SWVL Holdings Corp · NASDAQ:SWVL
SWVL — SPAC Merger (August 2021)
81 slides from SWVL's SPAC merger presentation, August 2021
Slide 1: Revolutionizing Mass Transit and Shared Mobility
Revolutionizing Mass Transit and Shared Mobility August 2021
Slide 2: Disclaimer - 1/2
Disclaimer - 1/2 Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements”. Actual results may differ from the expectations, estimates and projections set forth herein and consequently, you should not rely on these forward-looking statements as predictio
Slide 3: Disclaimer - 2/2
Disclaimer - 2/2 The Presentation includes certain non-IFRS financial measures (including on a forward-looking basis). These non-IFRS measures are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with International Financial Reporting
Slide 4: Risk Factors - 1/2
Risk Factors - 1/2 All references to “Swvl Inc.,” “we,” “us” or “our” refer to the business of Swvl Inc. (“the Company”) and its subsidiaries prior to the consummation of the proposed business combination with Queen’s Gambit Growth Capital (“SPAC”) (the “Potential Transaction”). The risks described
Slide 5: Risk Factors - 2/2
Risk Factors - 2/2 • Natural disasters, economic downturns, public health crises, including the COVID-19 pandemic, or political crises in the jurisdictions in which we operate could materially and negatively impact our operations in such jurisdictions; • We conduct a substantial amount of our busine
Slide 6: Swvl and Queen's Gambit: A combination to accelerate mass transit revolution
Swvl and Queen’s Gambit: A combination to accelerate mass transit revolution Overview Valuation ● Swvl to combine with Queen's Gambit Growth Capital ● Reflects ~$1.1bn pro forma enterprise value (2.8 x 2023E gross revenue) and ~$1.5bn equity value ● Queen’s Gambit is focused on disruptive, high pote
Slide 7: Queen's Gambit is positioned to make differentiated and immediate impact
Queen's Gambit is positioned to make differentiated and immediate impact Overview Unique and Empowered Board and Advisory Team ● Seasoned and experienced management team Jennifer Barbetta ● Existing strategic relationship with Agility and a host of other board relationships Senior MD, COO at Starwoo
Slide 8: Agility is expected to provide immediate synergies and new opportunities
Agility is expected to provide immediate synergies and new opportunities Multi-billion dollar corporate logistics leader is uniquely positioned to offer strong operating and strategic benefits globally Leverage Agility’s Regional Expertise to Expand in Emerging Markets • Critical access and understa
Slide 9: Swvl, a leading mobility player revolutionizing mass transit
Swvl, a leading mobility player revolutionizing mass transit with multiple synergistic business segments Consumer Retail: users book seats on vehicles available exclusively to the Swvl platform to commute within a given city Fulfilled by Travel: users book and go on long-distance trips either on bus
Slide 10: Why Swvl?
Why Swvl? 1. The ~$1 Trillion Challenge: Mass Transit is a Rigid and Outdated Solution for the Fast Changing Modern World 2. The Swvl Solution: Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution 3. The Foundations: Customer Centric Operating Model Enabled by Swvl Grow
Slide 11: The ~$1 Trillion Challenge
The ~$1 Trillion Challenge 11
Slide 12: Mass transit opportunity
~$1tn+ Mass transit opportunity Poor Access and Reliability Limited Safety Prohibitive Societal Cost ~10% $88 billion of commuter demand is currently met by Dubai metro (1) 78% annual cost of traffic in the US (4) 40 minutes ~4% of women in Karachi mention being harassed on public transport (3) Aver
Slide 13: Poor access and reliability are consistent features of mass transit systems
Poor access and reliability are consistent features of mass transit systems, particularly in emerging markets… Share of urban populations with convenient access to public transport, (% of urban pop. w/ convenient access to public transport) On avg., ~2x as many people have convenient access to publi
Slide 14: Safety remaining a concern across many emerging markets' public transport
… with safety remaining a concern across many emerging markets’ public transport systems Women's experiences of sexual harassment on public transport, (%) 81% 78% 64% 64% 55% 54% Baku Karachi Mexico City Bogota Mumbai Nairobi 14 Source: Social Development Project Report, "Addressing Gender-based Vio
