Key Assumptions in Absolute Valuation

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 Key Assumptions in Absolute Valuation
Beta is collected from Yahoo Finance
S&P 500 Last 10 Years Average is used as proxy of market return
Sales Growth is assumed to be the last five years' average growth
20 Years' US Treasury Bond Rate is used as Risk Free Rate
ARPU is used to estimate Revenues from 2023 to 2027
Day End Active Users are used to estimate Revenue from 2023 to 2027
PPE Estimations:
(a) PPE usually varies with the changes in sales
(b) We assume that net PPE will be average percent of sales of last five years
Accounts Receivable varies with the changes in Sales
Accured Expense varies with the changes in General, Administrative, and Marketing Expenses
Accounts Payable varies with the changes in cost of sales
Depreciation will be the percent of total PPE
 Day End Users (Millions)
Regions 2018 2019 2020 2021 2022 ARUP
US and Canada 186.00 190.00 195.00 195.00 199.00 252.01
Europe 282.00 294.00 308.00 309.00 304.00 87.77
Asia-Pacific 577.00 641.00 744.00 806.00 854.00 32.51
Rest of the World 478.00 532.00 598.00 619.00 643.00 18.69
Regions Revenue_2022 ARUP
US and Canada 50,150.00 252.01
Europe 26,681.00 87.77
Asia-Pacific 27,760.00 32.51
Rest of the World 12,018.00 18.69
 Growth Factor Projected Sales
2019 2020 2021 2022 Average Growth rate 2023
1.02 1.03 1.00 1.02 1.02 0.02 202.39
1.04 1.05 1.00 0.98 1.02 0.02 309.76
1.11 1.16 1.08 1.06 1.10 0.10 870.19
1.11 1.12 1.04 1.04 1.08 0.08 655.19
Revenue 118,723.11
 Projected Sales (Millions)
2024 2025 2026 2027
205.84 209.34 212.91 216.54
315.04 320.41 325.86 331.41
885.01 900.09 915.42 931.01
666.35 677.70 689.24 700.98
120,745.32 122,801.97 124,893.65 127,020.96
 Historical (Millions)
2018 2019 2020 2021
Accumulated Depreciation 6,890.00 10,663.00 15,418.00 20,080.00
Depreciation 3,773.00 4,755.00 4,662.00
% of Total PPE 0.08 0.08 0.06
2,018.00 2,019.00 2,020.00 2,021.00
NET PPE 24,683.00 35,323.00 45,633.00 57,809.00
Gross PPE 31,573.00 45,986.00 61,051.00 77,889.00
Acquisition 14,413.00 15,065.00 16,838.00
Acquisition as % of Sales 0.20 0.18 0.14
Growth Factor 0.86 0.81
Average
s) Projected (Millions)
2022 2023 2024 2025 2026 2027
24,975.00 33,909.65 44,847.21 57,821.78 72,868.06 90,021.34
4,895.00 8,934.65 10,937.55 12,974.57 15,046.28 17,153.28
0.05
2,022.00 2,023.00 2,024.00 2,025.00 2,026.00 2,027.00
79,518.00 91,226.89 92,780.76 94,361.09 95,968.34 97,602.96
104,493.00 134,037.18 164,084.59 194,643.80 225,723.52 257,332.62
26,604.00 29,544.18 30,047.41 30,559.21 31,079.72 31,609.10
0.23 0.25 0.25 0.25 0.25 0.25
1.60
1.09
 Historical
2018 2019 2020 2021 2022
Cost of Sales 9,355.00 12,770.00 16,692.00 22,649.00 25,249.00
AP 820.00 1,363.00 1,331.00 4,083.00 4,990.00
% of Cost of Sales 0.09 0.11 0.08 0.18 0.20
Last 2Y Average 0.19
 Projected
2023 2024 2025 2026 2027
25,706.76 26,144.62 26,589.94 27,042.85 27,503.47
4,857.35 4,940.08 5,024.23 5,109.81 5,196.84
 Historical
2018 2019
General and Administrative Expenses 3,451.00 10,465.00
Marketing and Sales Expense 7,846.00 9,876.00
Total Expense 11,297.00 20,341.00
Accrued Expense Payable 5,509.00 11,735.00
% of Total Expense 0.49 0.58
Last 2 Year Average
Historical Projected
2020 2021 2022 2023 2024 2025 2026
6,564.00 9,829.00 11,816.00 15,538.70 15,803.37 16,072.55 16,346.31
11,591.00 14,043.00 15,262.00 12,030.22 12,235.13 12,443.53 12,655.48
18,155.00 23,872.00 27,078.00 27,568.92 28,038.50 28,516.08 29,001.79
11,152.00 14,873.00 19,552.00 18,541.39 18,857.20 19,178.40 19,505.06
0.61 0.62 0.72
0.67
 2027
16,624.74
12,871.04
29,495.78
19,837.29
 2018 2019 2020 2021 2022 2023 2024
Sales 55838 $ 70,697.00 $ 85,965 $ 117,929 $ 116,609 118723.108 120745.315
AR 7,587.00 9,518.00 11,335.00 14,039.00 13,466.00 15,122.67 15,380.25
% of Sales 0.14 0.13 0.13 0.12 0.12
Average 0.13
 2025 2026 2027
122801.9667 124893.6492 127020.9592
15,642.23 15,908.66 16,179.63
 Historical
2018 2019 2020 2021 2022
Sales 55,838.00 70,697.00 85,965.00 117,929.00 116,609.00
PPE 24,683.00 35,323.00 45,633.00 57,809.00 79,518.00
PPE/Sales 0.44 0.50 0.53 0.49 0.68
Growth_Factor 1.13 1.06 0.92 1.39
Last 4Y Average 1.13
 Projected
2023 2024 2025 2026 2027

