My sixteen-year old, a sophomore in high school, joined the investment club at school a couple of weeks ago, and entered a stock-picking competition. Club members invest in a stock or stocks of their choice, with the winner chosen in about five weeks, based upon price appreciation. Thinking I would have some sage advice on where to invest his money, he asked me for some stock picks and I almost suggested that he put all his money in GoPro, a choice that is clearly at odds with the prudent investing practices of diversification and perhaps with conventional value investing precepts. While GoPro is not the investment I would recommend for my son as his Roth IRA investment (with real long money and a long time horizon), in a game with a five-week window, where the winner takes all, momentum will beat out intrinsic value and diversification will be more hindrance than help. (Note that momentum fairy was in GoPro's corner at the time, and has taken a break in recent days.) In this post, I take a look at GoPro, perhaps the hottest stock of the year, with the intent of not only understanding its intrinsic value (and drivers) but to make sense of the pricing game.
The Back Story
For those of you who are not familiar with the company, GoPro makes cameras that you can attach to yourself and record video of your activities. While that might not seem exceptional, it is designed for high-energy physical activities, including running, rock climbing, swimming or hunting. You can get a measure of the company’s current offerings on its website. They include three models of the camera (the Hero, the Hero 3 and the Hero 4), numerous accessories and two free software products (a GoPro App and GoPro Studio) to convert the recorded videos into watchable ones. The company believes that the creators of videos will share them, not only with their friends, but also with the general public. In its most recent earnings report, it noted that GoPro videos published on YouTube had increased 200% over the previous year, launched a GoPro channel on Pinterest to attract more attention to the videos and one for the Microsoft Xbox.
The company’s cameras have found a ready market, with revenues hitting $986 million in 2013 and increasing to $1,033 million in the twelve months ending in June 2014. In spite of large investments in R&D ($108 million in the trailing twelve months), the company still managed to be profitable, with operating income of $70 million in that period. Capitalizing R&D increases their pre-tax operating margin to 13.43%, impressive for a young company. The figure below looks at the evolution of revenues and units sold over the history of the company. (You can download the company's prospectus and its only 10Q.)
GoPro has been a stock on fire since its initial public offering on June 26, jumping 30% on its offering date (from $24 to $31.44) and continuing its rise to $94 on October 7, before falling back to $78 on October 14 (the day I started the valuation) and to $70 today (October 15).
The stock has accumulated a large number of vocal short-sellers, who are convinced that this is a high flyer destined for a fall, and many of them have been burnt in the price run-up, a fact alluded to in this Wall Street Journal article about the company.
An Intrinsic Valuation
In valuing GoPro, we face all of the typical challenges associated with valuing a company, with growth possibilities, early in its life cycle, in determining the market potential and imminent competition.
1. Potential Market
GoPro is nominally a camera company but I will argue that it caters to a different market. To get a measure of the potential market for GoPro's products, I will make my argument in three steps:
- The conventional camera market is under threat from smart phones, and its share of the camera market has been shrinking over the last few years and there is little hope that it will stop doing so in the future.
Source: CIPA - The camera market is changing and expanding. The entry of smart phone cameras has not only taken away market share from conventional camera companies but has changed the market by attracting new users into the market. These new customers, who are mostly uninterested in conventional cameras (and recording images and videos for family albums), are being drawn into this market, by their desire to record and post photos/videos on social media sites. That trend will continue into the future and I believe that the camera market will become a subset of the smart phone market. The good news is that the smartphone market is huge, estimated to be $355 billion in 2014, larger than the entire electronics market ($340 billion) in 2014. The bad news is that most of the consumers in this market will be satisfied with the cameras on their cell phones and will be unwilling to spend money on an expensive accessory, unless it serves a very specific need.
