000

19,992,000

19,922,000

20,009,000

19,929,000

19,907,000

20,056,000

20,583,000

20,668,000

20,794,000

20,936,000

20,883,000

20,956,000

21,158,000

21,113,000

21,075,000

21,057,000

21,025,000

21,007,000

20,970,000

17,297,000

-500,999

1,191,864

1,007,724

620,654

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2003-09-30
Accounts Payable	375,000	340,000	266,000	174,000	156,000	183,000	179,000	203,000	127,000	147,000	184,000	152,000	169,000	137,000	156,000	159,000	98,586	119,075	0	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	-1,317,000	-2,369,000	436,000	354,000	-650,000	547,000	878,000	-458,000	-74,000	-17,000	21,000	-171,000	-176,000	-151,000	-188,000	-70,000	-328	582,814	0	-
Additional Paid In Capital	0	0	0	0	0	16,678,000	16,900,000	17,395,000	0	0	0	0	26,437,000	25,014,000	0	0	0	0	0	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Stock	22,150,000	21,869,000	3,080,000	5,086,000	5,462,000	5,470,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	19,545,000	18,855,000	16,721,000	16,541,000	16,678,000	16,900,000	17,395,000	18,073,000	18,299,000	18,875,000	19,992,000	19,907,000	20,794,000	21,160,000	0	0	0	0	-
Cash	16,286,000	15,689,000	16,487,000	16,289,000	7,838,000	8,162,000	9,874,000	5,619,000	3,518,000	1,971,000	2,186,000	2,074,000	2,127,000	3,867,000	4,617,000	4,979,000	275,379	270,124	0	86,000
Cash And Equivalents	0	15,689,000	16,487,000	16,289,000	7,838,000	8,162,000	9,874,000	5,619,000	0	0	0	0	0	0	0	0	0	0	0	-
Cash And Short Term Investments	20,128,000	18,522,000	18,512,000	20,041,000	12,074,000	11,709,000	13,438,000	8,938,000	6,015,000	3,950,000	4,255,000	2,817,000	3,398,000	4,051,000	4,732,000	5,334,000	275,379	270,124	0	86,000
Common Stock	22,150,000	21,869,000	21,935,000	194	198	0	0	0	0	0	0	0	0	0	0	1,508,000	0	0	0	-
Common Stock Shares Outstanding	2,085,000	2,136,000	2,188,000	2,223,000	2,272,000	2,329,000	2,395,000	2,414,000	2,457,000	2,523,000	2,624,000	3,856,000	4,088,000	4,384,000	3,032,000	3,076,000	2,848,000	2,848,000	2,848,000	3,100,000
Common Stock Total Equity	0	19,545,000	0	0	0	0	0	0	0	0	0	0	26,437,000	25,014,000	0	0	0	0	0	-
Current Deferred Revenue	-106,000	0	6,971,000	5,311,000	0	0	4,871,000	0	81,000	82,000	60,000	59,000	63,000	42,000	39,000	37,000	11,880	675,139	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	5,332,000	6,128,000	5,237,000	4,807,000	4,618,000	5,980,000	4,808,000	4,123,000	4,145,000	4,149,000	4,058,000	4,205,000	4,181,000	3,807,000	0	0	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	17,997,000	17,787,000	15,958,000	15,910,000	15,656,000	15,194,000	15,110,000	15,066,000	11,825,000	11,753,000	11,681,000	11,681,000	11,668,000	11,447,000	10,208,000	10,213,000	0	0	0	-
Intangible Assets	26,104,000	25,065,000	27,664,000	27,808,000	26,780,000	27,558,000	27,848,000	27,234,000	11,361,000	11,411,000	11,351,000	11,420,000	11,436,000	11,478,000	10,883,000	10,883,000	0	0	0	-
Inventory	4,769,000	6,459,000	4,010,000	3,508,000	3,565,000	3,377,000	2,687,000	2,351,000	3,242,000	3,703,000	1,583,000	6,581,000	3,611,000	2,731,000	2,434,000	3,432,000	1,880,697	294,570	0	-
Liabilities And Stockholders Equity	90,499,000	85,501,000	82,896,000	80,919,000	72,574,000	69,225,000	67,977,000	64,035,000	40,236,000	38,569,000	35,956,000	40,013,000	34,760,000	33,408,000	32,281,000	34,981,000	4,390,117	2,963,918	0	1,905,000
Long Term Debt	20,463,000	20,200,000	19,978,000	21,071,000	16,729,000	16,630,000	16,618,000	15,882,000	0	0	0	0	0	32,000	44,000	55,000	0	41,280	0	-
Long Term Debt Total	0	20,200,000	19,978,000	21,071,000	16,729,000	16,630,000	16,618,000	15,882,000	0	0	0	0	0	32,000	44,000	0	0	0	0	-
Long Term Investments	1,921,000	2,136,000	1,705,000	231,000	2,157,000	4,082,000	1,926,000	3,931,000	3,384,000	3,015,000	2,760,000	3,283,000	711,000	24,000	168,000	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	4,177,000	6,761,000	4,490,000	7,781,000	8,891,000	8,468,000	8,493,000	10,263,000	-3,518,000	-1,971,000	-2,186,000	-2,074,000	-2,127,000	-3,823,000	-4,561,000	-4,873,000	-234,099	-196,505	0	88,000
Net Invested Capital	59,196,000	58,031,000	55,486,000	55,194,000	45,951,000	45,166,000	45,601,000	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Receivables	4,474,000	3,952,000	3,726,000	2,882,000	4,590,000	2,790,000	2,554,000	2,740,000	1,332,000	1,699,000	1,702,000	1,356,000	972,000	878,000	1,049,000	1,473,000	254,716	258,035	0	-
Net Tangible Assets	-8,863,000	-9,595,000	-9,113,000	-12,594,000	-13,214,000	-14,216,000	-15,724,000	-15,105,000	6,656,000	4,249,000	3,838,000	4,529,000	3,333,000	2,086,000	2,098,000	0	0	0	0	-
Net Working Capital	10,434,000	9,352,000	11,868,000	13,135,000	7,555,000	6,911,000	9,029,000	6,267,000	5,518,000	3,556,000	3,487,000	3,832,000	5,739,000	5,236,000	4,799,000	4,009,000	-775,150	200,968	0	-
Non Current Assets Total	56,967,000	55,296,000	55,289,000	53,274,000	51,604,000	51,009,000	48,954,000	49,722,000	29,344,000	29,007,000	28,134,000	28,227,000	25,570,000	24,674,000	23,040,000	23,807,000	1,883,178	1,369,987	0	1,038,000
Non Current Liabilities Other	3,091,000	3,535,000	3,462,000	3,891,000	2,939,000	2,666,000	2,625,000	2,387,000	897,000	1,005,000	602,000	371,000	667,000	683,000	795,000	0	0	0	0	-
Non Current Liabilities Total	28,668,000	29,067,000	29,568,000	30,199,000	24,475,000	23,914,000	25,223,000	23,077,000	5,020,000	5,150,000	4,751,000	4,429,000	4,872,000	4,896,000	4,646,000	6,675,000	1,570,745	950,301	0	1,357,000
Non Currrent Assets Other	7,394,000	6,998,000	7,167,000	6,525,000	4,292,000	1,703,000	1,817,000	1,273,000	830,000	893,000	99,000	-1,904,000	-375,000	-369,000	-228,000	-149,000	448,530	430,811	0	1,038,000
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	3,000	4,000	0	0	0	0	-
Other Assets	7,032,000	7,085,000	7,247,000	6,588,000	4,316,000	1,703,000	1,723,000	1,295,000	216,000	1,758,000	1,277,000	2,481,000	1,034,000	1,154,000	1,554,000	2,127,000	1,493,359	645,329	0	-
Other Current Assets	4,161,000	1,272,000	1,359,000	1,214,000	741,000	340,000	344,000	284,000	303,000	210,000	282,000	1,032,000	1,209,000	1,074,000	1,026,000	935,000	96,147	771,202	0	781,000
Other Current Liab	22,723,000	18,263,000	7,503,000	6,026,000	13,259,000	11,122,000	3,195,000	7,843,000	2,072,000	1,997,000	1,785,000	1,653,000	1,459,000	3,307,000	4,235,000	6,918,000	3,130,343	566,410	0	814,000
Other Liab	7,479,000	8,867,000	9,590,000	8,666,000	7,746,000	7,284,000	8,605,000	7,195,000	4,170,000	5,440,000	3,442,000	7,361,000	3,500,000	3,626,000	4,435,000	6,025,000	4,663,086	2,061,803	0	-
Other Stockholder Equity	-1,838,000	-2,359,000	-3,213,000	16,682,000	16,370,000	16,671,000	16,848,000	17,191,000	18,073,000	18,299,000	18,875,000	19,992,000	19,907,000	20,794,000	21,158,000	21,025,000	-500,999	620,654	0	-440,000
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Total Equity	0	2,324,000	3,080,000	5,086,000	5,462,000	5,470,000	5,526,000	5,717,000	0	0	0	0	26,437,000	25,014,000	0	2,644,000	0	0	0	-
Property Plant And Equipment Gross	8,780,000	8,881,000	7,674,000	2,737,000	2,695,000	2,472,000	2,253,000	2,150,000	1,888,000	1,892,000	1,732,000	1,634,000	1,541,000	1,357,000	1,204,000	1,080,000	0	0	0	-
Property Plant And Equipment Net	3,425,000	3,223,000	2,715,000	2,737,000	2,695,000	2,472,000	2,253,000	2,150,000	1,888,000	1,892,000	1,732,000	1,634,000	1,541,000	1,357,000	1,204,000	1,080,000	313,092	0	0	-
Property Plant Equipment	2,116,000	3,223,000	2,715,000	2,737,000	2,695,000	2,472,000	2,253,000	2,150,000	1,888,000	1,892,000	1,732,000	1,634,000	1,541,000	1,357,000	1,204,000	1,080,000	313,092	280,899	0	-
Retained Earnings	18,040,000	16,116,000	15,351,000	14,088,000	13,502,000	11,318,000	9,508,000	10,462,000	11,843,000	9,131,000	7,974,000	7,809,000	6,706,000	4,368,000	2,219,000	186,000	-500,999	583,772	0	-
Retained Earnings Total Equity	0	16,116,000	15,351,000	14,088,000	13,502,000	11,318,000	9,508,000	10,462,000	11,843,000	9,131,000	7,974,000	7,809,000	6,706,000	4,368,000	2,219,000	0	0	0	0	-
Short Long Term Debt	0	2,250,000	999,000	2,999,000	0	0	1,749,000	15,882,000	780,000	1,332,000	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	20,463,000	22,450,000	20,977,000	24,070,000	16,729,000	16,630,000	18,367,000	15,882,000	0	0	0	0	0	44,000	56,000	106,000	41,280	73,619	0	174,000
Short Term Debt	106,000	2,250,000	999,000	2,999,000	3,990,000	2,168,000	1,749,000	2,084,000	3,094,000	3,780,000	2,306,000	6,090,000	1,760,000	12,000	12,000	51,000	41,280	32,339	0	174,000
Short Term Investments	3,842,000	2,833,000	2,025,000	3,752,000	4,236,000	3,547,000	3,564,000	3,319,000	2,497,000	1,979,000	2,069,000	743,000	1,271,000	184,000	115,000	355,000	747,080	58,524	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	25,014,000	0	0	0	0	0	-
Total Assets	90,499,000	85,501,000	82,896,000	80,919,000	72,574,000	69,225,000	67,977,000	64,035,000	40,236,000	38,569,000	35,956,000	40,013,000	34,760,000	33,408,000	32,281,000	34,981,000	4,390,117	2,963,918	0	1,905,000
Total Current Assets	33,532,000	30,205,000	27,607,000	27,645,000	20,970,000	18,216,000	19,023,000	14,313,000	10,892,000	9,562,000	7,822,000	11,786,000	9,190,000	8,734,000	9,241,000	11,174,000	2,506,939	1,593,931	0	867,000
Total Current Liabilities	23,098,000	20,853,000	15,739,000	14,510,000	13,415,000	11,305,000	9,994,000	8,046,000	5,374,000	6,006,000	4,335,000	7,954,000	3,451,000	3,498,000	4,442,000	7,165,000	3,282,089	1,392,963	0	988,000
Total Liab	51,766,000	49,920,000	45,307,000	44,709,000	37,890,000	35,219,000	35,217,000	31,123,000	10,394,000	11,156,000	9,086,000	12,383,000	8,323,000	8,394,000	9,088,000	13,840,000	4,852,834	2,343,264	0	2,345,000
Total Permanent Equity	0	0	0	0	0	34,006,000	32,760,000	32,912,000	0	0	0	0	26,437,000	25,014,000	0	0	0	0	0	-
Total Stockholder Equity	38,733,000	35,581,000	37,589,000	36,210,000	34,684,000	34,006,000	32,760,000	32,912,000	29,842,000	27,413,000	26,870,000	27,630,000	26,437,000	25,011,000	23,189,000	21,141,000	-501,327	582,814	0	-440,000
Treasury Stock	0	0	0	0	0	0	0	-170,000	0	0	0	0	-26,437,000	-25,014,000	-2,000	-35,000	0	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30
Accounts Payable	348,000	375,000	281,000	280,000	258,000	340,000	228,000	182,000	252,000	266,000	172,000	126,000	131,000	174,000	153,000	161,000	133,000	156,000	150,000	119,000	124,000	183,000	145,000	136,000	108,000	179,000	130,000	120,000	118,000	203,000	115,000	90,000	118,000	127,000	89,000	81,000	135,000	147,000	101,000	114,000	101,000	184,000	131,000	118,000	114,000	152,000	111,000	75,000	87,000	169,000	93,000	86,000	95,000	137,000	94,000	78,000	87,000	156,000	106,000	72,000	93,000	159,000	109,000	111,000	76,000	98,586	73,662	64,157	0	119,075	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-655,000	-1,317,000	-978,000	-990,000	-1,259,000	-2,369,000	-1,267,000	-405,000	-72,000	436,000	601,000	372,000	1,154,000	354,000	-279,000	-444,000	-340,000	-650,000	110,000	-86,000	275,000	547,000	741,000	1,728,000	1,203,000	878,000	118,000	-980,000	-1,369,000	-458,000	-543,000	-96,000	-49,000	-74,000	-4,000	31,000	10,000	-17,000	-16,000	26,000	43,000	21,000	-116,000	-133,000	-137,000	-171,000	-175,000	-176,000	-172,000	-176,000	-136,000	-139,000	-150,000	-151,000	-82,000	-99,000	-175,000	-188,000	-102,000	-88,000	-94,000	-70,000	-9,000	-5,000	-512,000	-328	1,191,864	968,458	0	582,814	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16,678,000	0	0	0	16,900,000	0	0	0	17,395,000	17,514,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	26,052,000	26,154,000	25,544,000	25,014,000	24,680,000	23,987,000	23,477,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	22,105,000	22,150,000	22,076,000	21,980,000	21,808,000	21,869,000	2,851,000	2,987,000	2,995,000	3,080,000	3,132,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	20,289,814	20,094,813	19,826,812	19,545,000	18,962,000	18,876,000	18,776,000	18,855,000	18,787,000	18,505,000	18,063,000	16,721,000	16,457,000	16,385,000	16,424,000	16,541,000	16,552,000	16,547,000	16,540,000	16,678,000	16,686,000	16,713,000	16,761,000	16,900,000	17,009,000	17,103,000	17,184,000	17,395,000	17,514,000	17,645,000	17,824,000	18,073,000	18,008,000	18,098,000	18,200,000	18,299,000	18,393,000	18,555,000	18,702,000	18,875,000	19,130,000	19,305,000	19,728,000	19,992,000	19,922,000	20,009,000	19,929,000	19,907,000	20,056,000	20,583,000	20,668,000	20,794,000	20,936,000	20,883,000	20,957,000	21,160,000	21,115,000	0	0	0	0	0	0	0	0	0	0	0	0