Slide 15: Governments spend billions on inefficient public transport systems
Governments spend billions of dollars of CAPEX and OPEX to deliver and operate inefficient public transport systems... Country deep-dive, Pakistan Metrobus, Rawalpindi-Islamabad ~30% 55% $12.5mm Orange line, Lahore 4-6% 130-175 yrs to ~$1.5 bn payback Karachi Vestigial public transport, despite the
Slide 16: Societal costs further escalate government bills
... this is compounded by associated societal costs that further escalate government bills Number of hours lost in congestion per person, (hours) 134 133 100 100 94 93 88 88 87 86 86 85 81 74 67 Bucharest Bogota New York City Moscow Philadelphia Zagreb Paris Tallinn Quito Chicago Vilnius Bordeaux Ca
Slide 17: Inefficient and underutilized quality private buses
Inefficient and underutilized quality private buses, unable to fulfill latent mass transit demand Inefficient bus usage Underutilized buses Untapped potential (1) (1) 2 trips/day 8 months/year +155k Vehicle owners typically work Vehicle owners tend to be out of Private buses in Cairo alone (2) for a
Slide 18: The Swvl Solution
The Swvl Solution 18
Slide 19: Demand-Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution
Demand-Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution Reliable and Convenient Safe Valuable 7 minutes to station Low avg walk to station (7 mins) Vetted drivers with background checks Ride-hailing Taxi 5 days in-advance booking system In-ride insurance for every S
Slide 20: Swvl's operating system
Swvl’s operating system; an integrated, customer-centric ecosystem enabled by commute-specific products Swvl operating system Work Swvl's operating model enables it to continuously utilize vehicles by pooling demand across different use cases and seasonality, thus Fulfilled by Powered by Mall signif
Slide 21: Swvl's growth cycle is at the foundation of its operating system
Swvl’s growth cycle is at the foundation of its operating system Lower cost structure NETWORK EFFECTS OF THE PLATFORM Better selection Adding more drivers and vehicles to the platform enables more route creation Lower average fare per trip Shorter walk to Creating more routes and having more drivers
Slide 22: Swvl's impact in revolutionizing mass transit
Swvl's impact in revolutionizing mass transit 2017-2021 37 Cities ~430% 53mm ‘17A - ‘20A gross in 16 countries (1) (2) bookings to date (4) revenue CAGR (3) (4) ~1.6mm ~17k 52% riders have commuted drivers generated of Swvl’s student customer on Swvl to date (4) income from Swvl (4) base are female
Slide 23: Data infrastructure creating a robust cost barrier for competitors
An established data infrastructure, growth cycle and business offering that creates a robust cost barrier for competitors Strong competitive moat with increased profitability Gross Revenue Per User Driver Earnings Customer Price 23% ~2x 40% Of inter-city users use two categories over Drivers who end
Slide 24: Introduction to Swvl's journey
Introduction to Swvl’s journey that is backed by a history of rapid and increasingly efficient expansions ● Launches in Saudi Arabia via ● Crossed 40,000 bookings/day corporate offerings ● ~$29mm gross revenue (~166x ● Definitive agreement to ● Ranked #16 in Forbes Top 100 growth in 2 years) (1) acq
Slide 25: Explosive growth since inception
Explosive growth since inception... Pre COVID-19 exit Post COVID-19 recovery US$ 79 Annualized gross revenue, ($ million) ~ 7x US$ 49 US$ 51 US$ 18 ~ 16x US$ 8 US$0.5 US$ 1 US$0.9 US$ 1 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Feb-20 Dec-21 (E) Bookings, (‘000) 3,780 ~6x 2,855 2,689 1,107 ~25x 449 18 48 O
Slide 26: Improving margins and a pathway to 30-40% gross margin
...coupled with consistently improving margins and a pathway to 30-40% gross margin ~73 p.p improvement in gross margin to reach 20% profitability currently; path to achieve +40% gross Margins, (%) margin through supply focused interventions (e.g., bidding, dynamic routing) 28% 20% 20% 18% 20% 20% 1
Slide 27: Swvl significantly improves supply efficiency and drivers' earnings power
Swvl significantly improves supply efficiency and drivers’ earnings power Private Bus Driver Swvl Bus Driver Driver’s realized revenue, $ Inefficient bus usage Efficient bus usage ~US$760 US$ 760 2 trips/day 4-6 trips/day ~US$700 US$ 549 Under-utilized buses Adequately utilized buses ~US$185 US$ 194
