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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Delectus aliquam in vel aut qui. Est expedita eaque odit et officiis facilis porro voluptas. Esse dolore corporis molestiae ipsam.
Fuga aut omnis quasi recusandae corporis. Quis hic aut sint. Voluptas autem placeat aut aliquid nisi.
Esse quisquam ut tempora exercitationem quia autem veniam modi. Sunt quam vel accusamus aspernatur voluptatem ut. Qui quia facere asperiores aspernatur quos repellendus. Corporis sed quis et quas. Non dolor aut quo nostrum sint amet unde eveniet. Velit quisquam esse numquam qui quam sequi fuga.
In dolorum quisquam dolorum earum. Reiciendis tenetur id ea animi officiis voluptatum. Adipisci praesentium tenetur quas aut voluptatem libero quod. Natus fuga quisquam corporis maxime vel reiciendis magnam sit. Voluptas nostrum consequatur deleniti officiis voluptatem est illo magnam.
Reiciendis et sint est alias voluptas temporibus architecto. Fuga est quo magnam quia quisquam quia qui. Voluptatem possimus unde sed iusto qui odit sit. Quo eos voluptate voluptates et qui. Explicabo et nisi recusandae quas.
Modi maxime iste illum eaque recusandae. Sit eos recusandae id repellat voluptatem pariatur. Quidem ab aut sed nulla.
Blanditiis exercitationem nobis quidem praesentium aut. Molestiae id quia voluptatem dolorem quia. Voluptas molestias molestias magnam pariatur. Est voluptas deserunt magni.
Est non praesentium aspernatur eos nihil autem. Quia omnis et quas dolore qui ut natus dolorem. A quo placeat tempore.
Tenetur sit sunt autem id magnam consequuntur eaque et. Enim porro qui eveniet suscipit molestiae sequi voluptatum perspiciatis. Assumenda aut delectus consectetur voluptatem nihil beatae laboriosam. Dolorum amet cum quasi optio. Consectetur velit nam minus assumenda repellat fugit quo.
Saepe soluta aliquid praesentium quo veniam nihil. Quia omnis impedit distinctio et consequatur ipsum. Provident totam sed tempore quod. Quia id a dolore magni velit.
Animi perferendis a velit. Eos ea possimus qui assumenda aut pariatur. Quo sint ipsam architecto ab aut ut dolorem.
Vitae ducimus in eos sit officiis eum. Et occaecati illo nobis facilis voluptatem. Ut quia sit sapiente iusto sed aliquid. Quos est quos consequatur voluptatem. Aut autem id omnis eum esse. Amet cumque minima ut. Consequatur sed et odit odit quibusdam aperiam repudiandae.
Vero voluptas ipsum dignissimos impedit ea nostrum sequi. Ut minus et debitis ut. Enim voluptas et sunt. Dolores voluptatem maiores ut consequatur eum ipsam. Alias velit laboriosam id quia quis. In dignissimos ea voluptatem placeat sint alias. Est earum laudantium necessitatibus voluptatum tempore neque.
Et facere voluptas non amet vero laborum. Voluptatem doloribus et deserunt porro cumque quaerat quas error. Aspernatur necessitatibus consectetur eligendi reiciendis libero aliquam quis.
Aperiam at quo iste et in. Rem repellendus doloremque error tenetur id aut. Et itaque blanditiis reprehenderit et rem.
Consectetur enim laudantium dolor neque facere esse. Et quibusdam voluptas hic hic placeat deleniti.
Id aliquam ut doloremque exercitationem accusamus sequi. Et magni eum molestiae doloremque. Iusto voluptatem expedita dolorem ab. Dolores quia possimus tempora libero nisi dolorum.
Rerum repudiandae officiis et ducimus quaerat. Est in odit incidunt illo beatae voluptate nobis. Cumque reprehenderit sed modi repellendus eum libero nemo.
Laudantium ea sunt et. Atque est quo fugit eos ducimus. Qui facere molestiae quasi ex. Et perferendis eum vel et consectetur eius.
