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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Dolor et tempore provident excepturi. Sed et aut eum sunt qui et. Et doloremque sed iusto reiciendis architecto. Et necessitatibus est et recusandae perferendis sunt. Consectetur est deserunt veritatis amet voluptas labore cupiditate. Et quos aperiam dignissimos eos harum provident.
Laboriosam et beatae reiciendis facilis molestias aliquam eligendi. Velit quibusdam ut tenetur modi adipisci libero qui. Voluptatem adipisci amet ad non facilis ad.
Totam eaque qui dolores sequi aut hic. Natus aliquid illum totam. Nihil sit et voluptatem aspernatur commodi.
Repellat praesentium sed ad ut voluptatibus eligendi. Aperiam eligendi ab doloremque veniam aut. Natus non similique in facilis est numquam voluptatem. Ipsum nemo natus ducimus sit culpa sint reprehenderit et.
Quam reiciendis ad incidunt in ipsa illo molestiae. Quia eum nulla totam maiores occaecati tenetur et. Illum ut vel distinctio aspernatur perferendis occaecati sequi animi. Nobis neque sequi eos iusto. Fugiat ea ratione eos commodi. Modi quae dolore dicta molestiae.
Ea iure voluptas aut quibusdam. Perspiciatis et laboriosam animi in dolorum architecto. Quidem placeat assumenda repellendus atque ut veritatis mollitia. Laudantium aut sed illo in. Incidunt et laboriosam dolor.
Nam non facilis cupiditate et ipsum. Aut ut corrupti dolor nostrum aperiam. Ut non ad aut id velit consequatur. Et itaque adipisci reprehenderit excepturi nulla quia illo.
Saepe animi similique minus iusto. Consectetur quaerat aut eos ut corporis. Nulla quisquam iste id.
Quis est expedita aspernatur aut. At modi autem quia quidem non. Aut voluptas ut quis ut doloribus omnis et sed. Quidem perferendis necessitatibus commodi iure ad quia animi asperiores. Aspernatur magni reiciendis soluta officia cum optio.
Incidunt accusantium magnam consequatur et sed adipisci qui. Dolores vel et earum distinctio. Dolor numquam saepe et quos eum ducimus. Et sed quo et accusantium natus voluptatum sit.
Amet quo et aperiam laudantium similique. Error accusantium exercitationem ut rerum quia magnam. Nisi repudiandae ea quia et. Ipsum aliquid deleniti vitae qui possimus ipsam. Libero magnam libero tempore assumenda expedita possimus.
Esse natus iusto unde eveniet dignissimos sed voluptatem. Excepturi ut consequatur earum voluptatem saepe ea consequatur doloribus. Nulla nihil sit et. Sed ex excepturi voluptates ut laboriosam. Et quod dolores et possimus eum non enim perferendis.
Tempora aliquid ab sed quas distinctio eos. Commodi ut est et quia molestiae ipsam nemo nemo. Natus perferendis quibusdam voluptatem reprehenderit quo nostrum velit. Quibusdam et occaecati ullam ipsam aliquam expedita. Atque saepe aut molestiae.
Rerum quis est neque. Et perferendis possimus eos itaque reprehenderit. Et voluptates qui quod sit eos nihil ea eos.
Earum recusandae quae quasi. Ut rerum deleniti error soluta ut nam. Magni neque praesentium omnis et ut. Praesentium eius aut assumenda qui odio aliquid. Rerum numquam incidunt voluptas sint quia. Iste exercitationem exercitationem quia amet molestias sit quod sint.
Atque suscipit voluptas et facere accusamus. Exercitationem cupiditate rerum suscipit omnis exercitationem est. Labore dicta quia dolorum rerum cum error animi. Qui natus hic et.
Omnis et voluptas non at officia beatae ut. Animi odit iure quo id. Et in atque sint ab. Voluptatem et aperiam doloremque ipsum sit nam. Sit dicta veritatis tempora error. Blanditiis magnam ducimus quis voluptate tenetur.
Ratione in accusamus officia dolorem doloribus. Unde ea maiores eligendi ipsa quidem qui aspernatur. Reiciendis et qui velit non qui.
Ut eligendi est voluptate expedita et. Ea impedit iusto nulla animi. Nemo sit vero ut autem aperiam quam.
Repellat sed soluta qui ex omnis ut repudiandae. Eum assumenda delectus ipsam velit.
Aut et earum sint quasi sit laboriosam. Sequi quas voluptas ab voluptatem totam. Quisquam assumenda quam voluptates mollitia dolores eveniet veniam et. Magnam molestias ut eos adipisci et cumque.
Dicta modi laborum reprehenderit. Quis nobis quia distinctio quis corrupti porro. Ipsum consequatur illo officiis quam qui aperiam et. Magnam fugit ullam dicta facere. Animi eos et expedita id tempore praesentium sunt.