Cash	13,591,000	16,286,000	15,590,000	13,842,000	13,334,000	15,689,000	14,047,000	12,299,000	14,720,000	16,487,000	18,034,000	16,494,000	15,032,000	16,289,000	13,898,000	9,740,000	8,768,000	7,838,000	7,912,000	7,648,000	8,289,000	8,162,000	8,505,000	8,142,000	8,138,000	9,874,000	7,437,000	6,427,000	5,824,000	5,619,000	5,887,000	15,943,000	12,837,000	3,518,000	2,147,000	2,039,000	2,085,000	1,971,000	2,058,000	1,820,000	2,121,000	2,186,000	1,453,000	1,377,000	1,334,000	2,074,000	1,558,000	2,042,000	1,942,000	2,127,000	3,600,000	3,512,000	3,684,000	3,867,000	5,205,000	4,560,000	4,160,000	4,617,000	4,200,000	3,363,000	2,613,000	4,979,000	5,762,000	5,041,000	1,698,000	275,379	589,733	386,042	0	270,124	0
Cash And Equivalents	0	0	15,590,000	13,842,000	13,334,000	15,689,000	14,047,000	12,299,000	14,720,000	16,487,000	18,034,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	18,596,000	20,128,000	18,756,000	16,594,000	16,119,000	18,522,000	17,356,000	13,529,000	15,921,000	18,512,000	19,240,000	18,552,000	18,041,000	20,041,000	16,637,000	12,151,000	12,670,000	12,074,000	11,177,000	11,524,000	11,750,000	11,709,000	11,901,000	11,719,000	11,551,000	13,438,000	10,191,000	7,922,000	9,521,000	8,938,000	8,752,000	19,897,000	21,345,000	6,015,000	4,722,000	4,606,000	4,580,000	3,950,000	4,064,000	3,494,000	4,090,000	4,255,000	3,348,000	2,719,000	2,785,000	2,817,000	2,303,000	2,957,000	2,741,000	3,398,000	3,820,000	3,709,000	3,885,000	4,051,000	5,290,000	4,645,000	4,253,000	4,732,000	4,330,000	3,489,000	2,802,000	5,334,000	6,239,000	5,639,000	2,427,000	275,379	589,733	386,042	0	270,124	0
Common Stock	22,105,000	22,150,000	22,076,000	21,980,000	21,808,000	21,869,000	189	190	192	193	195	195	196	194	195	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,508,000	0	1,508,000	0	0	0	0	0	0	0
Common Stock Shares Outstanding	2,045,000	2,065,000	2,080,000	2,093,000	2,102,000	2,116,000	2,129,000	2,142,000	2,159,000	2,175,000	2,184,000	2,193,000	2,200,000	2,208,000	2,214,000	2,228,000	2,240,000	2,253,000	2,265,000	2,279,000	2,291,000	2,306,000	2,321,000	2,337,000	2,353,000	2,368,000	2,385,000	2,406,000	2,421,000	2,440,000	2,417,647	2,401,000	2,430,000	2,440,000	2,453,623	2,460,000	2,484,127	2,493,000	2,511,111	2,534,000	2,527,834	2,543,837	2,571,838	2,595,836	2,639,837	2,712,000	3,240,000	2,704,000	2,760,000	2,828,000	3,300,000	2,856,000	2,876,000	4,384,000	3,352,000	2,968,000	2,980,000	3,032,000	3,024,000	3,024,000	3,092,000	3,452,000	3,104,000	3,112,000	3,100,000	2,848,000	2,816,000	2,816,000	2,816,000	2,848,000	2,816,000
Common Stock Total Equity	0	0	20,290,000	20,095,000	19,827,000	19,545,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	26,052,000	26,154,000	25,544,000	25,014,000	24,680,000	23,987,000	23,477,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	0	-106,000	0	0	0	0	0	0	0	6,971,000	0	0	0	5,311,000	6,981,000	5,708,000	8,478,000	0	0	0	0	0	0	0	0	4,871,000	4,648,000	5,542,000	5,032,000	0	0	0	80,000	81,000	0	0	79,000	82,000	0	0	72,000	60,000	0	0	0	59,000	0	0	0	63,000	1,922,000	1,966,000	2,221,000	42,000	2,112,000	2,262,000	2,409,000	39,000	3,210,000	3,153,000	3,562,000	37,000	2,361,000	2,429,000	3,275,000	11,880	675,047	678,756	0	675,139	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	5,380,000	5,462,000	5,443,000	5,332,000	5,685,000	6,081,000	6,078,000	6,128,000	6,240,000	5,212,000	5,343,000	5,237,000	4,728,000	4,796,000	4,810,000	4,807,000	4,930,000	4,911,000	4,835,000	4,618,000	4,802,000	5,110,000	5,107,000	5,980,000	5,888,000	5,731,000	4,822,000	4,808,000	4,977,000	3,256,000	3,344,000	4,123,000	4,134,000	4,131,000	4,139,000	4,145,000	4,170,000	4,146,000	4,160,000	4,149,000	4,043,000	4,046,000	4,057,000	4,058,000	3,944,000	3,941,000	4,212,000	4,205,000	4,254,000	4,205,000	4,186,000	4,181,000	3,798,000	3,808,000	3,806,000	3,807,000	3,653,000	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	18,120,000	17,997,000	18,082,000	18,078,000	18,024,000	17,787,000	17,977,000	18,143,000	16,555,000	15,958,000	16,021,000	15,980,000	16,121,000	15,910,000	15,791,000	15,755,000	15,767,000	15,656,000	15,313,000	15,088,000	15,149,000	15,194,000	15,204,000	15,372,000	15,162,000	15,110,000	15,009,000	14,825,000	14,892,000	15,066,000	15,044,000	11,836,000	11,825,000	11,825,000	11,825,000	11,753,000	11,753,000	11,753,000	11,741,000	11,681,000	11,681,000	11,681,000	11,681,000	11,681,000	11,681,000	11,681,000	11,681,000	11,668,000	11,668,000	11,668,000	11,668,000	11,588,000	11,447,000	11,447,000	10,208,000	10,208,000	10,208,000	10,208,000	10,213,000	10,213,000	10,213,000	10,213,000	10,139,000	10,216,000	9,055,000	0	0	0	0	0	0
Intangible Assets	26,739,000	26,104,000	26,576,000	26,574,000	26,307,000	25,065,000	26,093,000	27,006,000	27,272,000	27,664,000	28,023,000	27,823,000	28,593,000	27,808,000	27,188,000	27,011,000	27,137,000	26,780,000	27,272,000	26,966,000	27,301,000	27,558,000	27,628,000	28,537,000	28,109,000	27,848,000	27,322,000	26,416,000	26,381,000	27,234,000	27,078,000	11,335,000	11,348,000	11,361,000	11,375,000	11,379,000	11,395,000	11,411,000	11,427,000	11,317,000	11,334,000	11,351,000	11,368,000	11,385,000	11,403,000	11,420,000	11,437,000	11,437,000	11,454,000	11,436,000	11,453,000	11,464,000	11,463,000	11,478,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	10,883,000	0	0	0	0	0	0
Inventory	4,780,000	4,769,000	4,534,000	4,355,000	4,296,000	6,459,000	6,411,000	5,486,000	4,695,000	4,010,000	3,966,000	3,800,000	3,616,000	3,508,000	3,660,000	3,851,000	3,912,000	3,565,000	3,218,000	3,399,000	3,282,000	3,377,000	3,378,000	2,726,000	2,542,000	2,687,000	2,695,000	2,860,000	2,450,000	2,351,000	2,766,000	2,757,000	2,349,000	3,242,000	3,502,000	3,681,000	3,684,000	3,703,000	3,115,000	3,141,000	1,692,000	1,583,000	1,515,000	1,527,000	1,433,000	6,581,000	6,250,000	5,044,000	4,985,000	3,611,000	3,648,000	3,940,000	3,390,000	2,731,000	2,597,000	2,248,000	2,172,000	2,434,000	2,859,000	2,600,000	3,270,000	3,432,000	2,173,000	2,242,000	906,000	1,880,697	297,656	283,436	0	294,570	0
Liabilities And Stockholders Equity	91,409,000	90,499,000	89,234,000	86,755,000	85,387,000	85,501,000	85,410,000	81,808,000	81,929,000	82,896,000	82,671,000	80,195,000	80,426,000	80,919,000	77,884,000	72,820,000	74,781,000	72,574,000	70,249,000	69,865,000	71,655,000	69,225,000	68,175,000	69,042,000	67,154,000	67,977,000	64,000,000	63,227,000	63,370,000	64,035,000	63,867,000	54,326,000	54,977,000	40,236,000	39,429,000	38,835,000	38,884,000	38,569,000	37,675,000	37,263,000	36,248,000	35,956,000	35,285,000	35,059,000	35,859,000	40,013,000	38,741,000	36,846,000	35,768,000	34,760,000	34,445,000	34,422,000	33,989,000	33,408,000	32,692,000	32,068,000	31,715,000	32,281,000	32,624,000	31,964,000	31,822,000	34,981,000	34,442,000	33,869,000	27,742,000	4,390,117	3,434,309	3,252,476	0	2,963,918	0
Long Term Debt	20,703,000	20,463,000	20,560,000	20,606,000	20,487,000	20,200,000	20,546,000	17,479,000	17,673,000	19,978,000	20,996,000	20,974,000	21,055,000	21,071,000	17,880,000	13,893,000	13,688,000	16,729,000	16,694,000	16,630,000	16,633,000	16,630,000	16,627,000	16,624,000	16,621,000	16,618,000	14,142,000	14,140,000	14,138,000	15,882,000	15,879,000	15,876,000	15,877,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	22,000	25,000	29,000	32,000	35,000	38,000	41,000	44,000	46,000	50,000	53,000	55,000	98,000	40,000	40,000	0	0	0	0	41,280	0
Long Term Debt Total	0	0	20,560,000	20,606,000	20,487,000	20,200,000	20,546,000	17,479,000	17,673,000	19,978,000	20,996,000	20,974,000	21,055,000	21,071,000	17,880,000	13,893,000	13,688,000	16,729,000	16,694,000	16,630,000	16,633,000	16,630,000	16,627,000	16,624,000	16,621,000	16,618,000	14,142,000	14,140,000	14,138,000	15,882,000	15,879,000	15,876,000	15,877,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	22,000	25,000	29,000	32,000	35,000	38,000	41,000	44,000	46,000	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	2,809,000	1,921,000	2,122,000	2,840,000	2,735,000	2,136,000	2,240,000	2,296,000	2,087,000	1,705,000	1,111,000	110,000	161,000	231,000	547,000	1,064,000	1,719,000	2,157,000	2,918,000	3,506,000	4,132,000	4,082,000	2,835,000	2,602,000	2,674,000	1,926,000	2,117,000	2,882,000	3,802,000	3,931,000	3,762,000	3,577,000	3,487,000	3,384,000	3,300,000	2,779,000	3,028,000	3,015,000	2,798,000	3,066,000	3,040,000	2,760,000	3,189,000	2,974,000	3,401,000	3,283,000	2,923,000	1,696,000	899,000	711,000	7,000	7,000	13,000	24,000	128,000	154,000	159,000	168,000	181,000	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	7,112,000	4,177,000	4,970,000	6,764,000	7,153,000	6,761,000	9,748,000	8,728,000	6,200,000	4,490,000	2,962,000	4,480,000	6,023,000	7,781,000	6,981,000	8,152,000	7,920,000	8,891,000	8,782,000	8,982,000	8,344,000	8,468,000	8,122,000	8,482,000	8,483,000	8,493,000	8,454,000	9,461,000	10,627,000	10,263,000	9,992,000	-67,000	3,040,000	-3,518,000	-2,147,000	-2,039,000	-2,085,000	-1,971,000	-2,058,000	-1,820,000	-2,121,000	-2,186,000	-1,453,000	-1,377,000	-1,334,000	-2,074,000	-1,558,000	-2,042,000	-1,942,000	-2,127,000	-3,565,000	-3,475,000	-3,643,000	-3,823,000	-5,158,000	-4,510,000	-4,107,000	-4,561,000	-4,102,000	-3,261,000	-2,509,000	-4,873,000	-5,653,000	-4,929,000	-1,583,000	-234,099	-540,368	-328,592	0	-196,505	0
Net Invested Capital	60,436,000	59,196,000	59,541,000	59,171,000	57,411,000	58,031,000	56,427,000	54,029,000	54,119,000	55,486,000	55,654,000	55,323,000	55,051,000	55,194,000	51,105,000	47,015,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	5,031,000	4,474,000	4,736,000	4,064,000	4,240,000	3,952,000	3,881,000	3,767,000	3,956,000	3,726,000	3,515,000	3,225,000	3,342,000	2,882,000	3,564,000	2,948,000	4,934,000	4,590,000	3,220,000	2,978,000	4,528,000	2,790,000	2,835,000	3,760,000	2,899,000	2,554,000	2,524,000	4,431,000	2,453,000	2,740,000	2,565,000	1,358,000	1,365,000	1,332,000	1,596,000	1,575,000	1,400,000	1,699,000	1,625,000	1,617,000	1,748,000	1,702,000	1,838,000	2,453,000	3,001,000	1,356,000	1,236,000	1,163,000	1,138,000	972,000	956,000	935,000	1,033,000	878,000	917,000	1,168,000	1,272,000	1,049,000	1,417,000	1,251,000	1,123,000	1,473,000	1,572,000	1,478,000	1,687,000	254,716	268,404	254,391	0	258,035	0
