ROLEX RINGS LIMITED (ROLEXRINGS): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹207.72 latest close · +46.3% over the last 90 sessions

₹207.72 month-end · +103.6% over 12 months

₹207.72 month-end · −10.9% over 3 years

₹207.72 month-end · +88.8% since Aug '21

52-week range ₹99.79 to ₹214.50 · 1-year volatility 48.1%

Was the rally earned?

1 year3 years5 years

+104%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 16.0x to 37.2x); per-share earnings took off 19 points.
The share count barely moved.

Net profit growth-19 ptsNet profit fell about 12%, which lowers the price.

P/E change+123 ptsThe P/E rose from 16.0x to 37.2x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

-11%share price, 3 yearsEarnings-driven

Mostly earnings.

Per-share earnings took off 25 points, while the multiple moved less (P/E 32.1x to 37.2x).
The share count barely moved.

Net profit growth-25 ptsNet profit fell about 23%, which lowers the price.

P/E change+14 ptsThe P/E rose from 32.1x to 37.2x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+99%share price, 5 yearsEarnings and multiple

Both mattered.

Per-share earnings added 62 points and the multiple added 37 points (P/E 28.7x to 37.2x).
The share count rose 14%.

Net profit growth+80 ptsNet profit rose about 75%, which lifts the price.

P/E change+37 ptsThe P/E rose from 28.7x to 37.2x, which lifts the price.

Share count change-18 ptsShare count rose 14%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BHARAT FORGE

How rough has the ride been?

Maximum drawdown-62.1%not yet recovered

1-year volatility48.1%annualised

Beta vs sector index0.893-year daily, correlation 0.44

Volume spikes11last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-62.1% (2024-09 peak to 2025-11 low, not yet recovered)

-30.9% (2024-01 peak to 2024-03 low, recovered 2024-05)

-21.2% (2022-10 peak to 2023-01 low, recovered 2023-06)

Most recent volume spikes

2026-11-05: 9.9x the 50-day median, price +8.9% that day

2026-11-04: 10.7x the 50-day median, price +11.9% that day

2026-09-25: 5.1x the 50-day median, price +7.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

37.2xP/E todayWithin its usual range

Against its own history77th percentile

CheapestMedian 31.7xDearest

Usual range 20.5x to 40.9x since 2021-08.

Against Producer Manufacturing37.2x vs 29.6x

This company

37.2x

Sector median

29.6x

26% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE72nd▼ 4 pts vs a year ago
Op. margin92nd▲ 3 pts vs a year ago
Revenue growth21st▲ 9 pts vs a year ago
EPS growth25th▼ 34 pts vs a year ago
Debt/equity ↓98th▲ 11 pts vs a year ago
Cash cycle ↓32ndflat vs a year ago
P/E ↓37th▼ 49 pts vs a year ago
12M momentum95th▲ 89 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~22%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 35.3x, a holder earning 12%/yr needs earnings to grow about 22.0%/yr for 10 years, then trade at 15x.

Delivered10.4%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+11.7 ptsimplied minus delivered

Rank287thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	23.7%	24.8%	25.9%
15x	20.9%	22.0%	23.1%
20x	17.5%	18.6%	19.6%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 22.0%/yr

Looking back

Jan 2022Price implied 24%/yr; EPS has since grown 8%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹207.72
P/E: 37.2x
ROCE: 21.0%
Market Cap: ₹5434 cr
Revenue (TTM): ₹1156 cr
P/S: 4.7x
P/B: 4.5x
ROE: 12.0%
Operating Margin: 23.0%
Debt / Equity: 0.0x
Promoter Holding: 52.2%
12M Momentum: 103.6%

52-week range

₹99.79₹214.50

94% of the way from its 52-week low to its high

Price risk

1Y volatility

48.1%

Beta vs sector

1-year daily

1.06

Balance sheet & cash

Interest cover

operating profit ÷ interest

100.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.35x

Share count, 1Y

unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear

Other income reliance1%Within range

Other income as a share of pre-tax profit (trailing twelve months): 1.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 24.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.35xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.35x (cash from operations ₹638 cr, net profit ₹471 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+5 daysWithin range

Debtor days are above the median of the previous three fiscal years by 5 days (70 vs 65). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress9% of fixed assetsWithin range

Capital work-in-progress is 9% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+2 days / 2 yrsWithin range

Days payable changed by +2 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs trimmed 3.3 pts; promoters trimmed 3.0 pts.
The number of shareholders rose from 49,141 to 97,151 (+98%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters55.3%52.2%-3.0 pts

FIIs5.6%5.4%-0.2 pts

DIIs32.1%28.8%-3.3 pts

Public and others7.1%13.6%+6.5 pts

Number of shareholders

97,151shareholders+98% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−1.3%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like ROLEX RINGS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −28% to +38% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (+0.8%, 80% range −9.6% to +10.2%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−1.3%