0.77 0.77 0.77 0.77 0.77

 Historical (Millions
2018 2019
Revenue 55,838.00 70,697.00
Costs and expenses:
Cost of revenue (9,355.00) (12,770.00)
Research and development (10,237.00) (13,600.00)
Marketing and sales (7,846.00) (9,876.00)
General and administrative (3,451.00) (10,465.00)
Total costs and expenses (30,889.00) (46,711.00)
Income from operations 24,949.00 23,986.00
Interest and other income (expense) 448.00 826.00
Income before provision for income 25,361.00 24,812.00
Provision for income taxes (3,249.00) (6,327.00)
Net income 22,112.00 18,485.00
Historical (Millions) Projected (Millio
Vertical Analysis_2022
2020 2021 2022 2023 2024
85,965.00 117,929.00 116,609.00 100.0% 118,723.11 120,745.32

(16,692.00) (22,649.00) (25,249.00) -21.7% (25,706.76) (26,144.62)

(18,447.00) (24,655.00) (35,338.00) -30.3% (35,978.67) (36,591.50)
(11,591.00) (14,043.00) (15,262.00) -13.1% (15,538.70) (15,803.37)
(6,564.00) (9,829.00) (11,816.00) -10.1% (12,030.22) (12,235.13)
(53,294.00) (71,176.00) (87,665.00) (89,254.36) (90,774.62)
32,671.00 46,753.00 28,944.00 29,468.75 29,970.69
509.00 531.00 (125.00) - -
33,180.00 47,284.00 28,819.00 29,468.75 29,970.69
(4,034.00) (7,914.00) (5,619.00) -4.8% (5,720.87) (5,818.32)
29,146.00 39,370.00 23,200.00 23,747.88 24,152.38
Projected (Millions)
2025 2026 2027
122,801.97 124,893.65 127,020.96

(26,589.94) (27,042.85) (27,503.47)

(37,214.76) (37,848.64) (38,493.31)
(16,072.55) (16,346.31) (16,624.74)
(12,443.53) (12,655.48) (12,871.04)
(92,320.78) (93,893.28) (95,492.56)
30,481.18 31,000.37 31,528.40
- - -
30,481.18 31,000.37 31,528.40
(5,917.42) (6,018.21) (6,120.72)
24,563.76 24,982.16 25,407.68
 Histo
2018
Assets
Current assets:
Cash and cash equivalents 10,019.00
Marketable securities 31,095.00
Accounts receivable, net 7,587.00
Prepaid expenses and other current assets 1,779.00
Total current assets 50,480.00
Non-marketable equity securities -
Property and equipment, net 24,683.00
Operating lease right-of-use assets -
Intangible assets, net 1,294.00
Goodwill 18,301.00
Other assets 2,576.00
Total assets 97,334.00
Liabilities and stockholders' equity
Current liabilities:
Accounts payable 820.00
Partners payable 541.00
Operating lease liabilities, current -
Accrued expenses and other current liabilities 5,509.00
Other Current Liabilities 147.00
Total current liabilities 7,017.00
Operating lease liabilities, non-current -
Long-term debt -
Other liabilities 6,190.00
Total liabilities 13,207.00
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares
authorized, 2,247 million and 2,328 million shares issued and
outstanding, as of December 31, 2022 and 2021, respectively; 4,141
million Class B shares authorized, 367 million and 413 million shares
issued and outstanding, as of December 31, 2022 and 2021, respectively
Additional paid-in capital 42,906.00
Accumulated other comprehensive loss (760.00)
Retained earnings 41,981.00
Total stockholders' equity 84,127.00
Total liabilities and stockholders' equity 97,334.00
Check -
 Historical (Millions)
Vertical_Analysis_2022
2019 2020 2021 2022 2023