Slide 28: Swvl outperforms peers across the globe
Swvl outperforms peers across the globe, despite being the newest player Company Founded 2017 2012 2012 2011 2015 Stage Growth Growth/Mature Mature Mature Mature Geographic Scope Global (1) Global MENA, Indian sub-continent Global Single Country Diversified between consumers (inter and intra-city),
Slide 29: The Mechanics
The Mechanics 29
Slide 30: Proprietary technology is the core of Swvl's virtuous growth cycle
Cutting-edge proprietary technology is the core of Swvl’s virtuous growth cycle and creates a superior competitive moat Lower cost structure Better selection Reliability and convenience technology focus areas Lower Shorter Denser avg. walk to network fare per station 1 trip distance Predict and iden
Slide 31: Predict and identify latent demand
1 Predict and identify latent demand: Predicting demand for facilitating better selection Map the City Swvl divides the city into equal areas (i.e., hexes) Capture Latent Demand and Optimize Existing Areas Hexes are the basic unit of analysis to build a network • Determines which hexes to place Swvl
Slide 32: Create routes centered around demand clusters
2 Create routes centered around demand clusters: Automated route creation with an objective to maximize demand conversion Create routes centered around Demand estimation Route creation demand clusters and deliver on the reliability promise ● A ML algorithm identifies key pockets of latent and existi
Slide 33: Create dynamic routes
3 Create dynamic routes: Dynamic routing improves user experience, providing greater convenience ● Dynamic Routing (DR) is a proprietary computational technology developed by Swvl Evolution of a route dynamically upon discovering a new rider ● Enables Swvl to adapt, real-time, to actual demand pocke
Slide 34: Better selection expected to yield faster profitability of routes
3 Better selection ultimately expected to yield faster profitability of routes Number of searches on the platform that meet customer promise (1), (%) ~35% increase 35% 26% Jul-20 Mar-21 Time to profitability per route, (months) ~40% reduction 7 ~75% reduction 4 1 2019 2020 2021 Note: Data reflects C
Slide 35: Dynamic routing reduces walk to station
3 Dynamic routing reduces walk to station, increasing conversion to bookings and thus, margins Average walk to station time in Cairo, (min) ~40% reduction 20 ~25% reduction 12 ~22% reduction 9 7 Feb-20 May-20 Sept-20 Apr-21 35 Note: Reflects Cairo only. A combination of factors contribute to a compo
Slide 36: Create cost efficient plans and schedules
4 Create cost efficient plans and schedules: Providing a more affordable customer ride starts with minimizing the cost per KM incurred while enhancing vehicle ROI 1 4 2 2 3 ● Machine learning (ML) algorithm “stitches” multiple routes into a plan 1 4 ● A plan optimizes for driver convenience and earn
Slide 37: Price supply via bidding and smart assignment system
5 Price supply via bidding and smart assignment system: Once a plan is created, supply is priced via bidding and plans are assigned via smart assignment system, minimizing overall costs (~12% savings) Smart assignment technology dynamically prices supply via bidding and cross-dispatching vehicles ac
Slide 38: Technology allows +85% drivers retention
5 Technology allows +85% drivers retention, while decreasing cost per KM and increasing vehicle ROI By increasing rides per vehicle by ~40% Technology allows +85% vehicle retention Weekly rides/vehicle 13.7 13.9 14.3 13.2 30-day rolling retention (1) 12.5 13.0 12.8 11.9 11.9 12.0 12.2 12.2 11.9 11.0
Slide 39: Price demand dynamically
6 Price demand dynamically: Demand is priced dynamically to give riders the optimal price at the right time based on real-time data Dynamic user level pricing Engine predicts user reaction to pricing based on: ● A ML model is continuously running to maximize Current Utilization Route-level retention
Slide 40: 50% increase in revenue/user with dynamic pricing
6 Price demand dynamically: 50% increase in revenue/user & accelerated growth to hit $13/month with 60% annual gross revenue retention 2019 cohorts took 12 months to reach $13 per month of gross revenue per user Activation Consumer business Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Mon
Slide 41: Swvl consumer tech packaged into SaaS/TaaS enterprise product