Net Tangible Assets	0	-8,863,000	-7,463,000	-7,972,000	-9,388,000	-9,595,000	-11,438,000	-12,147,000	-10,628,000	-9,113,000	-9,386,000	-9,454,000	-10,718,000	-12,594,000	-12,753,000	-13,643,000	-13,096,000	-13,214,000	-18,514,000	-18,707,000	-19,283,000	-14,216,000	-20,454,000	-20,758,000	-20,822,000	-15,724,000	-15,913,000	-16,055,000	-15,264,000	-15,105,000	-15,012,000	5,960,000	6,303,000	6,656,000	5,427,000	5,105,000	4,794,000	4,249,000	4,118,000	4,297,000	3,999,000	3,838,000	3,954,000	3,829,000	4,504,000	4,529,000	3,040,000	5,416,000	4,179,000	3,333,000	2,929,000	3,099,000	2,631,000	2,086,000	3,585,000	2,892,000	2,381,000	2,098,000	1,698,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	10,098,000	10,434,000	10,440,000	9,560,000	8,506,000	9,352,000	8,662,000	5,389,000	7,338,000	11,868,000	14,019,000	14,190,000	13,890,000	13,135,000	8,911,000	3,965,000	4,740,000	7,555,000	7,476,000	7,110,000	6,718,000	6,911,000	7,557,000	8,985,000	8,924,000	9,029,000	6,207,000	5,299,000	4,348,000	6,267,000	6,591,000	19,178,000	20,116,000	5,518,000	4,279,000	4,662,000	4,066,000	3,556,000	3,711,000	3,546,000	3,380,000	3,487,000	3,270,000	3,375,000	3,640,000	3,832,000	3,045,000	6,708,000	6,441,000	5,739,000	5,985,000	6,141,000	5,676,000	5,236,000	6,368,000	5,578,000	5,116,000	4,799,000	5,127,000	3,982,000	3,477,000	4,009,000	4,696,000	4,245,000	634,000	-775,150	804,279	777,976	0	200,968	0
Non Current Assets Total	58,677,000	56,967,000	57,564,000	58,098,000	57,528,000	55,296,000	56,439,000	57,717,000	56,023,000	55,289,000	54,629,000	53,294,000	54,146,000	53,274,000	52,873,000	52,913,000	52,462,000	51,604,000	51,944,000	51,375,000	51,548,000	51,009,000	49,684,000	50,506,000	49,867,000	48,954,000	48,282,000	47,722,000	48,681,000	49,722,000	49,493,000	30,023,000	29,504,000	29,344,000	29,361,000	28,730,000	29,020,000	29,007,000	28,650,000	28,756,000	28,483,000	28,134,000	28,344,000	28,145,000	28,472,000	28,227,000	27,842,000	26,551,000	25,790,000	25,570,000	24,931,000	24,816,000	24,634,000	24,674,000	22,846,000	22,953,000	22,962,000	23,040,000	23,062,000	23,739,000	23,733,000	23,807,000	23,681,000	23,783,000	21,929,000	1,883,178	1,437,207	1,211,872	0	1,369,987	0
Non Current Liabilities Other	3,064,000	3,091,000	3,083,000	3,025,000	3,180,000	3,535,000	3,387,000	3,557,000	3,416,000	3,462,000	3,622,000	3,602,000	3,959,000	3,891,000	3,652,000	3,604,000	3,434,000	2,939,000	2,801,000	2,669,000	2,703,000	2,666,000	2,494,000	3,654,000	3,662,000	2,625,000	2,515,000	2,367,000	2,343,000	2,387,000	2,401,000	938,000	923,000	897,000	879,000	1,024,000	1,005,000	1,005,000	905,000	861,000	689,000	602,000	568,000	579,000	467,000	371,000	785,000	797,000	718,000	667,000	588,000	573,000	551,000	683,000	701,000	698,000	754,000	795,000	1,691,000	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	29,042,000	28,668,000	29,023,000	29,093,000	29,110,000	29,067,000	29,618,000	27,117,000	27,167,000	29,568,000	30,858,000	29,788,000	30,357,000	30,199,000	26,260,000	22,293,000	21,932,000	24,475,000	24,425,000	24,210,000	24,171,000	23,914,000	23,923,000	25,388,000	25,390,000	25,223,000	22,545,000	22,238,000	21,303,000	23,077,000	23,257,000	20,070,000	20,144,000	5,020,000	5,013,000	5,155,000	5,144,000	5,150,000	5,075,000	5,007,000	4,849,000	4,751,000	4,611,000	4,625,000	4,524,000	4,429,000	4,729,000	4,738,000	4,930,000	4,872,000	4,864,000	4,803,000	4,766,000	4,896,000	4,534,000	4,544,000	4,601,000	4,646,000	5,390,000	5,597,000	5,565,000	6,675,000	5,701,000	6,840,000	5,847,000	1,570,745	1,006,584	982,124	0	950,301	0
Non Currrent Assets Other	7,537,000	7,394,000	7,414,000	7,247,000	7,226,000	6,998,000	6,983,000	7,152,000	7,201,000	7,247,000	6,767,000	6,697,000	6,558,000	6,588,000	6,601,000	6,307,000	5,100,000	4,316,000	3,892,000	3,359,000	2,529,000	1,703,000	1,630,000	1,629,000	1,684,000	1,817,000	1,632,000	1,466,000	1,405,000	1,273,000	1,473,000	1,392,000	960,000	830,000	1,014,000	138,000	56,000	893,000	82,000	932,000	216,000	580,000	417,000	10,000	-43,000	123,000	220,000	-220,000	-234,000	114,000	293,000	-193,000	-214,000	254,000	442,000	55,000	-86,000	475,000	615,000	638,000	388,000	795,000	1,611,000	931,000	-75,000	448,530	407,430	408,622	0	430,811	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	2,000	3,000	3,000	3,000	4,000	4,000	5,000	4,000	5,000	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	7,032,000	7,414,000	7,247,000	7,226,000	7,085,000	6,983,000	7,152,000	7,201,000	7,247,000	6,767,000	6,697,000	6,719,000	6,588,000	6,601,000	6,307,000	5,100,000	4,316,000	3,892,000	3,359,000	2,370,000	1,566,000	1,505,000	48,140,000	47,629,000	46,701,000	46,080,000	45,589,000	46,480,000	47,572,000	47,357,000	28,140,000	27,620,000	27,456,000	27,514,000	26,887,000	27,159,000	27,115,000	26,878,000	26,996,000	26,737,000	26,402,000	26,655,000	26,471,000	26,831,000	26,593,000	26,261,000	25,011,000	24,248,000	24,029,000	23,421,000	23,363,000	23,254,000	23,317,000	21,661,000	21,770,000	21,759,000	21,836,000	21,892,000	22,584,000	22,616,000	22,727,000	22,633,000	22,765,000	21,017,000	1,570,086	0	0	0	1,089,088	0
Other Current Assets	4,325,000	4,161,000	3,644,000	3,644,000	3,204,000	1,272,000	7,734,000	1,309,000	1,334,000	1,359,000	1,321,000	5,124,000	1,281,000	1,214,000	1,150,000	957,000	803,000	741,000	690,000	589,000	547,000	340,000	377,000	331,000	295,000	344,000	308,000	292,000	265,000	284,000	291,000	291,000	414,000	303,000	248,000	243,000	200,000	210,000	221,000	255,000	235,000	282,000	240,000	215,000	168,000	1,032,000	1,110,000	1,131,000	1,114,000	1,209,000	1,092,000	1,022,000	1,047,000	1,074,000	1,046,000	1,054,000	1,056,000	1,026,000	956,000	885,000	894,000	935,000	777,000	727,000	793,000	96,147	841,309	1,116,735	0	771,202	0
Other Current Liab	22,286,000	22,723,000	20,949,000	18,817,000	19,095,000	18,263,000	16,832,000	14,972,000	15,069,000	7,503,000	13,851,000	12,585,000	12,259,000	6,026,000	5,967,000	6,074,000	5,968,000	13,259,000	10,679,000	11,261,000	13,265,000	11,122,000	10,789,000	9,415,000	8,255,000	3,195,000	2,984,000	2,796,000	2,878,000	7,843,000	7,668,000	5,035,000	2,321,000	2,072,000	5,700,000	5,362,000	2,435,000	1,997,000	5,213,000	4,847,000	2,038,000	1,785,000	3,540,000	3,421,000	3,633,000	1,653,000	1,649,000	3,512,000	3,450,000	1,459,000	1,503,000	1,401,000	1,351,000	3,307,000	1,264,000	1,185,000	1,129,000	4,235,000	1,067,000	966,000	906,000	2,314,000	3,584,000	3,229,000	1,753,000	3,130,343	424,625	493,801	0	566,410	0
Other Liab	0	7,479,000	0	0	8,623,000	8,867,000	9,072,000	9,638,000	9,494,000	9,590,000	9,862,000	8,814,000	9,302,000	8,666,000	7,826,000	7,861,000	7,752,000	7,746,000	7,731,000	7,580,000	7,538,000	7,284,000	7,296,000	3,654,000	3,662,000	2,625,000	2,515,000	2,367,000	2,343,000	2,387,000	2,401,000	938,000	923,000	897,000	879,000	1,024,000	1,005,000	1,005,000	905,000	861,000	689,000	602,000	568,000	579,000	467,000	371,000	785,000	797,000	718,000	667,000	588,000	573,000	551,000	683,000	701,000	698,000	754,000	795,000	1,691,000	1,688,000	1,669,000	1,673,000	2,058,000	2,110,000	2,149,000	1,570,745	0	0	0	909,021	0
Other Stockholder Equity	-1,754,000	-1,838,000	-1,811,000	-1,920,000	-2,009,000	-2,359,000	21,790,000	18,756,000	18,665,000	18,722,000	18,763,000	21,811,000	18,029,000	16,682,000	16,433,000	16,201,000	16,249,000	16,370,000	16,383,000	16,384,000	16,448,000	16,671,000	16,681,000	16,707,000	16,756,000	16,848,000	17,001,000	17,026,000	16,886,000	17,191,000	17,319,000	17,645,000	17,824,000	18,073,000	18,008,000	18,098,000	18,200,000	18,299,000	18,393,000	18,555,000	18,702,000	18,875,000	19,130,000	19,305,000	19,728,000	19,992,000	19,922,000	20,009,000	19,929,000	19,907,000	20,056,000	20,583,000	20,668,000	20,794,000	20,936,000	20,883,000	20,956,000	21,158,000	21,113,000	21,075,000	21,057,000	21,025,000	21,007,000	20,970,000	17,297,000	-500,999	1,191,864	1,007,724	0	620,654	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	1,786,000	1,885,000	1,981,000	2,324,000	2,851,000	2,987,000	2,995,000	3,080,000	3,132,000	3,347,000	3,683,000	5,086,000	5,298,000	5,462,000	5,462,000	5,462,000	10,924,000	10,928,000	10,928,000	5,470,000	10,940,000	10,952,000	10,952,000	5,526,000	5,526,000	5,597,000	5,717,000	5,717,000	5,717,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	26,052,000	26,154,000	25,544,000	25,014,000	24,680,000	23,987,000	23,477,000	0	0	0	0	1,136,000	1,127,000	1,127,000	0	0	0	0	0	0	0
Property Plant And Equipment Gross	0	8,780,000	0	0	0	8,881,000	0	0	0	0	2,707,000	2,684,000	2,713,000	2,737,000	2,746,000	2,776,000	2,739,000	2,695,000	2,549,000	2,456,000	2,437,000	2,472,000	2,387,000	2,366,000	2,238,000	2,253,000	2,202,000	2,133,000	2,201,000	2,150,000	2,136,000	1,883,000	1,884,000	1,888,000	1,847,000	1,843,000	1,861,000	1,892,000	1,772,000	1,760,000	1,746,000	1,732,000	1,689,000	1,674,000	1,641,000	1,634,000	1,581,000	1,540,000	1,542,000	1,541,000	1,510,000	1,453,000	1,380,000	1,357,000	1,185,000	1,183,000	1,203,000	1,204,000	1,170,000	1,155,000	1,117,000	1,080,000	1,048,000	1,018,000	912,000	0	0	0	0	0	0
Property Plant And Equipment Net	3,472,000	3,425,000	3,370,000	3,359,000	3,236,000	3,223,000	3,146,000	3,120,000	2,908,000	2,715,000	2,707,000	2,684,000	2,713,000	2,737,000	2,746,000	2,776,000	2,739,000	2,695,000	2,549,000	2,456,000	2,437,000	2,472,000	2,387,000	2,366,000	2,238,000	2,253,000	2,202,000	2,133,000	2,201,000	2,150,000	2,136,000	1,883,000	1,884,000	1,888,000	1,847,000	1,843,000	1,861,000	1,892,000	1,772,000	1,760,000	1,746,000	1,732,000	1,689,000	1,674,000	1,641,000	1,634,000	1,581,000	1,540,000	1,542,000	1,541,000	1,510,000	1,453,000	1,380,000	1,357,000	1,185,000	1,183,000	1,203,000	1,204,000	1,170,000	1,155,000	1,117,000	1,080,000	1,048,000	1,018,000	912,000	313,092	0	0	0	0	0
Property Plant Equipment	0	2,116,000	3,370,000	3,359,000	3,236,000	3,223,000	3,146,000	3,120,000	2,908,000	2,715,000	2,707,000	2,684,000	2,713,000	2,737,000	2,746,000	2,776,000	2,739,000	2,695,000	2,549,000	2,456,000	2,238,000	2,472,000	2,387,000	2,366,000	2,238,000	2,253,000	2,202,000	2,133,000	2,201,000	2,150,000	2,136,000	1,883,000	1,884,000	1,888,000	1,847,000	1,843,000	1,861,000	1,892,000	1,772,000	1,760,000	1,746,000	1,732,000	1,689,000	1,674,000	1,641,000	1,634,000	1,581,000	1,540,000	1,542,000	1,541,000	1,510,000	1,453,000	1,380,000	1,357,000	1,185,000	1,183,000	1,203,000	1,204,000	1,170,000	1,155,000	1,117,000	1,080,000	1,048,000	1,018,000	912,000	313,092	0	0	0	280,899	0
Retained Earnings	18,422,000	18,040,000	17,908,000	17,610,000	16,403,000	16,116,000	14,960,000	14,651,000	14,606,000	15,351,000	15,294,000	15,513,000	14,813,000	14,088,000	14,072,000	13,366,000	13,899,000	13,502,000	13,040,000	12,513,000	11,908,000	11,318,000	10,426,000	10,192,000	9,966,000	9,508,000	9,299,000	9,140,000	10,492,000	10,462,000	10,334,000	11,582,000	11,701,000	11,843,000	10,623,000	10,108,000	9,732,000	9,131,000	8,909,000	8,714,000	8,269,000	7,974,000	7,989,000	7,723,000	7,997,000	7,809,000	6,411,000	8,688,000	7,544,000	6,706,000	6,130,000	5,707,000	5,023,000	4,368,000	3,822,000	3,199,000	2,691,000	2,219,000	1,783,000	1,133,000	677,000	186,000	551,000	223,000	-69,000	-500,999	0	0	0	582,814	0