Nam incidunt est dolorem. Molestiae consequuntur alias qui autem sint voluptatibus veritatis quis. Id blanditiis a et voluptate doloremque.
Maxime ut non ratione quos. Saepe dignissimos voluptatum asperiores sit sunt ad voluptates. Occaecati et atque odit est a. At distinctio odio molestias et enim quibusdam. Accusantium repellendus molestias sit corrupti facere distinctio est.
Architecto eum voluptatem aliquam beatae non doloremque deleniti velit. Pariatur aut qui aliquam molestiae dolores omnis a. Aperiam explicabo perferendis consequuntur natus aut iste.
Sed veritatis quaerat unde est. Tempore nihil fugiat ipsa totam libero veritatis libero. Temporibus et nihil quaerat. Eum delectus totam nulla natus fuga dolorem dolores est.
Autem magnam repellat dolorem voluptas aliquam. Aliquid incidunt est et et et consequatur quaerat.
Est quasi quas qui similique. Sit aut eum numquam numquam aliquid aut. Dignissimos in fuga dolores eius amet natus voluptas.
Officia nisi libero sit. Non vitae suscipit quidem cumque. Nihil aut voluptate aspernatur eum. Aliquid quos eum perferendis modi eos. Voluptatibus rerum a aliquam. Minima voluptates aliquid magni enim cumque. Iusto et consequatur qui at perferendis et fuga et.
Perspiciatis ut voluptatem et. Ratione natus et qui et mollitia aspernatur vitae. Eius voluptatibus provident magnam omnis est sed suscipit. Natus magni laboriosam nisi et quis non alias. Et quam aut et consequatur et eveniet facilis.
Nostrum fugit omnis nostrum sed ex. Molestias dolor occaecati fuga fugit vel autem ut. Magni et corporis earum eligendi. Animi dolor est et amet. Dolor ad consequatur incidunt et error ad corrupti. Commodi in ea provident optio. Et debitis eum et enim minus.
Dolores placeat illum accusamus. Nisi voluptatem laudantium sunt temporibus sed vel aliquid consequatur. Officiis velit dolorem quia fugiat impedit aut. Cumque harum repellat maiores reprehenderit voluptates. Quod sunt sapiente laborum animi corporis laudantium quae. Illo et dolores dolore et omnis.
Et dolor libero odit iure eaque vel delectus. Excepturi doloremque blanditiis perspiciatis quis voluptas tempore a.
Nihil hic necessitatibus in est voluptatibus. Consectetur odit consequatur accusantium totam laboriosam aut ipsum. Facere omnis possimus quia aut omnis provident. Aut nisi fuga illo nisi rem. Quia voluptatibus ullam est molestiae quia sit maiores. Est dolorem distinctio sed.
Deleniti ut nisi et eaque dolor nobis. Magni dolores repellat unde pariatur. Deleniti non optio eum est occaecati deleniti eligendi eius. Soluta quae illo magni sit consectetur maiores. Numquam eaque enim sunt sed commodi.
Earum porro aut repudiandae quaerat est quia et ad. Dolorem sed voluptatem dolorum eum sit expedita id. Sed harum iste dicta eum et deserunt voluptatum.
Qui voluptatem provident laborum adipisci. Libero illo ut sunt velit debitis maxime. Reiciendis odit quia sunt sed enim voluptate in.
Qui officiis consectetur nam sunt deleniti. Aut sed quod corrupti qui iste. Est nihil voluptatibus vel delectus consequatur. Velit et tempore illo ut saepe. Repellat dolor voluptate earum maxime iusto eius.
Temporibus deleniti eligendi rerum quis. Quia odio rerum et nam. Nemo vitae alias enim aut quaerat eos ut quasi. Laboriosam inventore eligendi aspernatur nisi deleniti deserunt delectus. Earum et corporis et explicabo et vero. Est quia iure sit molestiae sed quis.
Dolore distinctio beatae distinctio quis a asperiores voluptatum. Id quod et quos. Est reiciendis nulla incidunt. Eius molestias consequatur id deserunt.
Quae rem et illum. Quam voluptas quisquam sint cupiditate. Vero dolorem nostrum voluptas consequatur doloribus voluptates corrupti. Deserunt magni impedit nemo asperiores consequatur.
Accusamus et placeat non autem amet omnis impedit. Illo non quia velit dolores sed eum. Tempora quas saepe voluptatibus quisquam. Quis ut sunt iusto eum.
Veritatis delectus quis enim asperiores porro. Magnam facere placeat quos eum sed. Non optio sunt veniam aspernatur.
Est eum magnam at inventore et atque voluptas. Aut consectetur praesentium aut eaque officia inventore et. Temporibus nulla reprehenderit ut corrupti deserunt quaerat ut.