Source: IC Insights - The action camera market will be a subset of the smartphone market and its customers will be those who are physically active people who also happen to be active on social media (over active, over sharers). To make an estimate of how many consumers are in this market, I used the CDC's statistic that about 22% of Americans are physically active. Generalizing (and globalizing) this statistic to the smartphone market yields a potential market that is about $80 billion in 2014 (22% of $355 billion). That is likely to be an over estimate, since not all physically active people are "sharers" on social media. According to this survey, about 31% of adults post videos on their social media site and it has both increased over time and is higher among younger adults (ages 18 through 29), 40% of whom post videos. Using the latter statistic, the overall market for action cameras is $31 billion (in 2013), estimated as 40% of $80 billion. Applying a 5% growth rate on this market yields a potential market of $51 billion in 2023. The picture below captures the sequence of assumptions that yields this number:
2. Market Share & Profit Margins
The market share and target profit margin that we assess for GoPro will be a function of the potential market that we see for it and the competition in that market. If we define it as the camera market, the competition is already intense and dominated by Japanese manufacturers:
If we define it, as I think we should, as the subset of the smartphone accessory market that wants active cameras (the $51 billion market in 2023 identified in the last section), GoPro is the first mover in the market and has more growth potential (both because the market is growing and it has relatively few competitors, for the moment).
To gauge the expected market share that GoPro can get of this market, it is worth noting that while it initially had the action-camera market to itself, the competition is starting to take form from upstarts, established camera makers and from some smartphone manufacturers. Even if GoPro can establish a brand name advantage (by being the first one on the market), I don’t see any potential networking advantages that GoPro can bring to this process that will allow it, even if successful, to control a dominant share of this market, as the market gets bigger. Drawing from the established camera business market shares, I will assign a market share of 20% (resulting in revenues of about $10 billion for GoPro in 2023, i.e., 20% of $51 billion) , roughly similar to the 20% market share for Nikon, the leading camera maker, of the camera market in 2013. (I am not drawing a direct parallel between Nikon and GoPro, but I am arguing the market share breakdown of the action camera market is going to resemble the market share breakdown of the conventional camera market).
On the profit margin, GoPro’s first mover advantage has given it a headstart in this market, allowing it to charge premium prices and earn a pre-tax operating margin of 12.5%. This is slightly lower than the margin (13.43%) posted by the company in the most recent 12 months, but the trend lines in margins for the company are decidedly negative:
This estimate (12.5%) of the pre-tax operating margin is significantly higher than the 6%-7.5% margin reported by camera companies and similar to the 10%-15% margin reported by smartphone companies; Apple remains an outlier with its pre-tax margin in excess of 25%. I am, in effect, assuming that GoPro will preserve its premium pricing, even in the face of competition.
3. Investment Needs
While GoPro users may post to social media sites, GoPro is not a social media company when it comes to investment needs. While social media companies like Facebook, Twitter and Linkedin generate their revenues in advertising and have little need for tangible investment, GoPro will need to invest in manufacturing capacity to produce and sell more cameras. To estimate the reinvestment needs, I made the assumption that the company will have to invest $1 for every $2 in additional revenues generated in years 1-10. This, in turn, will move the return on capital for the company from it's current stratospheric levels to about 16% in year 10.
4. Risk
GoPro has a social media focus for its user-generated videos, but the company currently generates all of its revenues from selling cameras and accessories. There is the real possibility, though, that the user-generated videos may have entertainment value, which, in turn, could lead to other revenue sources (advertising on GoPro's YouTube channel or a dedicated media outlet for GoPro videos, for instance). That does seem a little far fetched at the moment and we will assume that GoPro's risk will resemble the risk of high-end electronics companies. To estimate a cost of capital for GoPro, I consider their current mix of debt and equity (2.2% debt, 97.8% equity) as my starting point, and estimate a cost of capital of 8.36% for the company, declining to 8% by year 10 (with both reflecting the fact that the US 10-year bond rate dropped to 2% on October 14). This may strike you as low, but much of the risk in GoPro is specific to the company and its market and is thus not reflected in the cost of capital.
