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