Retained Earnings Total Equity	0	0	17,908,000	17,610,000	16,403,000	16,116,000	14,960,000	14,651,000	14,606,000	15,351,000	15,294,000	15,513,000	14,813,000	14,088,000	14,072,000	13,366,000	13,899,000	13,502,000	13,040,000	12,513,000	11,908,000	11,318,000	10,426,000	10,192,000	9,966,000	9,508,000	9,299,000	9,140,000	10,492,000	10,462,000	10,334,000	11,582,000	11,701,000	11,843,000	10,623,000	10,108,000	9,732,000	9,131,000	8,909,000	8,714,000	8,269,000	7,974,000	7,989,000	7,723,000	7,997,000	7,809,000	6,411,000	8,688,000	7,544,000	6,706,000	6,130,000	5,707,000	5,023,000	4,368,000	3,822,000	3,199,000	2,691,000	2,219,000	1,783,000	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	2,250,000	3,249,000	3,548,000	3,247,000	999,000	0	0	0	2,999,000	2,999,000	3,999,000	3,000,000	0	0	0	0	0	16,627,000	16,624,000	16,621,000	1,749,000	15,891,000	4,627,000	4,372,000	15,882,000	1,999,000	0	0	780,000	0	0	0	1,332,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	20,703,000	20,463,000	20,560,000	20,606,000	20,487,000	22,450,000	23,795,000	21,027,000	20,920,000	20,977,000	20,996,000	20,974,000	21,055,000	24,070,000	20,879,000	17,892,000	16,688,000	16,729,000	16,694,000	16,630,000	16,633,000	16,630,000	16,627,000	16,624,000	16,621,000	18,367,000	15,891,000	15,888,000	16,451,000	15,882,000	15,879,000	15,876,000	15,877,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	35,000	37,000	41,000	44,000	47,000	50,000	53,000	56,000	98,000	102,000	104,000	106,000	109,000	112,000	115,000	41,280	49,365	57,450	0	73,619	0
Short Term Debt	0	106,000	3,675,000	3,069,000	3,573,000	2,250,000	3,249,000	3,548,000	3,247,000	999,000	2,376,000	2,000,000	2,048,000	2,999,000	2,999,000	3,999,000	3,000,000	3,990,000	2,420,000	2,081,000	3,890,000	2,168,000	2,310,000	3,052,000	2,302,000	1,749,000	1,749,000	1,748,000	2,313,000	2,084,000	1,999,000	723,000	2,838,000	3,094,000	1,237,000	1,126,000	3,149,000	3,780,000	1,307,000	1,099,000	2,174,000	2,306,000	817,000	722,000	1,072,000	719,000	747,000	702,000	426,000	449,000	13,000	12,000	12,000	12,000	12,000	12,000	12,000	12,000	52,000	52,000	51,000	51,000	11,000	72,000	75,000	41,280	19,489	25,914	0	32,339	0
Short Term Investments	5,005,000	3,842,000	3,166,000	2,752,000	2,785,000	2,833,000	3,309,000	1,230,000	1,201,000	2,025,000	1,206,000	2,058,000	3,009,000	3,752,000	2,739,000	2,411,000	3,902,000	4,236,000	3,265,000	3,876,000	3,461,000	3,547,000	3,396,000	3,577,000	3,413,000	3,564,000	2,754,000	1,495,000	3,697,000	3,319,000	2,865,000	3,954,000	8,508,000	2,497,000	2,575,000	2,567,000	2,495,000	1,979,000	2,006,000	1,674,000	1,969,000	2,069,000	1,895,000	1,342,000	1,451,000	743,000	745,000	915,000	799,000	1,271,000	220,000	197,000	201,000	184,000	85,000	85,000	93,000	115,000	130,000	126,000	189,000	355,000	477,000	598,000	729,000	747,080	0	0	0	58,524	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	26,052,000	26,154,000	25,544,000	25,014,000	24,680,000	23,987,000	23,477,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	91,409,000	90,499,000	89,234,000	86,755,000	85,387,000	85,501,000	85,410,000	81,808,000	81,929,000	82,896,000	82,671,000	80,195,000	80,426,000	80,919,000	77,884,000	72,820,000	74,781,000	72,574,000	70,249,000	69,865,000	71,655,000	69,225,000	68,175,000	69,042,000	67,154,000	67,977,000	64,000,000	63,227,000	63,370,000	64,035,000	63,867,000	54,326,000	54,977,000	40,236,000	39,429,000	38,835,000	38,884,000	38,569,000	37,675,000	37,263,000	36,248,000	35,956,000	35,285,000	35,059,000	35,859,000	40,013,000	38,741,000	36,846,000	35,768,000	34,760,000	34,447,000	34,422,000	33,989,000	33,408,000	32,696,000	32,068,000	31,715,000	32,281,000	32,624,000	31,964,000	31,822,000	34,981,000	34,442,000	33,869,000	27,742,000	4,390,117	3,434,309	3,252,476	0	2,963,918	0
Total Current Assets	32,732,000	33,532,000	31,670,000	28,657,000	27,859,000	30,205,000	28,971,000	24,091,000	25,906,000	27,607,000	28,042,000	26,901,000	26,280,000	27,645,000	25,011,000	19,907,000	22,319,000	20,970,000	18,305,000	18,490,000	20,107,000	18,216,000	18,491,000	18,536,000	17,287,000	19,023,000	15,718,000	15,505,000	14,689,000	14,313,000	14,374,000	24,303,000	25,473,000	10,892,000	10,068,000	10,105,000	9,864,000	9,562,000	9,025,000	8,507,000	7,765,000	7,822,000	6,941,000	6,914,000	7,387,000	11,786,000	10,899,000	10,295,000	9,978,000	9,190,000	9,516,000	9,606,000	9,355,000	8,734,000	9,850,000	9,115,000	8,753,000	9,241,000	9,562,000	8,225,000	8,089,000	11,174,000	10,761,000	10,086,000	5,813,000	2,506,939	1,997,102	2,040,604	0	1,593,931	0
Total Current Liabilities	22,634,000	23,098,000	21,230,000	19,097,000	19,353,000	20,853,000	20,309,000	18,702,000	18,568,000	15,739,000	14,023,000	12,711,000	12,390,000	14,510,000	16,100,000	15,942,000	17,579,000	13,415,000	10,829,000	11,380,000	13,389,000	11,305,000	10,934,000	9,551,000	8,363,000	9,994,000	9,511,000	10,206,000	10,341,000	8,046,000	7,783,000	5,125,000	5,357,000	5,374,000	5,789,000	5,443,000	5,798,000	6,006,000	5,314,000	4,961,000	4,385,000	4,335,000	3,671,000	3,539,000	3,747,000	7,954,000	7,854,000	3,587,000	3,537,000	3,451,000	3,531,000	3,465,000	3,679,000	3,498,000	3,482,000	3,537,000	3,637,000	4,442,000	4,435,000	4,243,000	4,612,000	7,165,000	6,065,000	5,841,000	5,179,000	3,282,089	1,192,823	1,262,628	0	1,392,963	0
Total Liab	51,676,000	51,766,000	50,253,000	48,190,000	48,463,000	49,920,000	49,927,000	45,819,000	45,735,000	45,307,000	44,881,000	42,499,000	42,747,000	44,709,000	42,360,000	38,235,000	39,511,000	37,890,000	35,254,000	35,590,000	37,560,000	35,219,000	34,857,000	34,939,000	33,753,000	35,217,000	32,056,000	32,444,000	31,644,000	31,123,000	31,040,000	25,195,000	25,501,000	10,394,000	10,802,000	10,598,000	10,942,000	11,156,000	10,389,000	9,968,000	9,234,000	9,086,000	8,282,000	8,164,000	8,271,000	12,383,000	12,583,000	8,325,000	8,467,000	8,323,000	8,395,000	8,268,000	8,445,000	8,394,000	8,016,000	8,081,000	8,238,000	9,088,000	9,825,000	9,840,000	10,177,000	13,840,000	11,766,000	12,681,000	11,026,000	4,852,834	2,199,407	2,244,752	0	2,343,264	0
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	34,006,000	33,318,000	34,103,000	33,401,000	32,760,000	31,944,000	30,783,000	31,726,000	32,912,000	32,827,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,437,000	26,052,000	26,154,000	25,544,000	25,014,000	24,680,000	23,987,000	23,477,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	39,733,000	38,733,000	38,981,000	38,565,000	36,924,000	35,581,000	35,483,000	35,989,000	36,194,000	37,589,000	37,790,000	37,696,000	37,679,000	36,210,000	35,524,000	34,585,000	35,270,000	34,684,000	34,995,000	34,275,000	34,095,000	34,006,000	33,318,000	34,103,000	33,401,000	32,760,000	31,944,000	30,783,000	31,726,000	32,912,000	32,827,000	29,131,000	29,476,000	29,842,000	28,627,000	28,237,000	27,942,000	27,413,000	27,286,000	27,295,000	27,014,000	26,870,000	27,003,000	26,895,000	27,588,000	27,630,000	26,158,000	28,521,000	27,301,000	26,437,000	26,050,000	26,151,000	25,541,000	25,011,000	24,676,000	23,983,000	23,472,000	23,189,000	22,794,000	22,120,000	21,640,000	21,141,000	21,549,000	21,188,000	16,716,000	-501,327	1,191,864	968,458	0	582,814	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-170,000	-170,000	-170,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-26,437,000	-26,052,000	-26,154,000	-25,544,000	-25,014,000	-24,680,000	-23,987,000	-1,000	-2,000	-2,000	-2,000	-2,000	-35,000	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30
Begin Period Cash Flow	20,377,000	19,799,000	19,171,000	10,832,000	10,977,000	9,874,000	5,619,000	3,518,000	1,971,000	2,186,000	2,074,000	2,127,000	3,867,000	4,617,000	4,979,000	275,000	270,124	135,397	173,865
Capital Expenditures	1,059,000	970,000	705,000	736,000	756,000	718,000	707,000	523,000	414,000	553,000	471,000	376,000	353,000	241,000	306,000	415,000	159,960	87,265	119,267
Cash And Cash Equivalents Changes	0	1,865,000	628,000	8,339,000	-145,000	-1,712,000	4,255,000	2,101,000	1,547,000	-215,000	112,000	-53,000	-1,740,000	-750,000	-362,000	0	0	0	0
Cash Flows Other Operating	0	-9,796,000	-149,000	-1,856,000	-739,000	638,000	-524,000	-674,000	-26,000	271,000	-518,000	4,473,000	-1,840,000	49,000	47,000	0	0	0	0
Change In Cash	1,613,000	578,000	628,000	8,339,000	-145,000	-1,712,000	4,255,000	2,101,000	1,547,000	-215,000	112,000	-53,000	-1,740,000	-750,000	-362,000	4,704,000	5,255	134,727	-38,468
Change In Working Capital	-10,022,000	-7,657,000	-6,702,000	-8,398,000	-6,303,000	-2,657,000	-4,580,000	-3,526,000	-3,545,000	-1,252,000	-6,361,000	-2,100,000	-2,034,000	-2,335,000	-3,262,000	-3,338,000	-1,045,951	-903,826	-732,807
Change Receivables	0	-494,000	-811,000	1,815,000	-1,866,000	-293,000	40,000	326,000	359,000	-40,000	-383,000	-203,000	-83,000	196,000	424,000	0	0	0	0
Change To Account Receivables	-250,000	-97,000	-343,000	-43,000	-333,000	-70,000	-54,000	-65,000	-19,000	-53,000	-38,000	-161,000	-79,000	-7,000	-102,000	-24,000	-28,630	0	-14,285
Change To Inventory	1,208,000	0	1,063,000	-295,000	484,000	2,092,000	132,000	4,000	-543,000	1,252,000	-4,027,000	-165,000	-127,000	-921,000	-2,021,000	-1,765,000	-412,248	0	-147,402
Change To Liabilities	34,000	67,000	88,000	-1,730,000	2,303,000	2,478,000	260,000	-29,000	-893,000	1,562,000	-3,136,000	-114,000	-96,000	-1,103,000	-2,475,000	0	0	0	0
Change To Netincome	12,561,000	10,688,000	8,814,000	578,000	350,000	-1,024,000	2,177,000	-542,000	322,000	-461,000	1,682,000	-1,622,000	77,000	348,000	-17,000	0	0	0	0
Change To Operating Activities	-9,806,000	-7,627,000	-6,447,000	-8,376,000	-5,946,000	-2,372,000	-4,391,000	-3,500,000	-3,499,000	-1,143,000	0	0	0	0	0	0	0	0	0
Depreciation	943,000	861,000	804,000	767,000	656,000	613,000	556,000	502,000	494,000	435,000	397,000	333,000	288,000	265,000	226,000	237,000	625,693	720,206	135,528
Dividends Paid	3,751,000	3,203,000	2,798,000	2,664,000	2,269,000	1,918,000	1,579,000	1,350,000	1,177,000	1,006,000	864,000	595,000	423,000	368,000	318,000	93,000	0	0	0
End Period Cash Flow	21,990,000	20,377,000	19,799,000	19,171,000	10,832,000	8,162,000	9,874,000	5,619,000	3,518,000	1,971,000	2,186,000	2,074,000	2,127,000	3,867,000	4,617,000	4,979,000	275,379	270,124	135,397
Exchange Rate Changes	0	0	-37,000	440,000	-277,000	-101,000	236,000	-34,000	1,000	-1,000	0	7,000	-9,000	5,000	1,000	0	0	0	0
Free Cash Flow	19,696,000	17,879,000	14,522,000	9,704,000	12,028,000	11,995,000	8,501,000	5,051,000	6,170,000	6,652,000	2,551,000	4,633,000	3,519,000	2,450,000	252,000	116,000	345,187	434,508	361,362
Investments	-2,006,000	-4,288,000	519,000	2,168,000	854,000	-2,184,000	1,732,000	-1,311,000	-938,000	-239,000	-693,000	-2,037,000	-1,678,000	48,000	1,250,000	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	-2,250,000	2,218,000	-3,000,000	6,879,000	7,212,000	-1,750,000	2,473,000	15,873,000	15,971,000	15,971,000	-6,000	-6,000	-54,000	-24,000	-54,000	0	0	0	0
Net Income	17,273,000	14,957,000	12,311,000	10,866,000	12,080,000	10,301,000	6,699,000	5,991,000	6,328,000	5,438,000	4,980,000	2,144,000	3,650,000	2,966,000	2,353,000	804,000	-1,076,095	454,561	264,701
Other Cashflows From Financing Activities	70,000	2,900,000	-144,000	6,810,000	-1,185,000	-544,000	4,809,000	15,984,000	484,000	-1,354,000	4,489,000	-1,344,000	-803,000	-150,000	267,000	-1,913,000	-463,241	-263,202	-12,198
Other Cashflows From Investing Activities	377,000	128,000	109,000	-5,000	-689,000	-182,000	-290,000	-9,082,000	-83,000	-149,000	0	-1,000	-268,000	-1,711,000	886,000	1,002,000	0	0	0