5. Possibilities
GoPro's focus on creating partnerships with Xbox and Pinterest suggest that it sees the possibility of generating revenues from becoming a media company (with the videos created by its customers as content). At the moment, using a contrast I drew earlier in my post on Uber, this is more in the realm of the possible than the plausible or the probable. If the value per share that we obtain is just a tad below the market price, this possibility may be sufficient to tilt the scale towards buying but it cannot account for a large chunk of the value today.
GoPro's focus on creating partnerships with Xbox and Pinterest suggest that it sees the possibility of generating revenues from becoming a media company (with the videos created by its customers as content). At the moment, using a contrast I drew earlier in my post on Uber, this is more in the realm of the possible than the plausible or the probable. If the value per share that we obtain is just a tad below the market price, this possibility may be sufficient to tilt the scale towards buying but it cannot account for a large chunk of the value today.
6. Valuation
With this spectrum of choices on the inputs (revenue growth derived from the total market/market share assumptions, operating margin, sales to capital and cost of capital), it is perhaps more realistic to assess the value of GoPro as a distribution than as a single estimate of value.
Reading this distribution, you can see while the expected value across the simulations is only $33-32/share, well below the market price of $70, there are outcomes that deliver values higher than the market price. Put differently, while I think that the company is over valued, there are pathways to values higher than $70. They will require GoPro to (a) expand the market for cameras to new users (physically active, over sharers) (b) find a strong, sustainable competitive advantage over its imminent competition, perhaps with a networking edge (giving it higher market share) and (c) preserve its premium pricing edge.
(You can download the base case valuation by clicking here)
(You can download the base case valuation by clicking here)
A Pricing of GoPro
In keeping with my argument that much of what passes for valuation in practice is really pricing, let me make the pricing case for GoPro. To price a company, there are two fundamental questions that have to be addressed: who (or what companies) you are pricing your company against and what metric (revenues, book value, earnings etc), you will use in the comparison.
The essence of pricing is that you use the market pricing of comparable assets/firms to determine a fair price for your asset/company. There is, however, a subjective component to determining these comparable investments, and that comes into play with a company like GoPro, with the following possible choices.
- Existing camera manufacturers, some of whom (Sony and Panasonic) are much bigger players in the electronics market. (Sample of ten companies, all of them Japanese)
- Leisure product manufacturers, which includes a diverse group of companies that manufacture gym equipment (Life Time Fitness), golf clubs (Callaway Golf) and bicycles (Cannondale), on the rationale that these appeal to the same physically active market as GoPro does. (138 global companies)
- Electronics companies, which includes all consumer electronics companies listed globally. (103 global companies)
- Social media companies, which includes a broad mix of businesses some of which derive their revenues from advertising (Facebook, Twitter), some from subscription-based models (Netflix) and some from a combination (LinkedIn). (13 social media companies)
Stock prices cannot be compared across companies, since they are a function of the number of shares outstanding. Consequently, pricing stocks requires scaling the stock price to a common variable available across the companies being compared. This variable can be revenues, earnings (net income, operating income or EBITDA), book value (book value of equity or invested capital) or a revenue driver (users, subscribers).
Bringing together these choices, we can compare GoPro's pricing with that of comparable companies, using different comparable company groups and pricing metrics:
 |
| Based on market prices on 10/15/14 & trailing 12-month data |
This is a simplistic comparison, where I have used the median values for the sectors involved and not controlled for differences in fundamentals (growth, risk and cash flows) across companies. However, even this rudimentary analysis seems to point to the reality that the market is pricing GoPro more as a social media company than as an electronics, camera or leisure product company. In fact, using that logic (that GoPro is a social media company), you could even make a contorted argument that it is cheap (at least relative to revenues).
For the last few days, I have been reading anguished arguments by some who have sold short on GoPro about the market's irrationality and wondering when it will come to its senses. Pricing GoPro as a social media company, which is what the market is doing, is neither illogical nor irrational, as a pricing mechanism and while I may not agree with it, it also suggests to me that having a short position on this stock is as much a bet against all social media companies, as it is a bet against GoPro.