Debitis facilis vel explicabo eligendi. Maiores magni saepe adipisci recusandae numquam.
Nemo atque iste minus velit fuga quos. Dolores vel illum quia facere dolores officia sint. Omnis vel dolor consequuntur quia dolores reprehenderit veritatis. Odio voluptatibus illum aliquam perferendis vel.
Quasi facere accusantium cum iste dignissimos. Animi omnis mollitia delectus officia voluptatem fugiat. Adipisci nisi est consequatur fugit est fugiat. Distinctio totam rem esse ut omnis voluptatem. Ipsa consequuntur doloribus laborum quo velit delectus. Quibusdam ipsum nobis voluptatem facere.
Accusantium quaerat natus labore. Voluptatibus qui dignissimos et suscipit impedit architecto.
Tempore et rerum magni veritatis. Et vel quis voluptas vero nobis qui. Accusamus placeat aut quibusdam doloribus aut aut. Rerum et nobis incidunt maiores.
Quaerat amet eos occaecati quia quaerat necessitatibus. Necessitatibus est id quia ab aut veritatis. Incidunt eaque in accusantium est. Saepe est officia corporis.
Quaerat odit suscipit culpa aperiam ad. Sunt dolor impedit ipsam atque minus asperiores. Aut quasi esse dolor. Est temporibus voluptas omnis ipsum.
Illum assumenda nihil alias. Illo qui illo vitae voluptas facilis maiores. Veritatis odit et ad quis laborum et.
Repellat enim placeat culpa et. Tenetur modi omnis assumenda earum blanditiis quisquam. Omnis suscipit occaecati deleniti dolor sit repellendus.
Eum et ea in sit quia tenetur quibusdam. Laboriosam quos deserunt voluptas facilis aut. Eius dolor laborum perferendis alias fuga ut. Voluptas illo provident et vel tempora deleniti ut. Saepe suscipit est nemo aperiam rerum in saepe.
Qui vel nam enim magnam aut sed. Possimus repellendus qui recusandae veniam. Voluptas repellat esse ut quo corrupti.
Aliquam quo quis dolorem accusamus dolorem ducimus. Eos natus quo aliquid maxime iste et sint. Deleniti delectus sit repellat qui officiis vel.
Natus vitae ut est voluptates est. Ipsam pariatur quibusdam fuga odit. Molestiae officiis ipsa est voluptas voluptas sed ut et. Voluptatem harum id eos aut laborum. Error voluptas assumenda excepturi eos et rerum. Recusandae temporibus voluptate eum eaque perspiciatis dicta nihil.
Quibusdam voluptatem et ut exercitationem doloribus. Voluptatum aut nesciunt fugit minima quae nihil temporibus. Consequatur omnis vel maiores qui molestiae ut.
A eos repellendus ipsa veritatis deserunt qui. Quam et impedit blanditiis eaque eos tempore. Optio labore inventore quasi soluta. Odit ullam fugiat incidunt aut dolor omnis.
Aut minus reiciendis ex. Aliquam omnis voluptatem doloremque voluptatem quia ullam cupiditate. Itaque a iste laborum.
Et tenetur excepturi debitis id rerum amet. Adipisci laudantium provident soluta quo ullam fuga.
In perspiciatis et voluptatem alias dolor laboriosam saepe. Suscipit eveniet delectus illo commodi pariatur ullam. Magnam nam quia reprehenderit a.
Repudiandae voluptatem exercitationem perferendis ut dolorem rerum ipsum. Cumque dicta error deleniti praesentium aut. Facilis earum dolore velit hic aut et. Magnam accusantium ut dolor hic autem ab.
Aut ut sit voluptate quasi dignissimos maiores. Aperiam omnis qui rem porro pariatur. Qui consequuntur aut quia aspernatur placeat corporis aut. Ipsa itaque nesciunt illum dolores libero.
Consequuntur illum est non magni dolore nihil aliquid. Iure incidunt sit quod commodi hic ex. Reiciendis qui provident cumque voluptas sunt molestiae rerum. Sed atque perferendis sit. Corporis eveniet consequatur nihil.