Other Non Cash Items	12,279,000	10,422,000	7,399,000	6,482,000	5,730,000	5,406,000	4,598,000	3,150,000	2,925,000	2,992,000	2,300,000	6,175,000	1,650,000	1,415,000	829,000	2,781,000	2,810,438	118,770	807,247
Sale Purchase Of Stock	-12,101,000	-11,589,000	-8,676,000	-8,114,000	-8,607,000	-7,192,000	-6,891,000	-7,157,000	-2,910,000	-4,118,000	-5,365,000	-710,000	-2,024,000	-1,000,000	-2,646,000	-13,446,000	0	0	0
Stock Based Compensation	765,000	602,000	542,000	416,000	407,000	327,000	235,000	221,000	187,000	172,000	179,000	147,000	154,000	131,000	115,000	74,000	64,757	13,167	-79,226
Total Cash From Financing Activities	-17,772,000	-12,696,000	-14,410,000	-3,968,000	-12,061,000	-11,240,000	-5,924,000	7,477,000	-3,603,000	-6,478,000	-1,746,000	-2,655,000	-3,304,000	-1,542,000	-2,751,000	3,624,000	-36,651	-36,579	-45,966
Total Cash From Operating Activities	20,755,000	18,849,000	15,227,000	10,440,000	12,784,000	12,713,000	9,208,000	5,574,000	6,584,000	7,205,000	3,022,000	5,009,000	3,872,000	2,691,000	558,000	531,000	505,147	434,508	480,629
Total Cashflows From Investing Activities	-2,006,000	-4,288,000	-152,000	1,427,000	-591,000	-3,084,000	735,000	-10,916,000	-1,435,000	-941,000	-1,164,000	-2,414,000	-2,299,000	-1,904,000	1,830,000	554,000	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30
Begin Period Cash Flow	21,990,000	21,039,000	19,128,000	18,383,000	20,377,000	18,996,000	16,516,000	18,323,000	19,799,000	21,274,000	19,558,000	18,055,000	19,171,000	16,934,000	12,816,000	12,263,000	10,832,000	10,669,000	10,282,000	11,115,000	10,977,000	8,505,000	8,142,000	8,138,000	9,874,000	7,437,000	6,427,000	5,824,000	5,619,000	5,887,000	15,943,000	12,837,000	3,518,000	2,147,000	2,039,000	2,085,000	1,971,000	2,058,000	1,820,000	2,121,000	2,186,000	1,453,000	1,377,000	1,334,000	2,074,000	1,558,000	2,042,000	1,942,000	2,127,000	3,600,000	3,512,000	3,684,000	3,867,000	5,205,000	4,560,000	4,160,000	4,617,000	4,200,000	3,363,000	2,613,000	4,979,000	5,762,000	5,041,000	1,698,000	275,000	589,733	386,042	366,000	270,000	235,628	177,363
Capital Expenditures	267,000	305,000	295,000	210,000	249,000	295,000	235,000	267,000	173,000	208,000	179,000	158,000	160,000	168,000	161,000	216,000	191,000	249,000	194,000	156,000	157,000	195,000	169,000	213,000	141,000	195,000	195,000	146,000	171,000	141,000	132,000	124,000	126,000	138,000	74,000	98,000	104,000	227,000	109,000	97,000	120,000	138,000	122,000	111,000	100,000	106,000	108,000	61,000	101,000	117,000	89,000	72,000	75,000	97,000	65,000	42,000	37,000	101,000	69,000	68,000	68,000	92,000	86,000	166,000	71,000	16,000	0	0	16,000	87,265	0
Cash And Cash Equivalents Changes	0	0	1,895,000	609,000	-2,686,000	1,943,000	2,900,000	-1,696,000	-1,282,000	-1,383,000	1,640,000	1,791,000	-1,420,000	2,410,000	4,033,000	592,000	1,304,000	163,000	387,000	-833,000	138,000	-343,000	363,000	4,000	-1,736,000	2,437,000	1,010,000	603,000	205,000	-268,000	-10,056,000	3,106,000	9,319,000	1,371,000	108,000	-46,000	114,000	-87,000	238,000	-301,000	-65,000	733,000	76,000	43,000	-740,000	516,000	-484,000	100,000	-185,000	-1,473,000	88,000	-172,000	-183,000	-1,338,000	645,000	400,000	-457,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-2,747,000	-2,932,000	-2,485,000	-2,414,000	-2,468,000	-2,174,000	-2,740,000	5,866,000	-2,620,000	-2,135,000	-1,260,000	4,891,000	-1,915,000	-3,008,000	-1,824,000	4,381,000	-1,571,000	-2,060,000	-1,489,000	4,273,000	-1,351,000	-1,387,000	-897,000	3,209,000	-963,000	-1,613,000	-1,157,000	2,771,000	-881,000	-1,482,000	-1,082,000	2,409,000	-489,000	-1,118,000	-828,000	2,364,000	-492,000	-908,000	-693,000	1,910,000	-9,000	-576,000	-1,843,000	1,724,000	3,496,000	-526,000	-221,000	-741,000	-1,027,000	-160,000	88,000	-33,000	226,000	-232,000	88,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-2,354,000	951,000	1,911,000	745,000	-1,994,000	1,381,000	2,480,000	-1,807,000	-1,476,000	-1,475,000	1,716,000	1,503,000	-1,116,000	2,237,000	4,118,000	553,000	1,431,000	163,000	387,000	-833,000	138,000	-343,000	363,000	4,000	-1,736,000	2,437,000	1,010,000	603,000	205,000	-268,000	-10,056,000	3,106,000	9,319,000	1,371,000	108,000	-46,000	114,000	-87,000	238,000	-301,000	-65,000	733,000	76,000	43,000	-740,000	516,000	-484,000	100,000	-185,000	-1,473,000	88,000	-172,000	-183,000	-1,338,000	645,000	400,000	-457,000	417,000	837,000	750,000	-2,366,000	-783,000	721,000	3,343,000	1,423,000	-314,354	203,691	20,042	96,000	34,496	58,265
Change In Working Capital	-5,122,000	-1,283,000	-1,777,000	-3,824,000	-3,138,000	-1,236,000	-1,108,000	-3,174,000	-2,139,000	-1,965,000	-1,168,000	-1,759,000	-1,810,000	-2,441,000	-1,035,000	-3,580,000	-1,342,000	-845,000	-1,410,000	-2,593,000	-1,455,000	-925,000	-83,000	-1,295,000	-354,000	-879,000	112,000	-3,023,000	-790,000	-524,000	-568,000	-1,766,000	-668,000	-760,000	-560,000	-1,519,000	-706,000	-452,000	-207,000	-6,000	-587,000	61,000	288,000	-316,000	-6,394,000	-716,000	-497,000	-568,000	-319,000	-690,000	4,000	-893,000	-455,000	-385,000	4,000	-642,000	-1,312,000	-1,146,000	-332,000	-836,000	-948,000	-796,000	-359,000	-1,598,000	-585,000	-507,350	-224,102	-130,499	-184,000	-419,134	-175,517
Change Receivables	0	0	-681,000	194,000	-114,000	-166,000	-158,000	119,000	-289,000	-240,000	-279,000	60,000	-352,000	741,000	-606,000	1,970,000	-290,000	-1,420,000	-220,000	1,525,000	-1,751,000	28,000	831,000	-826,000	-326,000	32,000	1,994,000	-1,953,000	-33,000	86,000	343,000	7,000	-110,000	341,000	-15,000	-175,000	208,000	-9,000	-7,000	144,000	-168,000	-322,000	52,000	370,000	-483,000	59,000	-71,000	-25,000	-166,000	-16,000	-16,000	104,000	-155,000	64,000	251,000	104,000	-223,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-195,000	-22,000	-161,000	-7,000	-60,000	-17,000	93,000	40,000	-213,000	-123,000	-55,000	-57,000	-108,000	-151,000	70,000	145,000	-107,000	-14,000	-116,000	-3,000	-200,000	12,000	31,000	33,000	-146,000	-20,000	6,000	49,000	-89,000	27,000	5,000	-22,000	-75,000	45,000	10,000	4,000	-78,000	2,000	16,000	8,000	-79,000	18,000	23,000	-1,000	-78,000	70,000	-136,000	-26,000	-69,000	-9,000	-8,000	-11,000	-51,000	50,000	1,000	34,000	-92,000	-25,000	-47,000	6,000	-36,000	-24,000	0	0	-29,000	-28,630	0	0	0	0	0
Change To Inventory	-1,308,000	1,480,000	1,054,000	0	0	0	0	0	0	379,000	785,000	77,000	-178,000	-546,000	840,000	-1,371,000	720,000	823,000	316,000	-807,000	152,000	241,000	1,184,000	-162,000	829,000	352,000	1,164,000	-1,914,000	530,000	241,000	154,000	-648,000	0	33,000	52,000	-677,000	49,000	136,000	319,000	609,000	188,000	644,000	837,000	356,000	-5,864,000	-385,000	229,000	-149,000	175,000	-44,000	418,000	-439,000	-62,000	-48,000	274,000	-333,000	-773,000	-711,000	-7,000	-602,000	-592,000	-282,000	0	0	-440,000	-385,174	0	0	0	0	0
Change To Liabilities	0	85,000	1,560,000	-1,003,000	-441,000	96,000	46,000	-1,001,000	652,000	87,000	42,000	-2,000	-208,000	-1,424,000	1,477,000	-2,551,000	768,000	2,365,000	373,000	-2,129,000	1,694,000	263,000	432,000	917,000	866,000	401,000	-921,000	474,000	306,000	23,000	-30,000	-291,000	269,000	-525,000	-56,000	-226,000	-86,000	238,000	292,000	758,000	274,000	794,000	248,000	-110,000	-4,068,000	-348,000	174,000	-16,000	76,000	62,000	211,000	-378,000	9,000	-44,000	-81,000	-139,000	-839,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	3,282,000	107,000	205,000	19,000	2,946,000	2,719,000	197,000	81,000	2,150,000	2,803,000	1,861,000	152,000	521,000	-37,000	75,000	19,000	-1,000	-10,000	113,000	248,000	-89,000	-130,000	69,000	-874,000	57,000	89,000	1,881,000	150,000	-84,000	-500,000	-11,000	53,000	-63,000	174,000	146,000	65,000	-161,000	42,000	-357,000	15,000	6,000	19,000	25,000	1,632,000	-225,000	-1,201,000	-205,000	9,000	32,000	-155,000	87,000	113,000	83,000	43,000	102,000	120,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-1,346,000	-1,346,000	-1,346,000	-3,014,000	-1,315,000	-1,247,000	-3,148,000	-1,917,000	-1,929,000	-1,155,000	-1,700,000	-1,663,000	-2,304,000	-1,098,000	-3,751,000	-1,223,000	-829,000	-1,320,000	-2,588,000	-1,209,000	-958,000	-122,000	-1,353,000	-157,000	-4,496,000	94,000	-1,544,000	-1,063,000	-3,500,000	-881,000	0	0	-3,499,000	0	0	0	-1,143,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	247,000	247,000	235,000	234,000	227,000	226,000	230,000	207,000	198,000	202,000	204,000	201,000	197,000	196,000	197,000	192,000	182,000	172,000	165,000	160,000	159,000	163,000	152,000	153,000	145,000	147,000	132,000	131,000	146,000	141,000	120,000	121,000	120,000	119,000	130,000	125,000	120,000	112,000	109,000	107,000	107,000	106,000	101,000	98,000	92,000	89,000	84,000	80,000	80,000	77,000	74,000	70,000	67,000	78,000	63,000	62,000	62,000	61,000	57,000	56,000	52,000	-803,000	331,000	396,000	313,000	270,664	66,067	159,962	129,000	304,472	87,922
Dividends Paid	-1,060,000	928,000	937,000	941,000	945,000	794,000	798,000	802,000	809,000	696,000	698,000	701,000	703,000	662,000	663,000	668,000	671,000	563,000	565,000	569,000	572,000	483,000	487,000	490,000	458,000	390,000	394,000	396,000	399,000	339,000	335,000	336,000	340,000	292,000	294,000	294,000	297,000	248,000	251,000	253,000	254,000	211,000	216,000	217,000	220,000	147,000	148,000	148,000	152,000	103,000	105,000	107,000	108,000	90,000	93,000	92,000	93,000	78,000	79,000	80,000	81,000	22,000	0	0	0	0	0	0	0	0	0
End Period Cash Flow	19,636,000	21,990,000	21,039,000	19,128,000	18,383,000	20,377,000	18,996,000	16,516,000	18,323,000	19,799,000	21,274,000	19,558,000	18,055,000	19,171,000	16,934,000	12,816,000	12,263,000	10,832,000	10,669,000	10,282,000	11,115,000	8,162,000	8,505,000	8,142,000	8,138,000	9,874,000	7,437,000	6,427,000	5,824,000	5,619,000	5,887,000	15,943,000	12,837,000	3,518,000	2,147,000	2,039,000	2,085,000	1,971,000	2,058,000	1,820,000	2,121,000	2,186,000	1,453,000	1,377,000	1,334,000	2,074,000	1,558,000	2,042,000	1,942,000	2,127,000	3,600,000	3,512,000	3,684,000	3,867,000	5,205,000	4,560,000	4,160,000	4,617,000	4,200,000	3,363,000	2,613,000	4,979,000	5,762,000	5,041,000	1,698,000	275,379	589,733	386,042	366,000	270,124	235,628
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	-37,000	0	0	0	440,000	0	0	0	-215,000	109,000	-103,000	-68,000	-12,000	-295,000	126,000	80,000	142,000	215,000	35,000	-156,000	28,000	-62,000	0	0	0	0	0	1,000	-1,000	0	0	0	0	0	0	0	11,000	-8,000	4,000	0	-17,000	-3,000	6,000	5,000	3,000	-4,000	4,000	2,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	3,347,000	6,622,000	5,502,000	3,650,000	3,922,000	5,581,000	5,017,000	3,222,000	4,059,000	3,763,000	4,235,000	3,171,000	3,353,000	1,928,000	2,841,000	1,251,000	3,684,000	3,793,000	3,190,000	1,908,000	3,137,000	3,299,000	3,468,000	2,607,000	2,621,000	2,572,000	3,342,000	250,000	2,337,000	2,311,000	171,000	716,000	1,853,000	1,596,000	2,037,000	880,000	1,657,000	1,566,000	1,833,000	1,832,000	1,421,000	1,907,000	2,035,000	1,533,000	-2,924,000	1,263,000	1,149,000	1,036,000	1,185,000	751,000	1,306,000	531,000	931,000	796,000	1,153,000	567,000	-66,000	-310,000	280,000	165,000	117,000	182,000	423,000	-600,000	111,000	-21,725	157,297	208,575	161,000	-83,559	197,016