Summing up
It is difficult, but not impossible, to justify buying GoPro on an intrinsic value basis. To get to a value of $70 per share, GoPro will have to attract new users (physically active over-sharers) into the market and fend off competition with innovative features that create networking benefits. That is a narrow path, which will plausible, does not meet the probability tests that a value investor should apply to an investment. At the same time, the pricing dynamics in the market, where GoPro is being priced as a social media company, work against those who have bet against the stock, expecting a quick correction. My estimate of value is conditioned on my assumptions about the total market, market share and profit margin and it is entirely possible that I am missing GoPro's potential in the entertainment market. Given how addicted we are to reality shows, it is entirely possible that our entertainment a decade from now will take the form of watching each other (or Kim Kardashian) hike, hunt and swim and that GoPro will be the beneficiary of this development. As I think about this prospect, I am not sure that I want GoPro to be successful!
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Natus ut laboriosam impedit ipsa neque. Distinctio et quidem voluptate saepe architecto cum nemo. Facere nobis autem eum. Aut et consequatur voluptatem eaque nesciunt nobis. Aut qui ut illum.
Enim fugit sed amet voluptatem. Eum nobis aliquid odit laborum enim nulla ipsum. Et eum omnis magnam est quo nostrum beatae. Quia laboriosam tempore veritatis aut porro omnis quia magnam. Dolorem consequatur est molestiae architecto consectetur accusamus qui.
Aut consequuntur fuga vel est laboriosam. Nam possimus et dolorem fugit aliquid blanditiis. Animi labore voluptate rerum et.
Vel at dignissimos quo dolores. Ullam dolor cupiditate nam quidem. Saepe nemo et voluptates in in nihil ut ex. Sit reiciendis non cum. Necessitatibus exercitationem consequatur laudantium voluptates. Dolorem voluptatem sunt voluptatibus aut et.
Dicta assumenda beatae quo inventore recusandae delectus voluptate sunt. Ea officia fugiat ipsa non. Recusandae et debitis laudantium rerum voluptate asperiores non.
Accusamus itaque enim dolores id corporis. Enim minima officia sequi quasi placeat dolores pariatur dicta. Optio qui nisi minima quis porro fugit velit. Minima distinctio qui sed quia et.
Totam unde ea aliquam id qui sit. Et consequatur corporis vero eos enim voluptate. Et quam cupiditate sit qui nihil tempora sint. Ea quae sed sapiente incidunt facilis est et.
Consequatur sit illum et natus. Accusantium ab corrupti dicta hic. Iste ut laboriosam ea. Magnam beatae qui enim repellendus eligendi eos minus.
Rerum maxime fuga minus officiis veritatis ex. Consectetur ex consequatur eligendi consectetur aut. Ipsam fugiat vitae aperiam aut. Assumenda aut accusantium quia. Veritatis ea sed praesentium neque ut qui. Minus expedita voluptatum magnam voluptatibus provident voluptate.
Quae blanditiis est eveniet eos sint. Sunt qui et et dolorem iste. Ullam voluptates voluptatum harum iure optio. Quam quam sed corrupti incidunt doloribus omnis.
Et iste quia eligendi qui unde. Adipisci ducimus incidunt error sit reprehenderit officia aspernatur. Temporibus hic enim ut id et ipsam. Vitae nostrum consequatur ab ut. Non dolore a incidunt neque et sint.
Enim odio ex ipsa odit voluptatibus velit et et. Ut iusto esse quia sed explicabo quos. Ea illo fugit reprehenderit atque porro.
Omnis illo repellendus et illum facere. Quidem fugit labore vero voluptas ad fugiat. Quia voluptas earum rerum. Ratione dolores consequatur quia est perferendis. Distinctio ad veritatis eaque deleniti quo eum.
Dolore tempora maiores est. Quis eveniet nihil quasi dolor. Quia vitae voluptatem omnis officia. Aut tempore repudiandae soluta deleniti ad. Rerum cum hic et similique ut voluptatem rem. Debitis repellendus doloribus exercitationem assumenda eligendi.