Swvl consumer proprietary-tech was packaged into a suite of SaaS/TaaS enterprise product dedicated to corporates, schools and transit agencies Transit agencies and A new SaaS product SaaS product offerings businesses Tiered suite of services offered to municipalities and corporate institutions who o
Slide 42: SaaS/TaaS enterprise product exponential growth and net dollar retention
SaaS/TaaS enterprise product achieved exponential growth (~4x in gross revenue per client) with a net dollar retention (~115%) only achieved by the top-quintile SaaS/TaaS products Net dollar retention Activation month Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020 Dec-2020 Jan-2021 Feb-2021 M
Slide 43: Shotl expected to create a strong foothold in Europe
Shotl expected to create a strong foothold in Europe, a full year ahead of Swvl’s expansion plans With a presence across 22 cities in 10 countries, Barcelona-based Shotl will double Swvl’s footprint and accelerate entry into Europe a year ahead of schedule; presence in Japan provides further upside
Slide 44: The Objectives
The Objectives 44
Slide 45: Swvl aims to accelerate build-up of a global technology revolutionizing mass transit
Swvl aims to accelerate the build-up of a global non-displaceable technology revolutionizing mass transit 2025 goals ~$1bn+ 24 ~30%-40% Annual gross revenue (1) Countries (2) Gross margin (1) ~50% ~50% 5 continents ~15% MENA, South America, North Consumer SaaS+TaaS Adjusted EBITDA margin America, Eu
Slide 46: Unlocking accelerated top-line expansion
Unlocking accelerated top-line expansion by building on our exponential growth history Annual gross revenue (1), $ million ~28x growth over the next five years 1,304 814 Similar business activity to 2019, despite three months of complete 403 lockdown and recovery throughout the remainder of the year
Slide 47: Roadmap to a gross margin potential beyond 40%
Roadmap to a gross margin potential beyond 40% without further increase in customer pricing Unit economics in Cairo Retail, $ 40% Gross margin forecasts for Consumer segment Profitability zone – RASK > CASK US$ 0.03 US$ 0.028 US$ 0.029 US$ 0.027 41% US$ 0.027 US$ 0.025 US$ 0.025 US$ 0.025 US$ 0.03 U
Slide 48: Illustrative journey of mature markets to +40% gross margins
Illustrative journey of mature markets to +40% gross margins: Cairo Retail Margins - Cairo Retail, % (10%) 12% (10%) 8% 41% 0 30% 20% 20% Current ATF CPS Utilization Steady-state Net-margin Steady-state EBITDA Steady-state GM improvements improvements improvements GM interventions NM interventions A
Slide 49: The Path Ahead
The Path Ahead 49
Slide 50: Five principles guide Swvl's approach to international expansion
Five principles guide Swvl’s approach to international expansion Reliable, convenient, safe and valuable global mass-mobility technology Balance organic, Adopt a rapid-fire Opt for breadth in the inorganic and serial Balance growth and Lead expansion iterative expansion early expansion stages innova
Slide 51: Guiding principles translate into a comprehensive expansion approach
Guiding principles translate into a comprehensive expansion approach across all categories Existing portfolio consolidation in core geographies, creating the basis of a non- displaceable, pre-eminent emerging market mobility player US LATAM EU High Full-portfolio expansion across LATAM, given the ma
Slide 52: Well orchestrated geographic expansion roadmap
The approach translates into a well orchestrated geographic expansion roadmap 2021 2022 2023 KSA Y Philippines Y Brazil Mexico Bangladesh KSA Brazil Mexico Spain/Italy Poland Greece Philippines Jordan/UAE KSA Brazil Brazil Mexico Represents original expansion timeline Spain/Italy Spain/Italy DE/UK/F
Slide 53: Swvl will follow a tried and tested approach to accelerate portfolio expansion
Swvl will follow a tried and tested approach to accelerate portfolio expansion Country deep-dive, Brazil Standardized market-entry approach, Retail focused in a Brazilian city Target of 30-45 days from team hitting the ground to operations Registration and Market entry Acquire Growth Hire team Kick-
Slide 54: The Transaction
The Path Ahead 54
Slide 55: Detailed transaction overview
Detailed transaction overview Illustrative Pro Forma Valuation ($ in mm, except per share amounts) PIPE Investors Agreed Share Price $10.00 7% Pro Forma Shares Outstanding (mm) 153.8 GMBT Public Shareholders 22% Pro Forma Equity Value $1,538 Less: Projected Net Cash at Close (405) Pro Forma Enterpri