Investments	-1,889,000	-1,188,000	309,000	-325,000	-303,000	405,000	-1,875,000	-1,785,000	386,000	-1,494,000	187,000	996,000	-1,333,000	2,966,000	-271,000	-119,000	-408,000	3,647,000	-761,000	-2,119,000	87,000	-1,584,000	-13,000	-21,000	-566,000	-669,000	-486,000	3,133,000	-246,000	-616,000	887,000	4,486,000	-6,068,000	-21,000	-552,000	167,000	-532,000	-239,000	-93,000	267,000	-156,000	328,000	-783,000	527,000	-765,000	-365,000	-1,062,000	-903,000	293,000	-1,757,000	-34,000	111,000	2,000	1,000	3,000	4,000	40,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	-2,250,000	-1,000,000	2,918,000	300,000	300,000	300,000	300,000	0	-3,000,000	2,894,000	2,984,000	1,001,000	1,001,000	1,001,000	1,001,000	0	0	-1,750,000	-3,500,000	0	1,750,000	1,907,000	2,488,000	-572,000	566,000	-98,000	96,000	-19,000	15,894,000	15,971,000	0	0	0	15,971,000	0	0	0	0	-1,000	0	-5,000	0	0	-1,000	-5,000	-35,000	-4,000	-5,000	-10,000	-5,000	-4,000	-5,000	-10,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	4,890,000	4,681,000	4,156,000	4,257,000	4,179,000	3,940,000	3,411,000	3,647,000	3,959,000	3,584,000	2,575,000	3,026,000	3,126,000	2,137,000	2,373,000	3,084,000	3,272,000	3,025,000	3,101,000	2,977,000	2,977,000	2,845,000	2,329,000	2,605,000	2,522,000	2,140,000	2,059,000	430,000	2,070,000	1,931,000	412,000	1,707,000	1,941,000	1,512,000	1,697,000	1,550,000	1,569,000	1,073,000	1,360,000	1,598,000	1,407,000	1,192,000	1,225,000	1,270,000	1,293,000	1,662,000	-1,839,000	1,292,000	1,029,000	880,000	1,005,000	881,000	884,000	774,000	716,000	713,000	763,000	514,000	729,000	536,000	574,000	-356,000	422,000	314,000	424,000	-1,684,575	223,000	180,000	205,000	114,399	127,344
Other Cashflows From Financing Activities	329,000	99,000	59,000	209,000	-93,000	-339,000	3,246,000	351,000	131,000	2,836,000	54,000	41,000	-134,000	2,959,000	2,896,000	1,047,000	-147,000	30,000	-1,201,000	39,000	-101,000	1,611,000	-570,000	50,000	62,000	4,702,000	34,000	-541,000	562,000	35,000	56,000	4,000	15,889,000	-2,822,000	65,000	243,000	88,000	-376,000	35,000	-1,028,000	15,000	20,000	22,000	20,000	4,427,000	-72,000	49,000	112,000	-1,433,000	112,000	98,000	-316,000	-697,000	91,000	-410,000	86,000	83,000	-140,000	560,000	550,000	-703,000	-19,105,000	182,000	3,479,000	-16,795,000	-267,527	55,588	-179,302	-72,000	127,216	-129,601
Other Cashflows From Investing Activities	0	-47,000	3,000	-376,000	42,000	-3,318,000	47,000	-1,104,000	-760,000	4,000	64,000	-3,000	2,132,000	-3,679,000	299,000	2,214,000	1,161,000	-4,402,000	1,764,000	1,949,000	-89,000	-89,000	14,000	-196,000	0	12,000	0	-302,000	0	0	-9,068,000	-14,000	0	0	-93,000	10,000	0	-15,000	-134,000	0	0	0	0	0	0	35,000	-3,000	0	-33,000	0	-106,000	-162,000	0	-1,798,000	0	68,000	19,000	0	0	0	0	1,002,000	1,002,000	1,002,000	1,002,000	0	0	0	0	0	0
Other Non Cash Items	3,331,000	3,338,000	3,091,000	2,992,000	2,858,000	2,947,000	2,791,000	2,583,000	2,101,000	2,150,000	1,636,000	1,740,000	1,873,000	1,687,000	1,439,000	1,662,000	1,694,000	1,624,000	1,440,000	1,292,000	1,374,000	1,470,000	1,338,000	1,298,000	1,300,000	1,322,000	1,152,000	1,164,000	960,000	996,000	858,000	794,000	502,000	816,000	775,000	698,000	636,000	1,240,000	622,000	580,000	550,000	681,000	520,000	584,000	515,000	562,000	4,700,000	489,000	424,000	574,000	240,000	456,000	380,000	331,000	396,000	364,000	324,000	344,000	-97,000	286,000	296,000	2,318,000	106,000	314,000	205,000	2,690,590	93,867	18,981	7,000	-57,283	95,868
Sale Purchase Of Stock	-3,580,000	-3,751,000	-3,041,000	-2,194,000	-3,115,000	-2,103,000	-2,433,000	-2,949,000	-4,104,000	-2,967,000	-2,202,000	-1,713,000	-1,796,000	-1,542,000	-1,069,000	-3,133,000	-2,370,000	-2,127,000	-2,149,000	-1,938,000	-2,393,000	-1,588,000	-1,754,000	-2,072,000	-1,778,000	-1,721,000	-1,701,000	-1,576,000	-1,893,000	-1,687,000	-1,705,000	-1,750,000	-2,015,000	2,910,000	-1,055,000	-1,052,000	-803,000	-756,000	-1,152,000	-1,119,000	-1,091,000	-1,311,000	-981,000	-1,820,000	-1,253,000	-174,000	-461,000	33,000	-75,000	-424,000	-1,064,000	-230,000	-306,000	-336,000	15,000	-232,000	-432,000	2,646,000	0	0	-2,646,000	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	209,000	174,000	191,000	223,000	177,000	132,000	152,000	190,000	128,000	108,000	159,000	153,000	122,000	94,000	107,000	99,000	116,000	86,000	110,000	111,000	100,000	85,000	89,000	85,000	68,000	52,000	67,000	71,000	45,000	69,000	55,000	58,000	39,000	48,000	46,000	48,000	45,000	42,000	41,000	44,000	45,000	40,000	41,000	50,000	48,000	35,000	36,000	38,000	38,000	32,000	32,000	42,000	48,000	36,000	34,000	29,000	32,000	31,000	20,000	32,000	32,000	74,000	-3,000	7,000	-166,000	64,757	349	-869	1,000	-3,542	16,709
Total Cash From Financing Activities	-4,379,000	-4,580,000	-3,919,000	-2,926,000	-6,347,000	-4,040,000	-289,000	-3,400,000	-4,967,000	-3,619,000	-2,846,000	-2,373,000	-5,572,000	755,000	1,164,000	-2,754,000	-3,133,000	-2,660,000	-3,915,000	-2,468,000	-3,018,000	-2,046,000	-2,811,000	-2,512,000	-3,871,000	380,000	-2,061,000	-2,513,000	-1,730,000	-1,991,000	-1,984,000	-2,082,000	13,534,000	-204,000	-1,284,000	-1,103,000	-1,012,000	-1,380,000	-1,368,000	-2,400,000	-1,330,000	-1,502,000	-1,176,000	-2,017,000	2,949,000	-393,000	-560,000	-37,000	-1,665,000	-450,000	-1,075,000	-658,000	-1,121,000	-340,000	-507,000	-243,000	-452,000	-260,000	477,000	464,000	-3,432,000	-27,000	182,000	3,479,000	-10,000	-9,102	-9,194	-9,355	-9,000	-9,161	-9,150
Total Cash From Operating Activities	3,614,000	6,927,000	5,797,000	3,860,000	4,171,000	5,876,000	5,252,000	3,489,000	4,232,000	3,971,000	4,414,000	3,329,000	3,513,000	2,096,000	3,002,000	1,467,000	3,875,000	4,042,000	3,384,000	2,064,000	3,294,000	3,494,000	3,637,000	2,820,000	2,762,000	2,767,000	3,537,000	396,000	2,508,000	2,452,000	303,000	840,000	1,979,000	1,734,000	2,111,000	978,000	1,761,000	1,793,000	1,942,000	1,929,000	1,541,000	2,045,000	2,157,000	1,644,000	-2,824,000	1,369,000	1,257,000	1,097,000	1,286,000	868,000	1,395,000	603,000	1,006,000	893,000	1,218,000	609,000	-29,000	-209,000	349,000	233,000	185,000	274,000	509,000	-434,000	182,000	-37,725	157,297	208,575	177,000	-83,559	197,016
Total Cashflows From Investing Activities	0	-1,188,000	17,000	-835,000	-510,000	107,000	-2,063,000	-1,785,000	-547,000	-1,698,000	72,000	835,000	639,000	-881,000	-133,000	1,879,000	562,000	-1,004,000	809,000	-326,000	-70,000	-1,779,000	-168,000	-430,000	-707,000	-852,000	-681,000	2,685,000	-417,000	-757,000	-8,313,000	4,348,000	-6,194,000	-159,000	-719,000	79,000	-636,000	-499,000	-336,000	170,000	-276,000	190,000	-905,000	416,000	-865,000	-471,000	-1,173,000	-964,000	194,000	-1,874,000	-229,000	-123,000	-73,000	-1,894,000	-62,000	30,000	22,000	1,830,000	955,000	956,000	901,000	554,000	1,579,000	1,549,000	1,250,000	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2003-09-30
Cost Of Revenue	6,567,000	5,733,000	4,970,000	4,512,000	4,165,000	3,856,000	3,248,000	2,764,000	2,553,000	2,382,000	2,400,000	2,140,000	1,816,000	1,647,000	1,536,000	1,538,000	1,087,612	2,019,017	957,011	-
Depreciation And Amortization	943,000	1,729,000	807,000	778,000	1,056,000	613,000	556,000	502,000	494,000	435,000	397,000	333,000	288,000	265,000	226,000	237,000	136,640	720,206	135,528	38,000
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	20,393,000	18,813,000	15,804,000	14,081,000	15,001,000	14,025,000	12,276,000	10,318,000	9,092,000	8,603,000	7,245,000	10,300,000	5,463,000	4,582,000	3,538,000	2,703,000	1,243,611	737,524	616,055	-1,418,000
Ebitda	21,336,000	20,542,000	16,611,000	14,859,000	16,057,000	14,638,000	12,832,000	10,820,000	9,586,000	9,038,000	7,642,000	10,633,000	5,751,000	4,847,000	3,764,000	2,940,000	1,380,251	1,457,730	751,583	-1,380,000
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	-14,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Gross Profit	26,086,000	23,577,000	19,135,000	17,334,000	18,812,000	16,753,000	15,110,000	12,318,000	11,327,000	10,320,000	9,378,000	8,281,000	7,372,000	6,418,000	5,375,000	4,725,000	2,502,184	2,948,126	1,707,594	1,980,000
Income Before Tax	21,037,000	18,136,000	16,063,000	13,790,000	14,884,000	12,806,000	11,694,000	8,012,000	8,995,000	7,724,000	7,257,000	2,207,000	5,656,000	4,638,000	4,000,000	1,336,000	-1,387,418	721,816	456,245	-1,456,000
Income Tax Expense	3,764,000	3,179,000	3,752,000	2,924,000	2,804,000	2,505,000	4,995,000	2,021,000	2,667,000	2,286,000	2,277,000	65,000	2,010,000	1,674,000	1,648,000	532,000	-315,993	251,338	183,296	-571,000
Interest Expense	-644,000	538,000	513,000	516,000	533,000	612,000	563,000	427,000	0	0	0	29,000	32,000	72,000	115,000	143,000	80,658	0	108,485	0
Interest Income	0	765,000	218,000	516,000	533,000	612,000	563,000	427,000	0	0	0	0	0	0	0	0	0	0	0	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	-2,000	-4,000	-2,000	-1,000	0	4,670	15,917	0	-
Net Income	17,273,000	14,957,000	12,311,000	10,866,000	12,080,000	10,301,000	6,699,000	5,991,000	6,328,000	5,438,000	4,980,000	2,144,000	3,650,000	2,966,000	2,353,000	804,000	-1,076,095	454,561	264,701	-885,000
Net Income Applicable To Common Shares	16,989,000	14,957,000	12,311,000	10,866,000	12,080,000	10,301,000	6,699,000	5,991,000	6,328,000	10,859,000	9,941,000	4,281,000	7,288,000	5,923,000	2,353,000	804,000	0	454,561	0	-
Net Income From Continuing Ops	17,273,000	14,957,000	12,311,000	10,866,000	12,080,000	10,301,000	6,699,000	5,991,000	6,328,000	5,438,000	4,980,000	2,142,000	3,646,000	2,964,000	2,352,000	0	0	0	0	-
Net Interest Income	-644,000	-538,000	-513,000	-516,000	-533,000	-612,000	-563,000	-427,000	0	0	0	0	0	0	0	0	0	0	0	-
Non Operating Income Net Other	0	-139,000	772,000	225,000	416,000	464,000	113,000	556,000	-69,000	27,000	18,000	39,000	232,000	121,000	577,000	0	0	0	0	-
Non Recurring	0	0	0	0	0	0	19,000	2,000	14,000	453,000	0	0	0	0	0	0	0	0	0	-
Operating Income	21,000,000	18,813,000	15,804,000	14,081,000	15,001,000	12,954,000	12,144,000	7,883,000	9,064,000	7,697,000	7,239,000	2,139,000	5,456,000	4,589,000	3,538,000	1,232,000	-1,449,495	729,670	452,922	-1,418,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	11,653,000	9,629,000	8,298,000	7,754,000	7,576,000	7,048,000	6,195,000	5,320,000	4,802,000	4,552,000	4,536,000	4,182,000	3,725,000	3,476,000	3,373,000	3,561,000	2,386,461	2,218,456	2,079,349	3,398,000
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Reconciled Depreciation	943,000	861,000	804,000	767,000	656,000	613,000	556,000	0	0	0	0	0	0	0	0	0	0	0	0	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	1,341,000	1,336,000	1,136,000	971,000	1,105,000	988,000	922,000	869,000	872,000	900,000	876,000	873,000	870,000	964,000	918,000	1,016,000	580,883	539,258	456,922	-
Selling General Administrative	1,875,000	1,699,000	1,388,000	1,504,000	1,650,000	1,591,000	1,469,000	1,185,000	883,000	835,000	863,000	836,000	751,000	600,000	693,000	770,000	717,966	117,837	665,416	-
Tax Provision	3,764,000	3,179,000	3,752,000	2,924,000	2,804,000	2,491,000	4,995,000	2,021,000	2,667,000	0	0	0	0	0	0	0	0	0	0	-
Total Operating Expenses	11,653,000	3,896,000	3,328,000	3,242,000	3,411,000	3,192,000	2,947,000	2,556,000	2,249,000	2,170,000	2,136,000	2,042,000	1,909,000	1,829,000	1,837,000	2,023,000	1,298,849	2,218,456	1,122,338	3,398,000
Total Other Income Expense Net	37,000	-677,000	259,000	-291,000	-117,000	-143,000	94,000	-1,323,000	-83,000	-426,000	15,000	-4,061,000	225,000	121,000	577,000	-1,223,000	-2,510,095	-7,854	-20,526	-38,000
Total Revenue	32,653,000	29,310,000	24,105,000	21,846,000	22,977,000	20,609,000	18,358,000	15,082,000	13,880,000	12,702,000	11,778,000	10,421,000	9,188,000	8,065,000	6,911,000	6,263,000	3,589,796	2,948,126	2,664,605	1,980,000