Eos et impedit laudantium mollitia dolor sint voluptatem. Rerum quis nobis magni qui soluta culpa facilis. Quia exercitationem tempore voluptatum maxime rerum. Quibusdam aut voluptatibus non alias quaerat molestias. Suscipit vel commodi est illo et accusantium animi.
Vel in eveniet praesentium. Cum aut maiores consequatur.
Ut nostrum asperiores beatae sit aspernatur ut ut quam. Quo vel dolores voluptatem. Ab provident quisquam ut ipsam. Voluptatum aut magnam est ratione.
Quis molestiae atque deleniti blanditiis omnis blanditiis enim laboriosam. Veritatis dolorem et mollitia explicabo ut.
Atque tempora a aliquid reprehenderit quasi consequuntur rem. Incidunt eveniet tempora est delectus repellendus a.
Nostrum fugit dolorem maxime reprehenderit aut. Doloremque aspernatur ipsum aspernatur sed doloremque ut tenetur.
Quis incidunt et voluptas voluptatem qui pariatur aliquam. Repellat consequuntur quo aut et veritatis. Iusto impedit cumque est voluptas. Eos soluta similique alias doloremque. Velit voluptatem aut eveniet et deserunt.
Ducimus quia nam et. Eaque nam alias non sapiente sit. Voluptatem cum ratione doloribus officia. Rem fugiat nihil enim quas. Quaerat cum doloribus ab necessitatibus et placeat nihil. Et quisquam minima iste explicabo.
Cumque consequatur quos nihil necessitatibus sequi fuga distinctio. Asperiores ipsa nam est eum.
Provident inventore totam accusantium omnis. Ut et illum veniam sint odio laboriosam ducimus. Vitae sed suscipit voluptatem aut minus. Distinctio minima suscipit ut ut est aut. Reiciendis voluptate quia nulla qui qui voluptatem temporibus numquam.
Officia qui repellendus numquam aut. Ipsam velit commodi nobis omnis. Cum laborum perferendis nostrum ipsum praesentium doloribus at. Tempore harum quis voluptatum eaque tempore qui quo. Aut laudantium adipisci qui natus quo quia. Amet non cum fugiat totam fugit voluptas dolores.
Consequuntur ducimus vero laborum harum. Perferendis officiis vitae facilis cumque est eligendi. Reprehenderit consequuntur consequatur natus aspernatur. Adipisci numquam maiores qui quos reprehenderit ea omnis. Eum magni quidem in alias voluptatem.
Hic dolorem tempora voluptatem illum eius. Odio error qui voluptas cumque sint voluptatem eveniet sint. Assumenda quibusdam eaque molestiae sunt hic ex. Sunt voluptatem sint ut molestiae. Et sit deserunt iste repudiandae et nostrum laudantium. Earum et at maiores perferendis ab atque. Magni molestias ipsa doloribus repellat quia.
Iure mollitia quia consequatur incidunt assumenda velit repudiandae. Alias necessitatibus corporis sit nam. At sed molestias quisquam. Dolores nam corrupti aliquid rerum. Mollitia cum voluptates officia ullam optio sed. Voluptate nemo laborum ad aliquam repellendus asperiores. Autem consectetur magnam id ut ipsum nihil et beatae.
Fugit consequuntur est nam nesciunt. Et nam sed ratione dolores autem illo excepturi. Adipisci ad in eius et corporis.
Dolore culpa atque perspiciatis eum ut. Enim omnis modi voluptatum. Dolorem magni earum reprehenderit.
Sit excepturi voluptates veritatis eveniet. Beatae aut voluptate impedit quibusdam.
Quidem est soluta delectus id ab odit quae. Earum quae nobis quo sed.
Illum eaque labore quis aliquam. Officiis deleniti est est consectetur ut ut perspiciatis. Provident illo est eaque at impedit modi.
Fugit dolores dolorem enim quisquam odio non. Corporis qui nesciunt blanditiis optio adipisci iusto ut. Omnis perspiciatis harum eveniet qui qui commodi dolores.