19,079.00 17,576.00 16,601.00 14,681.00 14,681.00

35,776.00 44,378.00 31,397.00 26,057.00 26,057.00
9,518.00 11,335.00 14,039.00 13,466.00 15,122.67
1,852.00 2,381.00 4,629.00 5,345.00 6,171.75
66,225.00 75,670.00 66,666.00 59,549.00 62,032.42
86.00 6,234.00 6,775.00 6,201.00 6,201.00
35,323.00 45,633.00 57,809.00 79,518.00 91,226.89
9,460.00 9,348.00 12,155.00 12,673.00 10,934.00
894.00 623.00 634.00 897.00 897.00
18,715.00 19,050.00 19,197.00 20,306.00 20,306.00
2,673.00 2,758.00 2,751.00 6,583.00 -
133,376.00 159,316.00 165,987.00 185,727.00 191,597.31

1,363.00 1,331.00 4,083.00 4,990.00 4,857.35

886.00 1,093.00 1,052.00 1,117.00 1,117.00
800.00 1,023.00 1,127.00 1,367.00 1,739.00
11,735.00 11,152.00 14,873.00 19,552.00 18,541.39
269.00 382.00 - - -
15,053.00 14,981.00 21,135.00 27,026.00 26,254.74
9,524.00 9,631.00 12,746.00 15,301.00 14,929.00
- - - 9,923.00 9,923.00
7,745.00 6,414.00 7,227.00 7,764.00 7,764.00
32,322.00 31,026.00 41,108.00 60,014.00 58,870.74

- -
45,851.00 50,018.00 55,811.00 64,444.00 34.70% 66,480.89
(489.00) 927.00 (693.00) (3,530.00) -
55,692.00 77,345.00 69,761.00 64,799.00 66,245.68
101,054.00 128,290.00 124,879.00 125,713.00 132,726.57
133,376.00 159,316.00 165,987.00 185,727.00 191,597.31
- - - -
 Projected (Million)
Direction of Change
2024 2025 2026 2027

14,681.00 14,681.00 14,681.00 14,681.00 No_Change

26,057.00 26,057.00 26,057.00 26,057.00 No_Price_Fluctation
15,380.25 15,642.23 15,908.66 16,179.63 % of Sales
7,126.38 8,228.66 9,501.45 10,971.10 Growth of Last Year
63,244.63 64,608.89 66,148.11 67,888.74
6,201.00 6,201.00 6,201.00 6,201.00 No_Change
92,780.76 94,361.09 95,968.34 97,602.96
8,900.00 7,129.00 5,406.00 3,707.00
897.00 897.00 897.00 897.00 Constant
20,306.00 20,306.00 20,306.00 20,306.00
- - - - Irregular
192,329.39 193,502.98 194,926.44 196,602.70

4,940.08 5,024.23 5,109.81 5,196.84 % of Cost of Sales

1,117.00 1,117.00 1,117.00 1,117.00 No change
2,034.00 1,771.00 1,723.00 1,699.00 See Annual Report
18,857.20 19,178.40 19,505.06 19,837.29
- - 2,750.00 2,750.00
26,948.29 27,090.62 30,204.87 30,600.13
12,895.00 11,124.00 9,401.00 7,702.00 See Annual Report
9,923.00 9,923.00 7,173.00 4,423.00 See Annual Report
7,764.00 7,764.00 7,764.00 7,764.00 No Change
57,530.29 55,901.62 54,542.87 50,489.13

