Barings Participation Investors Financial Ratios — MPV Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	207.29	279.94	45.82	108.15	86.58	67.93
Return on Assets (%)	- -	2.24	11.01	3.87	14.5	3.73	9.62	8.92	6.54
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	95.87	79.03	95.8	90.17	96.91	88.82	94.55	94.1	92.53
Profit Margin (%)	95.87	79.03	95.8	90.17	95.98	84.24	92.3	91.83	90.37
Net Income to Common Margin (%)	95.87	79.03	95.8	90.17	95.98	84.24	92.3	91.83	90.37
Effective Tax Rate (%)	- -	- -	- -	- -	0.96	5.15	2.38	2.41	2.33
Dvd Payout Ratio (%)	58.77	311.12	63.98	145.21	33.41	124.9	69.04	89.39	127.91
Sustainable Growth Rate (%)	- -	- -	- -	-93.72	186.41	-11.41	33.48	9.19	-18.96

Credit (USD)

API ChatGPT

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	15	15	15	15	21	24	22	23	37
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	15	15	15	15	21	24	22	23	37
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	27.12	-1.71	2.46	1.27	8.59	7.69	10.08	10.52	8.79
Long-Term Debt/Equity (%)	10.31	10.81	10.27	10.4	13.04	14.79	13.21	14.15	22.79
Long-Term Debt/Capital (%)	24.95	122.04	78.7	87.89	56.65	62.15	52.92	53.09	67.1
Long-Term Debt/Total Assets (%)	9.01	9.45	9.1	9.19	11.23	12.63	11.33	11.9	17.92
Total Debt/Equity (%)	10.31	10.81	10.27	10.4	13.04	14.79	13.21	14.15	22.79
Total Debt/Capital (%)	24.95	122.04	78.7	87.89	56.65	62.15	52.92	53.09	67.1
Total Debt/Total Assets (%)	9.01	9.45	9.1	9.19	11.23	12.63	11.33	11.9	17.92
Net Debt to Equity	-3.97	-11.85	-8.98	-8.77	-7.21	-3.07	-3.97	-4.24	-8.42
Net Debt/Capital (%)	-10.62	396.46	-221	-285.61	-45.65	-14.83	-18.92	-18.91	-32.94
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	27.12	-1.71	2.46	1.27	8.59	7.69	10.08	10.52	8.79
Long-Term Debt/Equity (%)	10.31	10.81	10.27	10.4	13.04	14.79	13.21	14.15	22.79
Long-Term Debt/Capital (%)	24.95	122.04	78.7	87.89	56.65	62.15	52.92	53.09	67.1
Long-Term Debt/Total Assets (%)	9.01	9.45	9.1	9.19	11.23	12.63	11.33	11.9	17.92
Total Debt/Equity (%)	10.31	10.81	10.27	10.4	13.04	14.79	13.21	14.15	22.79
Total Debt/Capital (%)	24.95	122.04	78.7	87.89	56.65	62.15	52.92	53.09	67.1
Total Debt/Total Assets (%)	9.01	9.45	9.1	9.19	11.23	12.63	11.33	11.9	17.92
CFO/Total Liabilities	56.51	104.79	38.12	44.72	5.85	-2.04	58.51	41.52	19.26
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.71	4.69	5.59	4.02	3.9	3.02	3.9	3.75	0.19

Working Capital (USD)

API ChatGPT

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	147	157	170	126	157	130	165	182	- -
- Cash & Cash Equivalents	6	16	13	13	12	5	6	7	14
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	15	15	15	15	21	24	22	23	37
Enterprise Value	156	155	172	128	167	149	180	198	24
Total Capital	60	12	19	17	37	38	41	44	56
Total Debt/Capital (%)	24.95	122.04	78.7	87.89	56.65	62.15	52.92	53.09	67.1
Total Debt / EV	0.1	0.1	0.09	0.12	0.13	0.16	0.12	0.12	1.59
EV/Sales	7.81	33.67	9.24	18.19	6.3	17.98	9.19	10.56	1.61
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	13.19	7.38	24.05	15.05	110.03	- -	11.37	15.36	2.75
EV/Free Cash Flow to Firm	13.19	7.38	24.05	15.05	110.03	- -	11.37	15.36	2.75
Diluted Market Cap	147	157	170	126	157	130	165	182	- -
Diluted Enterprise Value	156	155	172	128	167	149	180	198	24
EV per Share	14.99	14.91	16.31	12.1	15.68	14.09	17.02	18.63	- -
TTM Sales	20	5	19	7	26	8	20	19	15
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	12	21	7	9	2	-1	16	13	9
TTM Free Cash Flow to Firm	12	21	7	9	2	-1	16	13	9

Multiples (USD)