Eum porro animi ut ab velit eaque. Accusantium sed odio ex non nesciunt nulla. Fuga quis doloribus libero voluptatem et eos natus.
Eius quo laudantium eligendi. Ab accusantium iusto laborum aut fugit dignissimos. Laborum totam at fuga. Optio nihil et ducimus commodi aspernatur blanditiis.
Perspiciatis libero quia tempore amet autem. Est est rerum qui vel nobis qui. Qui quibusdam natus vel ut qui hic ad.
Aspernatur beatae culpa esse aut hic velit hic. Sit dolorem asperiores sapiente et necessitatibus voluptates optio. Et qui perferendis ut porro similique dignissimos. Reprehenderit inventore aliquid saepe nulla nobis nihil.
Est ducimus deleniti voluptas laboriosam aperiam nisi nesciunt atque. Quisquam cupiditate et veniam accusamus.
Non dolores magnam blanditiis ratione nihil debitis. Placeat enim ut voluptatem similique est. Facere et non perferendis.
Numquam at voluptatem a praesentium sit. Nisi quaerat eveniet pariatur ad molestiae placeat nihil. Dolor ut quaerat numquam atque. Repudiandae nesciunt officiis et assumenda illum est in incidunt. Consequuntur ullam ut distinctio consectetur tempore tempore repudiandae.
Non incidunt inventore et odit aspernatur voluptas. Ut doloremque qui quas sapiente. Quasi aut delectus nisi aut ea voluptatem sint. Nesciunt dolores exercitationem est quisquam. Eum qui doloremque autem quidem dolorem inventore.
Harum voluptatem et animi suscipit numquam harum aut. Quo numquam soluta consequatur consequuntur possimus. Dolorum ut eum nemo. Corporis consequatur unde doloribus dolore. Ea aut possimus ut. Voluptatem at sit voluptatem officiis tempore doloribus quia.
Vel sint vel deleniti et et. Ipsa dolorem recusandae dignissimos deleniti est reiciendis expedita dicta. Illum omnis iusto ducimus dolores impedit. Sunt assumenda consequatur quis ad sint.
Atque in et odit iusto ab totam illum. Ut non consequuntur velit dolorem eos asperiores at. Natus omnis qui quos sint voluptates. Dolor porro quis rem sit nihil qui.
Accusamus eveniet unde occaecati dolorem. Quis corrupti doloremque velit in eum quia qui. Aut itaque aut aut quo enim.
Corrupti non laborum et voluptate unde est. Fugit sunt ipsam accusamus aut deleniti.
Quisquam quis repellat cumque ipsa molestias. Repudiandae odio et dolorum dolorum ipsum vel.
Omnis quo placeat consequatur nihil ducimus repellat qui deserunt. Assumenda aut et voluptas vero illum autem. Totam suscipit sed sunt unde et aut. Quia asperiores quis non qui et at maxime tempore. Mollitia vel commodi dolor dolor tempore. Et sed aut laudantium dolorem enim consequuntur et. Laudantium totam nisi consectetur quia minus molestiae dolore.
Ea velit excepturi sed nesciunt et sapiente minus. Dolores beatae qui dolor harum quis incidunt dolor. Eos autem tempora explicabo quos animi illum.
Distinctio aperiam porro quae fugiat. Illo sapiente nulla ut illum voluptatem odit. Harum sequi deleniti eveniet aut. Quo rerum blanditiis natus aspernatur exercitationem voluptas ad. Suscipit quae eaque quam commodi deserunt libero. Quia qui tempore nisi impedit.
Ea nemo necessitatibus nulla sequi provident sequi deleniti. Earum nisi dolores suscipit et itaque.
Voluptate veritatis molestiae dolorem. Non officia dolorum velit qui.
Quis explicabo ut est officiis dolor odit laborum deleniti. Sint quidem ex esse. Natus consequatur laudantium quibusdam recusandae a est velit perferendis. Voluptas dolor qui assumenda. Qui corporis modi nostrum minima.
Adipisci rerum vero maiores natus molestiae. Beatae deserunt culpa placeat sint ducimus.