66,734.91 67,142.13 67,636.05 68,217.68

- - - -
68,064.19 70,459.22 72,747.53 77,895.89
134,799.10 137,601.35 140,383.58 146,113.57
192,329.39 193,502.98 194,926.44 196,602.70
 Projected (M
2023
Net income 23,747.88
Adjustments to reconcile net income to net cash provided by the operating activities:
Depreciation and amortization 8,934.65
Share-based compensation 16,238.01
Deferred income taxes (3,286.00)
Impairment charges for leases and leasehold improvements 2,218.00
Abandonment charges for data center assets -
Fair value adjustments for non-marketable securities -
Others -
Changes in assets and liabilities:
Accounts receivable (1,656.67)
Prepaid expenses and other current assets (826.75)
Other assets 6,583.00
Accounts payable (132.65)
Partners payable -
Accrued expenses and other current liabilities (1,010.61)
Other liabilities -
Net cash provided by operating activities 50,808.86
 Projected (Millions)
2024 2025 2026 2027
24,152.38 24,563.76 24,982.16 25,407.68
activities:
10,937.55 12,974.57 15,046.28 17,153.28
21,987.40 29,772.47 40,314.01 54,587.99
(3,286.00) (3,286.00) (3,286.00) (3,286.00)
2,218.00 2,218.00 2,218.00 2,218.00
- - - -
- - - -
- - - -

(257.58) (261.97) (266.43) (270.97)

(954.63) (1,102.29) (1,272.79) (1,469.66)
- - - -
82.74 84.14 85.58 87.04
- - - -
315.81 321.19 326.67 332.23
- - - -
55,195.67 65,283.89 78,147.47 94,759.59
 Historical (Millions)
2018 2019
Net cash provided by operating activities 29,274.00 36,314.00
Purchases of property and equipment, net (13,915.00) (15,102.00)
Principal payments on finance leases - (552.00)
Free Cash Flow 15,359.00 20,660.00
Historical (Millions) Projected (Millions)
2020 2021 2022 2023 2024 2025 2026
38,747.00 57,683.00 50,475.00 50,808.86 55,195.67 65,283.89 78,147.47
(15,115.00) (18,567.00) (31,186.00) (29,544.18) (30,047.41) (30,559.21) (31,079.72)
(604.00) (677.00) (850.00) (146.00) (57.00) (57.00) (53.00)
23,028.00 38,439.00 18,439.00 21,118.67 25,091.26 34,667.68 47,014.75
 2027
94,759.59
(31,609.10)
(52.00)
63,098.49
 ME
CONSOLIDATED STA
Year
2022
Cash flows from operating activities
Net income 23,200.00
Adjustments to reconcile net income to net cash provided by the operating activities:
Depreciation and amortization 8,686.00
Share-based compensation 11,992.00
Deferred income taxes (3,286.00)
Impairment charges for leases and leasehold improvements 2,218.00
Abandonment charges for data center assets 1,341.00
Fair value adjustments for non-marketable securities 463.00
Others 178.00
Changes in assets and liabilities:
Accounts receivable 231.00
Prepaid expenses and other current assets 162.00
Other assets (106.00)
Accounts payable 210.00
Partners payable 90.00
Accrued expenses and other current liabilities 4,210.00
Other liabilities 886.00
(A) Net cash provided by operating activities 50,475.00
Cash flows from investing activities
Purchases of property and equipment (31,431.00)
Proceeds relating to property and equipment 245.00
Purchases of marketable debt securities (9,626.00)
Sales of marketable debt securities 11,083.00
Maturities of marketable debt securities 2,075.00
Purchases of non-marketable equity securities (5.00)
Acquisitions of businesses and intangible assets (1,312.00)
Other investing activities 1.00
(B) Net cash used in investing activities (28,970.00)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards (3,595.00)
Repurchases of Class A common stock (27,956.00)
Proceeds from issuance of long-term debt, net 9,921.00
Principal payments on finance leases (850.00)
Other financing activities 344.00
(C ) Net cash used in financing activities (22,136.00)
(D) Effect of exchange rate in changes on cash and cash equivalents (638.00)
(A)+(B)+(CNet decrease in cash, cash equivalents, and restricted cash (1,269.00)
Cash, cash equivalents, and restricted cash at the beginning of the peri 16,865.00
Cash, cash equivalents, and restricted cash at end of the period 15,596.00
 META PLATFORMS, INC.
ONSOLIDATED STATEMENTS OF CASH FLOWS (in Millions)
Year Ended on December 31
2021 2020 2019 2018