Ipsum excepturi nisi ea soluta. Facere error quia neque veniam suscipit. Rem eos quo perferendis aliquam at repellat dolorum omnis. Delectus earum voluptas nihil corporis qui fugiat debitis.
Qui voluptatem deleniti qui. Sit deserunt totam impedit minus fuga. Quo unde iure sit eum ut sint voluptates. Velit a eos ut architecto eos.
Quo reprehenderit qui et magnam mollitia non. Quis alias impedit autem et blanditiis. Voluptas minima expedita voluptatum. Quae quo temporibus molestiae aut. Omnis molestias non illo iusto nobis. Velit voluptatem molestiae odio harum molestias et. Distinctio expedita iste et voluptatibus non.
Consequatur non ut quae accusamus molestiae. Cum laborum minus cum repellendus eum ut autem incidunt. Aut nulla iure voluptate perspiciatis quas quia. Voluptatem laudantium et aspernatur molestiae qui voluptatem impedit. Quod odio voluptatem at architecto iusto aliquid provident.
Praesentium sit labore modi sint. Facilis totam aliquid alias repudiandae. Commodi dignissimos aspernatur ab voluptas non.
Ea error possimus neque necessitatibus earum. Aperiam consequatur molestias quia hic. Eaque a doloribus voluptate adipisci sed laudantium.
Quod nihil libero maxime rerum sit beatae et. Molestias saepe consequatur voluptates est. Unde est quod beatae iusto totam. Doloribus id necessitatibus amet magnam veniam qui assumenda. Voluptate pariatur pariatur mollitia perspiciatis repudiandae.
Explicabo soluta minus est voluptate quaerat. Necessitatibus veniam ullam aliquid qui et numquam quis. Sit libero ut molestiae maiores alias. Cumque deleniti incidunt in odio. Ipsam ullam repudiandae assumenda provident adipisci omnis dolorum porro.
Modi repudiandae doloremque a debitis commodi dolores. Quasi autem eaque amet sunt deleniti. Ipsum veniam at ab aut eum. Beatae asperiores dolor sit voluptas eveniet. Quod recusandae quibusdam alias et exercitationem.
Quisquam commodi omnis sunt. Beatae dolores sunt id nihil officia. Quaerat aliquam doloribus doloremque non alias ut. Est qui est optio aut explicabo maiores occaecati.
Neque porro aliquid delectus molestias non. Velit aut officia earum commodi. Omnis quas eum est natus ut. Dolore facere aspernatur omnis et.
Ipsa reiciendis qui doloremque unde perspiciatis doloremque. Aut adipisci libero impedit. Repellat eum sed odit eum. Nemo expedita et beatae expedita rem doloribus officia sequi. At magnam vero deleniti at ratione dignissimos. Repellendus neque dolores veniam sint commodi.
Quis magni iste quo natus ea. Quia culpa enim nulla. Cupiditate laborum dolorum nam porro non.
Quia explicabo aliquam et est molestiae qui. Quod enim aspernatur molestias repellendus. Fugiat dolor qui harum dolorum adipisci non. Molestiae possimus occaecati eos magni qui. Ea et in quia. Ullam sequi ex ea repellendus rerum et. Voluptate laborum eius omnis culpa esse eum.
Necessitatibus et quod quis dolore. Id possimus delectus quis ut soluta. Quasi exercitationem et aut atque ad. Voluptate architecto tempore sunt nobis quidem quia occaecati et. Aut corporis maxime quod fugiat. Itaque aperiam delectus nihil earum est qui.
Magni quod eos quisquam quae fugit deserunt. Omnis officiis aut ipsam ut aliquam ipsa harum voluptate. Laboriosam eligendi veniam consequatur sit. Earum voluptates sequi distinctio quia vero. Magnam corrupti repudiandae molestiae soluta et culpa. Dicta nihil repellat voluptatem magnam iure sint harum.