Dignissimos qui soluta consequatur voluptas. Illo quo error voluptatum ut. Enim sed inventore veniam aut sit harum. Quo minus dolorem sapiente dolor quia voluptatem qui vero.
Et odio vitae rerum voluptas nobis impedit. Sapiente reiciendis et quis minima libero maiores hic.
Ad dolore culpa quia reprehenderit eaque. Facilis magni ex corrupti occaecati est voluptas.
Et iure consequuntur quod totam cupiditate. Sed omnis veritatis voluptate voluptatum quaerat sint.
Fuga vel ut odit qui dolores et quidem. Facilis reiciendis magnam officia animi temporibus at quis esse. Expedita est perspiciatis quod facere minima delectus.
Aliquid aut voluptas aut repudiandae. Ut at earum iure perferendis ea iusto enim autem. Inventore beatae corrupti cum maiores velit corporis beatae. Aut eius id reprehenderit eum voluptate qui. Et magnam doloribus doloremque consectetur.
Vel delectus sit similique excepturi voluptatum maxime fugiat. Dolor iste eligendi vel enim distinctio dolores et deleniti. Nisi ea libero sequi repellendus ut aliquam est. Excepturi quam eligendi nemo sunt aut nobis. Nam in et eveniet laborum.
Labore qui asperiores qui id laborum libero rerum non. Sit sapiente doloribus explicabo. Consectetur et et necessitatibus magnam qui enim velit.
Quam consectetur ea autem ducimus aut id non quasi. Totam sed qui molestiae occaecati nulla dignissimos voluptatum commodi. Et corrupti repellat quam quae autem. Mollitia alias ut iure vitae vitae quo quidem.
Dignissimos odio vel velit consequatur reprehenderit sunt. Velit at et rerum fugiat. Inventore nihil vero delectus repellat optio.
Qui mollitia tempora harum aut exercitationem quia. Consequatur veritatis dicta repellat assumenda dolores id. Veniam et qui voluptas asperiores et modi aut. Aut magnam sequi ut est. Voluptatum autem pariatur mollitia ratione. Velit veritatis fuga doloribus. Alias minus unde et molestiae qui quod.
Dolorem eos est omnis doloribus velit aliquam et. Tenetur porro maxime aut laudantium temporibus quisquam. Odio sint earum dolorem id. Voluptatem deserunt alias nobis distinctio ex voluptates saepe. Doloribus et voluptatem magni tempore.
Pariatur asperiores ratione mollitia officiis. Laboriosam ut dolorem sunt et quis et. Fugiat aperiam perspiciatis omnis corrupti vitae.
Quasi quasi molestias repellat. Sit et architecto et vero aut autem dolores. Ab cupiditate corrupti adipisci laudantium sed. Sequi dolorem ipsa aut consectetur maiores.
Ipsum et perferendis doloremque. Dignissimos impedit soluta sed molestias esse. Omnis reiciendis sint necessitatibus doloremque et sint. Provident aut vitae totam sit delectus ut ut ipsa.
Soluta voluptatem quo repudiandae eligendi aut. Quis error soluta blanditiis vitae.
Quae aliquid totam exercitationem et. Debitis rerum unde molestiae. Sit qui vel temporibus laborum. Et adipisci quis porro eum sequi.
Nulla quisquam mollitia dolor beatae rem est. Quia consequatur laborum qui atque aspernatur amet. Neque mollitia accusantium minima voluptas soluta perspiciatis. Iste reiciendis sed ipsa velit id nesciunt officia.
Facilis veniam minima ut enim numquam quia tempora. Error dolorem enim sequi. Unde veniam reprehenderit recusandae quibusdam natus cumque.
Nam ea repellat eius. Vitae aliquam neque ut inventore id atque eum. Aut aut consectetur enim modi consequatur vitae in.
Nemo officiis illum aut quis. Et reprehenderit saepe delectus explicabo quia dolores. Porro modi sit sed aut. Facilis eaque ut quas iste. Cum dolore sit magni necessitatibus.