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30
Cost Of Revenue	1,660,000	1,695,000	1,663,000	1,694,000	1,515,000	1,541,000	1,461,000	1,416,000	1,315,000	1,239,000	1,284,000	1,293,000	1,154,000	1,113,000	1,113,000	1,123,000	1,163,000	1,064,000	1,056,000	1,065,000	980,000	1,003,000	1,021,000	993,000	839,000	822,000	856,000	854,000	716,000	851,000	632,000	654,000	627,000	655,000	683,000	592,000	623,000	624,000	590,000	566,000	602,000	621,000	610,000	605,000	564,000	582,000	537,000	534,000	487,000	494,000	454,000	431,000	437,000	472,000	388,000	408,000	379,000	445,000	359,000	364,000	368,000	411,000	394,000	367,000	416,000	662,715	579,000	501,000	505,000	2,019,017	0
Depreciation And Amortization	247,000	247,000	692,000	234,000	568,000	229,000	947,000	207,000	198,000	202,000	204,000	201,000	197,000	196,000	197,000	192,000	182,000	172,000	165,000	160,000	159,000	163,000	152,000	153,000	145,000	147,000	132,000	131,000	146,000	141,000	120,000	121,000	120,000	119,000	130,000	125,000	120,000	112,000	109,000	107,000	107,000	106,000	101,000	98,000	92,000	89,000	84,000	80,000	80,000	77,000	74,000	70,000	67,000	78,000	63,000	62,000	62,000	61,000	57,000	56,000	52,000	-803,000	331,000	396,000	313,000	-218,389	66,067	159,962	129,000	304,472	87,922
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	5,963,000	5,453,000	5,024,000	5,336,000	5,090,000	5,087,000	4,148,000	4,802,000	4,924,000	4,316,000	4,062,000	3,584,000	3,845,000	3,144,000	3,000,000	3,932,000	3,947,000	4,105,000	3,909,000	3,509,000	3,782,000	3,695,000	3,567,000	3,370,000	3,393,000	3,249,000	3,054,000	2,839,000	3,134,000	2,646,000	2,430,000	2,574,000	2,668,000	2,305,000	2,262,000	2,287,000	2,238,000	2,458,000	2,020,000	2,048,000	2,077,000	1,751,000	1,826,000	1,862,000	1,806,000	1,517,000	-2,607,000	1,606,000	1,618,000	1,363,000	1,345,000	1,383,000	1,354,000	1,066,000	1,134,000	1,120,000	1,174,000	870,000	822,000	882,000	965,000	1,755,000	602,000	579,000	686,000	598,062	334,000	254,000	295,000	181,638	202,323
Ebitda	6,210,000	5,700,000	5,716,000	5,570,000	5,658,000	5,316,000	5,095,000	5,009,000	5,122,000	4,518,000	4,266,000	3,785,000	4,042,000	3,340,000	3,197,000	4,124,000	4,129,000	4,277,000	4,074,000	3,669,000	3,941,000	3,858,000	3,719,000	3,523,000	3,538,000	3,396,000	3,186,000	2,970,000	3,280,000	2,787,000	2,550,000	2,695,000	2,788,000	2,424,000	2,392,000	2,412,000	2,358,000	2,570,000	2,129,000	2,155,000	2,184,000	1,857,000	1,927,000	1,960,000	1,898,000	1,606,000	-2,523,000	1,686,000	1,698,000	1,440,000	1,419,000	1,453,000	1,421,000	1,144,000	1,197,000	1,182,000	1,236,000	931,000	879,000	938,000	1,017,000	952,000	933,000	975,000	999,000	379,673	400,067	413,962	424,000	486,110	290,245
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	6,974,000	6,914,000	6,460,000	6,291,000	6,421,000	6,246,000	5,814,000	5,773,000	5,744,000	5,320,000	4,846,000	4,436,000	4,533,000	3,988,000	3,724,000	4,731,000	4,891,000	5,073,000	4,784,000	4,429,000	4,526,000	4,431,000	4,219,000	4,080,000	4,023,000	4,033,000	3,709,000	3,623,000	3,745,000	3,410,000	2,998,000	2,972,000	2,938,000	2,916,000	2,835,000	2,817,000	2,759,000	2,605,000	2,565,000	2,597,000	2,553,000	2,352,000	2,391,000	2,353,000	2,282,000	2,149,000	2,028,000	2,044,000	2,060,000	1,889,000	1,868,000	1,814,000	1,801,000	1,645,000	1,641,000	1,551,000	1,581,000	1,434,000	1,287,000	1,283,000	1,371,000	1,298,000	1,219,000	1,086,000	1,072,000	991,045	941,000	813,000	845,000	744,707	735,990
Income Before Tax	6,042,000	5,636,000	5,146,000	5,278,000	4,977,000	4,868,000	3,829,000	4,542,000	4,897,000	4,298,000	4,389,000	3,628,000	3,748,000	3,055,000	2,932,000	3,829,000	3,974,000	3,711,000	3,866,000	3,677,000	3,630,000	3,538,000	2,812,000	3,217,000	3,239,000	3,099,000	2,914,000	2,702,000	2,979,000	2,510,000	422,000	2,441,000	2,639,000	2,283,000	2,168,000	2,282,000	2,262,000	1,550,000	2,030,000	2,061,000	2,083,000	1,766,000	1,833,000	1,857,000	1,801,000	1,588,000	-2,607,000	1,609,000	1,617,000	1,354,000	1,543,000	1,377,000	1,382,000	1,195,000	1,122,000	1,113,000	1,208,000	863,000	1,297,000	887,000	953,000	-431,000	714,000	370,000	683,000	-2,351,410	353,000	288,000	323,000	173,536	204,329
Income Tax Expense	1,152,000	955,000	990,000	1,021,000	798,000	928,000	418,000	895,000	938,000	714,000	1,814,000	602,000	622,000	918,000	559,000	745,000	702,000	686,000	765,000	700,000	653,000	693,000	483,000	612,000	717,000	959,000	855,000	2,272,000	909,000	579,000	10,000	734,000	698,000	771,000	471,000	732,000	693,000	477,000	670,000	463,000	676,000	574,000	608,000	587,000	508,000	-74,000	-768,000	317,000	590,000	476,000	539,000	497,000	498,000	422,000	406,000	401,000	445,000	349,000	568,000	352,000	379,000	-75,000	292,000	56,000	259,000	-666,848	126,000	106,000	119,000	54,007	71,958
Interest Expense	187,000	-183,000	182,000	142,000	137,000	159,000	111,000	134,000	134,000	125,000	131,000	121,000	136,000	145,000	142,000	118,000	111,000	120,000	128,000	140,000	145,000	150,000	155,000	153,000	154,000	148,000	140,000	135,000	140,000	135,000	131,000	132,000	29,000	3,000	0	0	0	0	0	0	0	0	0	0	0	1,000	11,000	7,000	10,000	13,000	11,000	12,000	4,000	15,000	13,000	28,000	16,000	25,000	30,000	30,000	30,000	143,000	30,000	41,000	45,000	20,000	20,000	20,000	20,000	89,539	0
Interest Income	0	0	122,000	58,000	113,000	219,000	319,000	260,000	121,000	17,000	131,000	121,000	136,000	145,000	142,000	118,000	111,000	120,000	128,000	140,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,000	-2,000	-1,000	-1,000	0	-1,000	0	-1,000	0	0	0	0	0	0	0	0	0	670	4,000	2,000	0	15,917	0
Net Income	4,890,000	4,681,000	4,156,000	4,257,000	4,179,000	3,940,000	3,411,000	3,647,000	3,959,000	3,584,000	2,575,000	3,026,000	3,126,000	2,137,000	2,373,000	3,084,000	3,272,000	3,025,000	3,101,000	2,977,000	2,977,000	2,845,000	2,329,000	2,605,000	2,522,000	2,140,000	2,059,000	430,000	2,070,000	1,931,000	412,000	1,707,000	1,941,000	1,512,000	1,697,000	1,550,000	1,569,000	1,073,000	1,360,000	1,598,000	1,407,000	1,192,000	1,225,000	1,270,000	1,293,000	1,662,000	-1,839,000	1,292,000	1,029,000	880,000	1,005,000	881,000	884,000	774,000	716,000	713,000	763,000	514,000	729,000	536,000	574,000	-356,000	422,000	314,000	424,000	-1,684,575	223,000	180,000	205,000	114,399	127,344
Net Income Applicable To Common Shares	0	4,609,000	4,156,000	4,186,000	4,179,000	3,940,000	3,411,000	3,647,000	3,959,000	3,584,000	2,515,000	2,951,000	3,126,000	2,137,000	2,373,000	3,084,000	3,272,000	3,025,000	3,101,000	2,977,000	2,977,000	2,845,000	2,329,000	2,605,000	2,522,000	2,140,000	2,059,000	430,000	2,070,000	1,931,000	412,000	1,707,000	1,941,000	1,512,000	1,697,000	1,550,000	1,569,000	6,494,000	1,360,000	1,598,000	1,407,000	6,153,000	1,225,000	1,270,000	1,293,000	3,318,000	-3,671,000	2,579,000	2,055,000	1,757,000	2,007,000	1,759,000	1,765,000	3,017,000	1,430,000	713,000	763,000	514,000	729,000	536,000	574,000	382,000	422,000	314,000	424,000	-223,000	223,000	180,000	205,000	454,561	0
Net Income From Continuing Ops	4,890,000	4,681,000	4,156,000	4,257,000	4,179,000	3,940,000	3,411,000	3,647,000	3,959,000	3,584,000	2,575,000	3,026,000	3,126,000	2,137,000	2,373,000	3,084,000	3,272,000	3,025,000	3,101,000	2,977,000	2,977,000	2,845,000	2,329,000	2,605,000	2,522,000	2,140,000	2,059,000	430,000	2,070,000	1,931,000	412,000	1,707,000	1,941,000	1,512,000	1,697,000	1,550,000	1,569,000	1,073,000	1,360,000	1,598,000	1,407,000	1,192,000	1,225,000	1,270,000	1,293,000	1,662,000	-1,839,000	1,292,000	1,027,000	878,000	1,004,000	880,000	884,000	773,000	716,000	712,000	763,000	0	729,000	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-187,000	-183,000	-182,000	-142,000	-137,000	-159,000	-111,000	-134,000	-134,000	-125,000	-131,000	-121,000	-136,000	-145,000	-142,000	-118,000	-111,000	-120,000	-128,000	-140,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	304,000	84,000	24,000	-60,000	-208,000	-126,000	255,000	108,000	456,000	168,000	40,000	58,000	75,000	23,000	69,000	96,000	86,000	176,000	58,000	282,000	82,000	34,000	66,000	35,000	30,000	29,000	19,000	20,000	125,000	139,000	272,000	0	-94,000	1,000	24,000	-2,000	10,000	13,000	6,000	15,000	5,000	-3,000	1,000	9,000	11,000	10,000	9,000	5,000	209,000	6,000	12,000	97,000	-2,000	19,000	7,000	0	505,000	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-22,000	84,000	-58,000	15,000	1,000	1,000	0	0	14,000	0	0	0	453,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	5,954,000	5,550,000	5,024,000	5,336,000	5,090,000	5,087,000	4,148,000	4,802,000	4,790,000	4,315,000	3,931,000	3,581,000	3,844,000	3,142,000	2,999,000	3,924,000	4,016,000	3,735,000	3,781,000	3,663,000	3,717,000	3,406,000	3,330,000	3,336,000	3,327,000	3,212,000	2,884,000	2,808,000	3,100,000	2,625,000	2,174,000	2,434,000	2,396,000	2,283,000	2,262,000	2,281,000	2,238,000	1,552,000	2,020,000	2,048,000	2,077,000	1,751,000	1,828,000	1,860,000	1,800,000	1,522,000	1,480,000	1,606,000	1,618,000	1,362,000	1,345,000	1,371,000	1,366,000	1,113,000	1,124,000	1,122,000	1,217,000	869,000	822,000	881,000	966,000	-443,000	648,000	349,000	686,000	-2,363,460	334,000	271,000	309,000	177,587	203,326
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	2,671,000	3,059,000	2,642,000	2,649,000	2,505,000	2,697,000	2,410,000	2,387,000	2,135,000	2,243,000	2,068,000	2,145,000	1,842,000	1,957,000	1,837,000	1,922,000	2,038,000	2,032,000	1,931,000	1,831,000	1,782,000	2,021,000	1,755,000	1,737,000	1,535,000	1,641,000	1,541,000	1,667,000	1,346,000	1,635,000	1,325,000	1,191,000	1,169,000	1,277,000	1,256,000	1,125,000	1,144,000	1,224,000	1,135,000	1,115,000	1,078,000	1,222,000	1,174,000	1,097,000	1,043,000	1,207,000	1,074,000	972,000	929,000	1,014,000	977,000	862,000	872,000	1,049,000	892,000	837,000	786,000	1,009,000	824,000	766,000	773,000	682,000	965,000	1,104,000	802,000	701,675	607,000	542,000	536,000	567,120	532,664
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	247,000	247,000	235,000	234,000	227,000	226,000	230,000	207,000	198,000	202,000	204,000	201,000	197,000	196,000	197,000	192,000	182,000	172,000	165,000	160,000	159,000	163,000	152,000	153,000	145,000	147,000	132,000	131,000	146,000	141,000	120,000	121,000	120,000	119,000	130,000	125,000	120,000	112,000	109,000	107,000	107,000	106,000	101,000	98,000	92,000	89,000	84,000	80,000	80,000	77,000	74,000	70,000	67,000	78,000	63,000	62,000	62,000	61,000	57,000	56,000	52,000	-803,000	331,000	396,000	313,000	270,664	66,067	159,962	129,000	304,472	87,922
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	293,000	403,000	297,000	309,000	332,000	429,000	313,000	314,000	280,000	457,000	268,000	206,000	205,000	288,000	174,000	235,000	274,000	306,000	282,000	241,000	276,000	264,000	240,000	261,000	223,000	290,000	221,000	193,000	218,000	300,000	189,000	186,000	194,000	253,000	224,000	190,000	205,000	241,000	228,000	245,000	186,000	236,000	252,000	195,000	193,000	271,000	242,000	170,000	190,000	239,000	251,000	183,000	197,000	233,000	277,000	238,000	216,000	283,000	229,000	196,000	210,000	320,000	271,000	215,000	210,000	174,556	557,000	105,000	114,000	146,827	132,285
Selling General Administrative	471,000	585,000	447,000	412,000	431,000	501,000	406,000	450,000	342,000	345,000	312,000	445,000	286,000	360,000	353,000	372,000	419,000	490,000	428,000	365,000	367,000	591,000	342,000	330,000	328,000	382,000	332,000	489,000	266,000	343,000	384,000	230,000	228,000	250,000	219,000	218,000	196,000	247,000	208,000	197,000	183,000	259,000	211,000	199,000	194,000	265,000	211,000	188,000	172,000	210,000	198,000	172,000	171,000	225,000	164,000	129,000	129,000	220,000	179,000	150,000	143,000	234,000	193,000	171,000	176,000	679,840	50,000	46,000	54,000	17,399	28,931
Tax Provision	1,152,000	955,000	990,000	1,021,000	798,000	928,000	418,000	895,000	938,000	714,000	1,814,000	602,000	622,000	918,000	559,000	745,000	702,000	686,000	765,000	700,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	1,011,000	3,059,000	979,000	955,000	990,000	1,156,000	949,000	971,000	820,000	1,004,000	784,000	852,000	688,000	844,000	724,000	799,000	875,000	968,000	875,000	766,000	802,000	1,018,000	734,000	744,000	696,000	819,000	685,000	813,000	630,000	784,000	693,000	537,000	542,000	622,000	573,000	533,000	521,000	600,000	545,000	549,000	476,000	601,000	564,000	492,000	479,000	625,000	537,000	438,000	442,000	520,000	523,000	431,000	435,000	577,000	504,000	429,000	407,000	564,000	465,000	402,000	405,000	271,000	571,000	737,000	386,000	-385,937	607,000	542,000	536,000	567,120	532,664
Total Other Income Expense Net	266,000	86,000	122,000	-58,000	-113,000	-219,000	-319,000	-260,000	-27,000	107,000	458,000	165,000	39,000	56,000	74,000	15,000	69,000	-274,000	85,000	154,000	51,000	275,000	-518,000	34,000	66,000	33,000	30,000	27,000	4,000	19,000	-1,752,000	138,000	272,000	-11,000	-94,000	-2,000	24,000	-455,000	10,000	13,000	6,000	15,000	6,000	-4,000	-2,000	7,000	11,000	10,000	9,000	4,000	209,000	6,000	12,000	142,000	-2,000	19,000	50,000	18,000	505,000	36,000	17,000	-1,089,000	46,000	-230,000	1,000	-2,560,122	39,000	17,000	14,000	-4,051	1,003
Total Revenue	8,634,000	8,609,000	8,123,000	7,985,000	7,936,000	7,787,000	7,275,000	7,189,000	7,059,000	6,559,000	6,130,000	5,729,000	5,687,000	5,101,000	4,837,000	5,854,000	6,054,000	6,137,000	5,840,000	5,494,000	5,506,000	5,434,000	5,240,000	5,073,000	4,862,000	4,855,000	4,565,000	4,477,000	4,461,000	4,261,000	3,630,000	3,626,000	3,565,000	3,571,000	3,518,000	3,409,000	3,382,000	3,229,000	3,155,000	3,163,000	3,155,000	2,973,000	3,001,000	2,958,000	2,846,000	2,731,000	2,565,000	2,578,000	2,547,000	2,383,000	2,322,000	2,245,000	2,238,000	2,117,000	2,029,000	1,959,000	1,960,000	1,879,000	1,646,000	1,647,000	1,739,000	1,709,000	1,613,000	1,453,000	1,488,000	991,045	941,000	813,000	845,000	744,707	735,990