API ChatGPT

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	12.41	7.45	23.79	14.77	103.83	-234.61	10.42	14.09	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	156	155	172	128	167	149	180	198	24
Low Price	13.83	13.99	14.84	7.34	11.52	11.12	11.18	14.76	15.16
EV/Sales	7.81	33.67	9.24	18.19	6.3	17.98	9.19	10.56	1.61
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	7.66	43	9.54	19.8	6.19	18.67	9.12	10.55	- -
Price/Earnings Average	7.8	42.06	9.53	20.85	5.62	19.41	7.75	9.97	- -
Price/Earnings High	8.23	44.71	10.58	29.17	6.39	22.73	9.28	11.1	- -
Price/Earnings Low	7.52	39.97	8.78	12.23	4.82	16.85	6.54	9.11	- -
Price/Book Value	3.25	-57.77	41.87	60.84	9.78	9.08	8.61	8.81	- -
Price/Book Value Average	3.31	-56.5	41.79	64.08	8.88	9.44	7.31	8.33	- -
Price/Book Value High	3.49	-60.08	46.42	89.62	10.1	11.05	8.76	9.28	- -
Price/Book Value Low	3.19	-53.7	38.53	37.59	7.61	8.19	6.17	7.61	- -
Price/Tangible Book Value	1.01	1.13	1.16	0.87	0.98	0.82	1.01	1.1	- -
Price/Tangible Book Value Average	1.03	1.1	1.16	0.92	0.89	0.85	0.86	1.04	- -
Price/Tangible Book Value High	1.08	1.17	1.29	1.28	1.01	1	1.03	1.16	- -
Price/Tangible Book Value Low	0.99	1.05	1.07	0.54	0.76	0.74	0.73	0.95	- -
Price/Sales	7.35	33.98	9.14	17.85	5.94	15.73	8.42	9.69	- -
Price/Sales Average	7.47	33.24	9.13	18.8	5.39	16.35	7.15	9.16	- -
Price/Sales High	7.89	35.34	10.14	26.3	6.14	19.15	8.57	10.2	- -
Price/Sales Low	7.21	31.59	8.41	11.03	4.63	14.19	6.03	8.37	- -
Price/Cash Flow	12.41	7.45	23.79	14.77	103.83	-234.61	10.42	14.09	- -
Price/Cash Flow Average	12.62	7.28	23.74	15.56	94.22	-243.9	8.85	13.32	- -
Price/Cash Flow High	13.33	7.74	26.37	21.76	107.2	-285.65	10.6	14.83	- -
Price/Cash Flow Low	12.17	6.92	21.89	9.13	80.82	-211.76	7.47	12.17	- -
Price/Free Cash Flow Average	12.62	7.28	23.74	15.56	94.22	-243.9	8.85	13.32	- -
Price/Free Cash Flow High	13.33	7.74	26.37	21.76	107.2	-285.65	10.6	14.83	- -
Price/Free Cash Flow Low	12.17	6.92	21.89	9.13	80.82	-211.76	7.47	12.17	- -
EV/Sales Average	7.94	32.93	9.23	19.14	5.75	18.6	7.92	10.03	1.61
EV/Sales High	8.36	35.03	10.24	26.63	6.49	21.4	9.33	11.07	1.61
EV/Sales Low	7.67	31.28	8.51	11.37	4.98	16.45	6.8	9.24	1.61
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.1	15.05	16.13	11.88	14.8	12.32	15.6	17.09	15.89
High Price	15.15	15.65	17.88	17.5	15.28	15	15.87	17.99	21
Enterprise Value Average	158	152	172	135	152	154	155	188	24
Enterprise Value High	167	161	190	188	172	177	183	208	24
Enterprise Value Low	153	144	158	80	132	136	134	174	24

Shares Outstanding	10	11	11	11	11	11	11	11	11
Diluted Weighted Avg Shares	10	10	11	11	11	11	11	11	- -
Basic Weighted Avg Shares	10	10	11	11	11	11	11	11	- -
Revenue per Share	1.92	0.44	1.76	0.67	2.49	0.78	1.85	1.76	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.84	0.35	1.69	0.6	2.39	0.66	1.71	1.62	- -
Basic EPS from Cont Ops	1.84	0.35	1.69	0.6	2.39	0.66	1.71	1.62	- -
Diluted EPS, GAAP	1.84	0.35	1.69	0.6	2.39	0.66	1.71	1.62	- -
Diluted EPS from Cont Ops	1.84	0.35	1.69	0.6	2.39	0.66	1.71	1.62	- -
Dividend per Share	1.08	1.09	1.08	0.87	0.8	0.82	1.18	1.45	- -
Cash Flow per Share	1.14	2.02	0.68	0.8	0.14	-0.05	1.5	1.21	- -
Free Cash Flow per Basic Share	1.14	2.02	0.68	0.8	0.14	-0.05	1.5	1.21	- -
Cash & Equivalents per Share	0.56	1.58	1.25	1.19	1.09	0.46	0.61	0.66	- -
Book Value per Share	4.34	-0.26	0.39	0.2	1.51	1.36	1.81	1.94	- -
Tangible Book Value per Share	13.99	13.34	13.86	13.63	15.17	15.07	15.42	15.51	- -

Barings Participation Investors

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)