Slide 56: Use of proceeds catalyzes Swvl's global expansion
Use of proceeds catalyzes Swvl’s global expansion ● Capital raise will enable Swvl to fund its geographic expansion across all segments ● Rapid expansion plan to be in 20 countries by 2025 ● Capital investment primarily allocated to growth marketing, technology infrastructure and associated people c
Slide 57: Proceeds can be used to drive significant top-line growth
Proceeds can be used to build on Swvl’s exponential growth to drive to significant top-line growth Annual gross revenue (1) / Annual bookings, $ million / million bookings 565.9 Consumer ($ in mm) travel SaaS/TaaS ($ in mm) CAGR ('20A -'25E): 118% 1,304 Total Bookings (mm) 344.9 602 814 183.1 363 40
Slide 58: Detailed financial projections
Detailed financial projections Actual Projected Commentary 2020A 2021E 2022E 2023E 2024E 2025E CAGR ($ in millions) (’20A-’25E) Total Bookings (in millions) 17 28 78 183 345 566 102% %YoY Growth 64% 184% 134% 88% 64% Consumer Gross Revenue $28 $82 $215 $451 $702 • Significant gross revenue growth Sa
Slide 59: Swvl's valuation is attractive relative to peers
Swvl’s valuation is attractive relative to peers Enterprise Value / 2022E Revenue (1), multiple Shared Economy Peers Median: 7.5x SaaS Peers Median: 19.5x 35.5x 24.2x 19.5x 17.3x 13.6x 15.4x 12.6x 10.8x 8.0x 4.3x 4.1x 3.9x (2) (3)(4) (5) (6) Enterprise Value / 2023E Revenue (1), multiple Shared Econ
Slide 60: With unparalleled near and long-term growth prospects
With unparalleled near and long-term growth prospects… 2021E - 2023E Revenue CAGR, % 194% Shared Economy Peers Median: 32% SaaS SaaSPeers Peers Median: 26% Median: 25% 42% 40% 33% 32% 29% 26% 23% 25% 25% 19% 19% (1) (2) (3) Current Run-Rate 2023E Gross 27% ~40% 24% 38% 60% 63% 80% 55% 81% 60% 65% 60
Slide 61: Even more compelling long term valuation fundamentals
…Leading to even more compelling long term valuation fundamentals… Enterprise Value / 2024E Revenue (1), multiple Shared Economy Peers Median: 2.8x SaaS Peers Median: NA 9.0x 8.2x 2.8x 2.8x 2.4x 1.4x NA NA NA NA NA NA (2) (3)(4) (5) (6) Source: Latest available flings and management / investor prese
Slide 62: Team and values
Team and values 62
Slide 63: A multi-disciplinary team of industry veterans
A multi-disciplinary team of industry veterans will deliver on the set opportunity Launched Careem in 8 cities in 6 months Youssef Executed > 20 infrastructure Mostafa Kandil M&A, capital raises and CEO Spearheaded Rocket Internet operations in Philippines and Egypt Salem financings with > $65bn in
Slide 64: Swvl values: differentiated ESG investment
Swvl values: differentiated ESG investment Advancing Social Justice Reducing Prohibitive Societal Burden Lowering Carbon Footprint • Affordable, convenient and safe • Can contribute to reduced congestion • Shared mobility model can contribute to transportation that increases social and via optimized
Slide 65: Appendix
Appendix 65
Slide 66: Swvl's technology ecosystem
Swvl’s technology ecosystem Corporate or school Network planning and Scheduling Trip monitoring Invoicing analytics Powered by Transit Agency White-labeled rider Network planning and Fixed and dynamic routing Pricing and revenue and driver application analytics systems management systems Rider and d
Slide 67: Provides an effortless and brilliant user experience
Provides an effortless and brilliant user experience… Rider mobile application enables riders to access all available trips easily, find their desired destinations, and make available stops and book in advance. Plan entire work week ahead Real time tracking Walk to station visibility Walk to station
Slide 68: A superior driver experience
… and a superior driver experience Enabling drivers to access all upcoming/past trips easily, check-in/check-out, manage finances and 24*7 support, and training modules to learn best practices. Training modules Trip management Seamless check-in experience 24*7 support 68
Slide 69: Enables corporate admins to schedule rides
Enables corporate admins to schedule rides… Easy access to drivers & vehicles information. Ability to mass upload and update ride schedules to drivers including all details; dates, timings, pickup and drop off locations. Schedule timings, stops and routes. Update schedules with a press of a button.