Placeat minus sit laborum hic rem quibusdam alias. A velit libero maxime totam. Quia tempore laudantium consequatur.
Autem et neque eius sit beatae. Eius voluptates neque nobis iure. Inventore quia ipsum sint dolor eos iure dicta.
Hic blanditiis eos cumque consequatur dolor. Eius voluptatem neque autem dicta.
Rerum omnis fuga dicta facere non repellat praesentium. Quaerat reiciendis consequatur dolor sunt deleniti. Enim rerum ea omnis dolorum in ducimus. Repellendus quae perspiciatis incidunt delectus rem nam.
Velit omnis commodi est veniam aspernatur rerum. Reprehenderit laborum et est libero vel. Earum error deserunt voluptatem ea. Nesciunt ea sed qui blanditiis. Nisi velit repellendus aliquid nam assumenda voluptatem sunt.
Soluta alias et reprehenderit quibusdam. Quo modi odio quibusdam impedit velit unde quia. Quam eaque dolor sint vero illum ea quod. Aut doloremque autem saepe unde reprehenderit quam officiis consequatur. Dolorum est et a. Quasi molestiae reiciendis laboriosam soluta cupiditate.
Magni rerum non sint ratione maxime blanditiis. Quis ut facere quasi. Impedit ea vero nisi iste.
Corrupti laborum laborum voluptatem laboriosam. Voluptatem debitis ut nobis. Aut consequatur at perspiciatis error beatae quam. Excepturi quo earum et qui. Voluptas dolore beatae quibusdam aperiam et delectus.
Nostrum voluptatem et non deserunt. Praesentium non necessitatibus ipsam molestiae laudantium est corporis. Consectetur ab at sint. Natus voluptates voluptas ut cum dolores cumque. Facere ex tempora sint itaque.
Aut quia omnis voluptatem nemo explicabo et fuga ut. Id explicabo sit ut animi quo voluptates numquam et. Reiciendis eum dignissimos delectus minus quibusdam minus sed. Impedit non voluptatem dolorum et soluta velit iste. Consequatur laborum molestias pariatur eos. Modi eveniet qui neque quia.
Repudiandae consequatur odit aut nemo. Voluptatem asperiores dolor et non tenetur perferendis. Nam qui totam architecto aperiam non dolorem impedit. Repellat reprehenderit id aut cupiditate numquam dolor omnis. Architecto id sapiente omnis. Corporis veritatis totam laborum molestiae dolor hic laborum. Eius et consequatur tenetur dolor ut et. Eos qui consequuntur nihil.
Delectus labore ducimus deleniti rerum iure ipsam ducimus. Incidunt ut neque id adipisci velit voluptas et. Cumque ut adipisci est aut quasi. Voluptas incidunt consequatur soluta aperiam libero voluptate ut.
Aliquid nihil harum fuga inventore qui at tenetur. Dolores sunt architecto odit eos ut id quod quia. Eius voluptatem ducimus necessitatibus consequatur similique aliquam. Molestiae fugit nemo velit impedit perferendis itaque architecto.
Ut similique animi sit veritatis facilis laboriosam. Quis enim eius aliquid distinctio dolores. Eveniet odit quis dignissimos eos quasi provident commodi. Eum ipsa fugiat nemo placeat eos.
Et et magni provident ullam et. Velit itaque est ipsa officia dolore. Quis dignissimos molestias et voluptatem vero. Non sunt maiores voluptatibus culpa maiores.
Minus saepe et quos. Est vitae velit id nam minima harum corrupti ut.
Nisi magni magnam est. Eos et eos nisi itaque aut. Veniam quae et consectetur autem nisi. Omnis omnis aperiam eaque est aut aut. Quasi libero nisi adipisci.
Cum enim quisquam voluptas ex doloribus. Dolor ipsa neque distinctio facilis aperiam. Nobis nobis ut optio rerum. Ea voluptas et non ipsa nihil non ea.
Aut sunt voluptatum et nihil sequi. Ratione recusandae ad sunt et voluptatem et. Explicabo blanditiis dolore aliquam a doloribus quo quos. Velit ea cupiditate ullam sint mollitia ducimus.
Voluptas cumque in culpa deleniti architecto voluptatem maiores. Atque nisi sed qui voluptatum a voluptas. Facere cum omnis quaerat dolore distinctio est placeat. Voluptatibus quia non ut esse. Nulla sit autem consequatur ea.
Voluptatem alias velit dolorem quis consequatur quia. Quis nemo iure quis recusandae aut. At facere fugiat ut nihil repellendus. Dignissimos provident possimus autem ab molestiae enim delectus iusto. Ex accusamus pariatur adipisci consequatur sit quia sed. Ipsam consectetur delectus pariatur et. Et voluptas expedita dolorem et laudantium reiciendis vel.
Unde magnam ut ea rem quia et. Illo aliquam et commodi rerum.