Latest Income Statement (annual, 2023-09-30)

Gross Profit (+$)
totalRevenue	32,653,000
Cost of Revenue	-6,567,000
Gross Profit	26,086,000	26,086,000

Operating Income (+$)
Gross Profit	26,086,000
Operating Expense	-11,653,000
Operating Income	21,000,000	14,433,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	1,875,000
Selling And Marketing Expenses	1,341,000
Operating Expense	11,653,000	3,216,000

Net Interest Income (+$)
Interest Income	0
Interest Expense	--644,000
Other Finance Cost	-1,288,000
Net Interest Income	-644,000

Pretax Income (+$)
Operating Income	21,000,000
Net Interest Income	-644,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	21,037,000	20,963,000 EBIT - interestExpense = 21,037,000 21,037,000 16,629,000
Interest Expense	-644,000
Earnings Before Interest and Taxes (EBIT)	20,393,000	20,393,000
Earnings Before Interest and Taxes (EBITDA)	21,336,000

After tax Income (+$)
Income Before Tax	21,037,000
Tax Provision	-3,764,000
Net Income From Continuing Ops	17,273,000	17,273,000
Net Income	17,273,000
Net Income Applicable To Common Shares	16,989,000

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	11,653,000
Total Other Income/Expenses Net	37,000	644,000

Technical Analysis of Visa
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Visa. The general trend of Visa is BULLISH with 14.3% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Visa's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (14.3%)		Bearish trend (-14.3%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Visa Inc. Class A.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 272.76 < 290.96.

The bearish price targets are: 267.44 > 258.25 > 257.50.

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Visa Inc. Class A Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Visa Inc. Class A. The current mas is .

The long score for the Moving Averages is 8/14.
The longshort score for the Moving Averages is 2/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Visa Inc. Class A Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Visa Inc. Class A. The current macd is -2.5400759.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Visa price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Visa. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Visa price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Visa Inc. Class A Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Visa Inc. Class A. The current adx is 25.69.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -4/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Visa shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bearish trend. The ADX is trending up, so the bearish trend is strengthening.

Visa Inc. Class A Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Visa Inc. Class A. The current sar is 277.44.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Visa Inc. Class A Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Visa Inc. Class A. The current rsi is 34.60. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -4/(-13 +13).

Correction in bull market: Moderate price decline, potential pause in the uptrend. Reassess the market, wait for signs of stabilization.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Visa Inc. Class A Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Visa Inc. Class A. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -6/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Visa price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Visa Inc. Class A Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Visa Inc. Class A. The current cci is -149.7613267.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

Visa Inc. Class A Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Visa Inc. Class A. The current cmo is -41.48164849.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Visa Inc. Class A Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Visa Inc. Class A. The current willr is -87.77686628.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

Visa Inc. Class A Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Visa Inc. Class A.

Visa Inc. Class A Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Visa Inc. Class A. The current atr is 3.87555901.

Visa Inc. Class A Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Visa Inc. Class A. The current obv is 177,924,774.

Visa Inc. Class A Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Visa Inc. Class A. The current mfi is 26.13.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Visa Inc. Class A Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Visa Inc. Class A.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-28	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-04	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-11	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-13	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-14	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-18	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-03	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-10	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-17	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-01-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-29	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-30	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-31	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-09	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-02-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-14	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-15	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-20	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-21	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-23	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-05	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-07	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-13	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-19	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-20	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-25	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-03-27	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-04	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-10	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-12	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-04-15	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside

6.3. Candlestick Patterns

Visa Inc. Class A Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Visa Inc. Class A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	34.598
Ma 20	Greater than	Ma 50	276.253
Ma 50	Greater than	Ma 100	279.460
Ma 100	Greater than	Ma 200	271.402
Open	Greater than	Close	271.470
Total			3/5 (60.0%)

Create your own Symbol Scanner

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Visa Inc. Class A Buy, Hold or Sell?

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Quick analysis of Visa (30 sec.)

What can you expect buying and holding a share of Visa? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Visa (5 min.)

$269.78

$19.43

$43.73 - $88.80

$63.16 - $108.22

2. Growth of Visa (5 min.)

Is Visa growing?

How much money is Visa making?

How much money comes from the company's main activities?

3. Financial Health of Visa (5 min.)

4. Comparing to competitors in the Credit Services industry (5 min.)

Industry Rankings (Credit Services)

What can you expect buying and holding a share of Visa? (5 min.)

What can you expect buying and holding a share of Visa?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Visa

About Visa Inc. Class A

Financial Health

Valuation

1.1. Profitability of Visa Inc. Class A.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Credit Services)

1.1.2. Return on Assets

Trends

Compared to industry (Credit Services)

1.1.3. Return on Equity

Trends

Compared to industry (Credit Services)

1.2. Operating Efficiency of Visa Inc. Class A.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Credit Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Credit Services)

1.3. Liquidity of Visa Inc. Class A.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Credit Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Credit Services)

1.4. Solvency of Visa Inc. Class A.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Credit Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Credit Services)

2. Market Valuation of Visa Inc. Class A

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Credit Services)

Visa Inc. Class A
Buy, Hold or Sell?