39,370.00 29,146.00 18,485.00 22,112.00

7,967.00 6,862.00 5,741.00 4,315.00 2022 2021 2020

9,164.00 6,536.00 4,836.00 4,152.00 2,828.00 2,628.00 1,700.00
609.00 (1,192.00) (37.00) 286.00 0.31 0.40 0.35
- - - -
- - - -
(232.00) 33.00 - -
105.00 85.00 39.00 (64.00)

(3,110.00) (1,512.00) (1,961.00) (1,892.00)

(1,750.00) 135.00 47.00 (690.00)
(349.00) (34.00) 41.00 (159.00)
1,436.00 (17.00) 113.00 221.00
(12.00) 178.00 348.00 157.00
3,544.00 (946.00) 7,423.00 1,470.00
941.00 (527.00) 1,239.00 (634.00)
57,683.00 38,747.00 36,314.00 29,274.00

(18,690.00) (15,163.00) (15,102.00) (13,915.00)

123.00 48.00 - -
(30,407.00) (33,930.00) (23,910.00) (14,656.00)
31,671.00 11,787.00 9,565.00 12,358.00
10,915.00 13,984.00 10,152.00 4,772.00
(47.00) (6,361.00) (61.00) (25.00)
(851.00) (388.00) (508.00) (137.00)
(284.00) (36.00) - -
(7,570.00) (30,059.00) (19,864.00) (11,603.00)

(5,515.00) (3,564.00) (2,337.00) (3,208.00)

(44,537.00) (6,272.00) (4,202.00) (12,879.00)
- - - -
(677.00) (604.00) (552.00) -
1.00 148.00 (208.00) 515.00
(50,728.00) (10,292.00) (7,299.00) (15,572.00)
(474.00) 279.00 4.00 (179.00)
(1,089.00) (1,325.00) 9,155.00 1,920.00
17,954.00 19,279.00 10,124.00 8,204.00
16,865.00 17,954.00 19,279.00 10,124.00
Average
0.35
 Reference
Beta 1.2 Yahoo Finance
Risk Free Rate (20Y) 4.15% Yahoo Finance
Market Return (10Year Average) 12.17% S & P 500 Index

Cost of Equity by CAPM 13.77%

ROE 0.17
Retention Rate 0.20
Sustainable Growth Rate (g) 3.52%
Terminal Value 637256.61882

2023 2024 2025 2026 2027

Terminal Value - - - - 637,256.62
FCFE 21,118.67 25,091.26 34,667.68 47,014.75 63,098.49
Total 21,118.67 25,091.26 34,667.68 47,014.75 700,355.11
DCF 18,561.95 19,383.69 23,539.42 28,058.35 367,369.56
Total Value of Equity (million)Floating Shares (million)