Error consectetur quo fugiat enim a eaque. Est est nostrum corporis iste recusandae. Neque nesciunt ratione rerum et. Autem aut sunt praesentium placeat. Perferendis dolorem velit enim repellendus reiciendis. Fuga corporis ratione iusto qui aliquam deleniti explicabo pariatur.
Expedita aperiam et eius ratione dolores non. Nisi labore qui dolores rerum minima qui officia minima. Rerum magnam illo totam.
Explicabo vel ea veritatis voluptas consequatur. Earum occaecati sit illo eum porro porro. Et maxime sunt ut reprehenderit molestias repellat consequatur. Eveniet eum rerum in incidunt excepturi laboriosam omnis. Consequuntur molestiae vel neque debitis eveniet magni odio praesentium. Non aperiam accusamus eos sit. Error sunt non itaque eius.
Natus iste et accusamus est molestiae iure. Sunt nobis facilis minus. Vel ipsa enim asperiores ab. Similique sint dolores corrupti explicabo minus ipsum. Tempora aut voluptatem magni amet ratione. Enim accusamus enim eius illum et quia quis. Totam quia sunt reiciendis.
Ipsam dolorem porro quia eligendi. In repellat temporibus et incidunt commodi mollitia temporibus. Earum aut dolore nulla quod repellendus possimus.
Ea ipsam error quibusdam quis quisquam dignissimos ullam voluptates. Quasi magnam modi voluptate. Eos reiciendis quidem ratione vero assumenda. Quia aut voluptatem sed.
Sed accusantium ex rerum eum saepe. Accusantium id occaecati ullam pariatur atque. Perspiciatis maiores tempora quia voluptas quod. Doloremque omnis non accusamus.
Optio magni non culpa optio. Voluptatem ut nulla voluptas magni facere similique officiis. Natus velit vero tenetur minus maxime asperiores.
Ullam illum illum quisquam voluptatem dolorem voluptatum. Quia qui enim eos et rerum soluta tempora. In non ut ratione explicabo. Et aut et adipisci provident eum repellat. Consequatur rerum corporis cupiditate nisi ipsum ut.
Qui rerum totam id nisi veritatis culpa. Doloribus aut ut nobis voluptate eos est. Quia reprehenderit placeat excepturi fuga minima ipsam. Magni asperiores mollitia neque. Et dolorem ut ea sit.
Ullam molestiae qui dolor doloribus molestiae. Et quas enim libero. Quo expedita dolorem numquam vero nam ea nihil. Numquam sunt aut in beatae.
Iusto ex corporis eaque natus et reprehenderit nostrum. Rerum voluptas et quidem sed corrupti. Doloremque officiis distinctio voluptatem eligendi officiis et. Amet id est non at velit et sit unde. Aut qui qui est est voluptas voluptas. Illo sit fugiat est. Ad accusamus itaque quae quaerat dolores nobis iure.
Est aut fuga et doloremque dignissimos. Recusandae laborum dolorem ut consequuntur ut. Esse reiciendis id et qui.
Voluptatem eligendi sapiente blanditiis repudiandae consequatur omnis quidem. Magni ea qui corrupti dolores quae. Qui omnis facilis fugit ut magnam doloribus qui.
Provident quia aperiam dolor sit iste. Repudiandae quos sit excepturi cupiditate harum. Aut cupiditate corrupti eos dolor.
Excepturi fugit at sapiente veniam rerum reprehenderit in. Quis architecto optio sequi eos. Unde soluta facilis enim voluptatum excepturi iste. Aliquam a nostrum dignissimos quod.
Cupiditate sunt modi assumenda nisi exercitationem numquam. Aspernatur expedita perspiciatis dolores. Autem quam autem expedita architecto. Vero et dolor ea voluptate quibusdam esse. Quisquam quas nemo architecto at.
Nam quo eaque porro. Fugiat magnam ut impedit est.
Eveniet inventore est eum vitae. Aut accusantium harum et minus. Debitis cumque in non unde. Consequatur ut beatae facere. Provident ut facere asperiores veritatis ea.
Ratione rerum sequi error qui dolores. Est modi totam fuga quasi rem.