Slide 70: Optimized routes to improve cost efficiency
… and get optimized routes to improve cost efficiency… AI algorithm optimizes supply cost Optimize routes and/or travel time significantly via based on different rider location and machine learning through various Optimize routes based destination inputs. on distance vs. time. data points involving
Slide 71: Real time visibility on all rides to ensure safety
… while having real time visibility on all rides to ensure safety of passengers Ability to monitor rides in real-time with complete visibility over ride timings, driver information, vehicle types, and current ride progress. Mass upload ride schedules to drivers. 71
Slide 72: Automated invoicing capability and transparency
Automated invoicing capability and transparency E2E automated payment system covering for all payment cases, scenarios such as - Daily wage, km payout, tolls, fines, etc. 72
Slide 73: Live pricing and revenue management
Live pricing and revenue management 73
Slide 74: Real time analytics for informed decision making
Real time analytics for informed decision making 74
Slide 75: 100+ TaaS clients across the globe
100+ TaaS clients across the globe with affordable, reliable & convenient enterprise solution 75
Slide 76: Reconciliation from Gross Revenue to IFRS Revenue
Reconciliation from Gross Revenue to IFRS Revenue ($ in millions) 2019A 2020A 2021E 2022E 2023E 2024E 2025E Gross revenue $ 28.8 $ 26.2 $ 46.5 $ 141.4 $ 402.5 $ 813.6 $ 1,304.3 Less: Promotions and incentives (10.9) (5.7) (6.6) (15.6) (33.2) (52.7) (62.0) Less: Refunds (2.1) (1.8) (4.0) (8.9) (9.7)
Slide 77: Reconciliation from IFRS Operating Expenses to Other Operating Expenses
Reconciliation from IFRS Operating Expenses to “Other Operating Expenses” ($ in millions) 2020A Commentary Operating Expenses General and administrative expenses ($19.3) Selling and marketing costs (3.4) Other expenses (0.2) Total Operating Expenses ($22.9) Expenses captured above Growth marketing 2
Slide 78: Reconciliation from Adjusted EBITDA to Total Comprehensive Loss
Reconciliation from Adjusted EBITDA to Total Comprehensive Loss ($ in millions) 2020A Commentary Adjusted EBITDA ($29.0) Less: Expenses below Adjusted EBITDA included in G&A, S&M, and other expenses Depreciation of property and equipment (0.1) Depreciation of right-of-use assets (0.4) Provision for
Slide 79: 2019 Monthly Gross and Net Margin Reconciliation
2019 Monthly Gross and Net Margin Reconciliation ($ in millions) 2019-2 2019-3 2019-4 2019-5 2019-6 2019-7 2019-8 2019-9 2019-10 2019-11 2019-12 Number of bookings (in millions) 0.95 1.09 1.11 1.31 1.22 1.85 1.66 2.39 2.86 2.98 2.92 Average price ($) US$1.18 US$1.30 US$1.32 US$1.31 US$1.34 US$1.44 U
Slide 80: 2020 Monthly Gross and Net Margin Reconciliation
2020 Monthly Gross and Net Margin Reconciliation ($ in millions) 2020-1 2020-2 2020-3 2020-4 2020-5 2020-6 2020-7 2020-8 2020-9 2020-10 2020-11 2020-12 FY 2020 Number of bookings (in millions) 2.72 2.69 2.24 0.67 0.54 0.59 0.69 0.86 1.18 1.37 1.70 1.58 16.83 Average price ($) US$ 1.38 US$ 1.58 US$ 1
Slide 81: swt
swt