456,912.96 2,210.00
Per Share Price (Implicit) 206.75
Current Price 206.748 Next 100 Days
Return =10%; Risk Return=12%; Ri
Days Simulated Price Simulated Price
1 214.962295386618 239.306819296
2 220.295545951733 243.222145794
3 228.384048428735 234.31031126
4 239.097096252103 256.051288362
5 214.9558715023 248.998432197
6 230.546146189712 229.652740429
7 219.774612014996 210.035709551
8 233.074340801479 248.784715466
9 233.609563196988 228.889873304
10 226.12401046972 234.64450575
11 219.371887802675 192.943674968
12 218.359675587315 227.572437296
13 241.298642879191 253.432676506
14 218.099859697465 222.989053971
15 243.464327322347 227.409637666
16 226.070913651937 252.317444389
17 225.728345327082 225.603592654
18 229.078157951213 235.019631902
19 226.165801176598 208.042916989
20 203.107735655821 233.510891785
21 220.520032813083 216.905217067
22 237.320147433076 242.362948987
23 227.934322554255 249.861015867
24 219.710780678422 225.406455629
25 216.706009331008 236.294289425
26 221.31927895348 253.640270832
27 219.595808065175 246.176066421
28 238.757851220758 229.04739906
29 227.410467945862 217.263130981
30 208.960285343092 250.464950851
31 219.138615971326 252.672403475
32 211.808079344149 200.953943915
33 226.071079862776 231.567843823
34 238.730967680435 227.620334144
35 227.21495904784 232.490409145
36 216.551190469233 229.967510444
37 216.978133077119 237.673582029
38 217.0836714277 244.546710676
39 237.86642599936 226.687206965
40 230.346340705852 245.310202971
41 244.029525262249 243.29293494
42 191.537260723284 238.748298402
43 240.823210293693 234.691009063
44 224.48891831152 235.357651627
45 221.985221127962 237.974343205
46 222.61702916473 264.507077014
47 238.174346088732 251.509238827
48 236.348317302668 254.831514794
49 217.163558059099 231.371720011
50 225.497897531628 217.081294826
51 227.478341209722 230.786576197
52 230.194985562386 208.595053399
53 217.898620914958 243.961474692
54 234.024854088403 236.486582682
55 235.368321535478 211.085133143
56 241.917315991373 246.908369731
57 229.968216735171 224.632626089
58 226.049107395593 234.101211593
59 231.636581287933 228.148104318
60 219.43064405453 224.583482216
61 237.094097454085 221.924746614
62 233.428944455953 219.950984496
63 229.031074411774 221.233527936
64 235.229209545426 251.985215664
65 233.347581789256 206.341461194
66 203.689648451288 232.694600444
67 242.909797544651 243.191677859
68 218.632267380187 235.762750797
69 227.896296228237 233.105539883
70 225.008947592412 250.114046403
71 231.522084250663 251.398965077
72 216.952680843288 240.452475032
73 245.864372929269 227.596905013
74 219.831328689854 262.487954539
75 213.630954372967 213.877567589
76 218.80316891918 231.918986372
77 235.288657121463 221.524605853
78 216.201833268614 211.538420023
79 235.339878376646 243.544105768
80 223.78425920615 228.785294391
81 227.737756225891 237.280071562
82 226.562425685627 225.66158864
83 220.492577970709 209.809263058
84 255.887286021213 233.847849453
 85 226.991398477025 249.963121583
86 228.921512363527 186.504045463
87 207.373819555624 246.020747933
88 227.326892948839 214.671902554
89 222.831528071423 239.181819639
90 242.364760257118 242.520374656
91 225.428145621261 218.935604668
92 241.784276336536 244.563731953
93 229.206329686372 250.688591573
94 212.27476840732 250.908152112
95 214.959157951865 231.128762497
96 247.976369982241 257.691802615
97 226.91070752999 255.808048953
98 230.675850649298 229.647439912
99 236.979599440995 218.436380546
100 221.627271199385 233.416943191
Mean 226.660251150248 233.744201625
Next 100 Days 300
Return =10%; Risk =5% Return=12%; Risk =7% 250
Max Price Min Price Max Price Min Price
255.887286021 191.537 264.507077014 186.504 200
255.887286021 191.537 264.507077014 186.504

Price
150
255.887286021 191.537 264.507077014 186.504 Price (Return
255.887286021 191.537 264.507077014 186.504 100 Max Price
255.887286021 191.537 264.507077014 186.504 Min Price
255.887286021 191.537 264.507077014 186.504 50

255.887286021 191.537 264.507077014 186.504 0

255.887286021 191.537 264.507077014 186.504 0 20 40
255.887286021 191.537 264.507077014 186.504 Next 10
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504 300
255.887286021 191.537 264.507077014 186.504
250
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504 200
255.887286021 191.537 264.507077014 186.504

Price
255.887286021 191.537 264.507077014 186.504 150
Price (Return
255.887286021 191.537 264.507077014 186.504 Max Price
100
255.887286021 191.537 264.507077014 186.504
Min Price
255.887286021 191.537 264.507077014 186.504 50
255.887286021 191.537 264.507077014 186.504
0
255.887286021 191.537 264.507077014 186.504 0 20 40
255.887286021 191.537 264.507077014 186.504 Next 10
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
255.887286021 191.537 264.507077014 186.504
300

250

200

150
Price (Return =10%; Risk =5%)

100 Max Price

Min Price
50

0
0 20 40 60 80 100 120
Next 100 Days

300

250

200

150
Price (Return =12%; Risk =7%)

100 Max Price

Min Price
50

0
0 20 40 60 80 100 120
Next 100 Days