All companies' median

−2.1%

Beat the market

46% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
BEPL Process Industries	Dec 2020	36x	25%	+181%	0%	−15%
VOLTAMP Producer Manufacturing	Mar 2024	49x	25%	+259%	0%	−29%
TDPOWERSYS Producer Manufacturing	Jun 2023	40x	22%	+165%	0%	−2%
KENNAMET Producer Manufacturing	Sep 2022	52x	25%	+99%	−4%	−14%
CUPID Consumer Non-Durables	Dec 2023	51x	—	+307%	0%	+15%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
VESUVIUS Non-Energy Minerals	May 2023	41x	17%	+129%	−4%	+63%
TRITURBINE Producer Manufacturing	Apr 2023	44x	21%	+89%	−1%	0%
INTELLECT Technology Services	Oct 2025	45x	17%	+54%	−8%	−53%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ROLEX RINGS LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

STEELCASTSTEELCAS

Non-Energy Minerals

66%similar

debt/equityrevenue growth

CLEAN SCIENCE AND TECHNOLOGYCLEAN

Process Industries

59%similar

ROCEEPS growth

CONCORD BIOTECHCONCORDBIO

Health Technology

59%similar

revenuemarket cap

MOILMOIL

Non-Energy Minerals

57%similar

debt/equityrevenue growth

RATNAMANI METALS & TUBESRATNAMANI

Non-Energy Minerals

57%similar

revenue growthP/E

BALU FORGE INDUSTRIESBALUFORGE

Producer Manufacturing

58%similar

revenuepromoter holding

MOLD-TEK PACKAGINGMOLDTKPAC

Producer Manufacturing

56%similar

ROCErevenue growth

GARWARE TECHNICAL FIBRESGARFIBRES

Producer Manufacturing

55%similar

ROCEpromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Aug '23

2026
NovPriceVolume reached 10.7x its 50-day median on 2026-11-04; price +11.9% that day.
AugPriceVolume reached 51.3x its 50-day median on 2026-08-11; price +14.2% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the top quartile).
AprPriceVolume reached 184.1x its 50-day median on 2026-04-22; price -4.9% that day.
MarValuationP/E fell below the 10th percentile of its own history to date (15.4x).
MarPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
FebPriceVolume reached 12.2x its 50-day median on 2026-02-11; price +10.0% that day.

Show 22 earlier events

2025
DecPriceVolume reached 56.2x its 50-day median on 2025-12-08; price +13.3% that day.
NovPriceFell 62% from the Sep 2024 peak to the Nov 2025 low.
SepPriceVolume reached 12.7x its 50-day median on 2025-09-01; price +1.8% that day.
JunResultsYear-on-year EPS growth turned positive.
JunValuationP/E fell below the 10th percentile of its own history to date (25.2x).
JunPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
JunPriceVolume reached 7.4x its 50-day median on 2025-06-27; price +3.1% that day.
MarPriceVolume reached 12.7x its 50-day median on 2025-03-10; price -1.3% that day.
FebValuationP/E fell below the 10th percentile of its own history to date (24.1x).
2024
DecPriceVolume reached 10.6x its 50-day median on 2024-12-10; price +8.6% that day.
JulPriceVolume reached 16.3x its 50-day median on 2024-07-10; price +2.5% that day.
JunResultsYear-on-year EPS growth turned negative.
JunValuationP/E crossed above the 90th percentile of its own history to date (43.6x).
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
MayPriceRegained the 2024-01 peak, 2 months after the low.
MayPriceVolume reached 16.9x its 50-day median on 2024-05-21; price +14.1% that day.
MarPriceFell 31% from the Jan 2024 peak to the Mar 2024 low.
FebValuationP/E fell below the 10th percentile of its own history to date (28.2x).
FebPriceVolume reached 15.0x its 50-day median on 2024-02-06; price -4.1% that day.
JanDebtDebt / equity halved over 12 months to 0.11x.
2023
DecPriceVolume reached 5.7x its 50-day median on 2023-12-29; price +3.1% that day.
AugValuationP/E fell below the 10th percentile of its own history to date (30.0x).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history64 months · 2021-08 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	37.2x	₹1156 cr	12.0%	21.0%	0.0x
2026-10	29.1x	₹1156 cr	12.0%	21.0%	0.0x
2026-09	34.1x	₹1156 cr	12.0%	21.0%	0.0x
2026-08	34.9x	₹1144 cr	11.2%	21.0%	0.0x
2026-07	26.4x	₹1144 cr	11.2%	21.0%	0.0x
2026-06	28.9x	₹1144 cr	11.2%	21.0%	0.0x
2026-05	19.5x	₹1122 cr	17.6%	23.0%	0.0x
2026-04	20.3x	₹1122 cr	17.6%	23.0%	0.0x
2026-03	15.4x	₹1122 cr	17.6%	23.0%	0.0x
2026-02	21.7x	₹1107 cr	15.0%	23.0%	0.0x
2026-01	19.6x	₹1107 cr	15.0%	23.0%	0.0x
2025-12	20.8x	₹1107 cr	15.0%	23.0%	0.0x
2025-11	16.0x	₹1136 cr	15.5%	23.0%	0.0x
2025-10	19.2x	₹1136 cr	15.5%	23.0%	0.0x
2025-09	20.3x	₹1136 cr	15.5%	23.0%	0.0x
2025-08	21.3x	₹1155 cr	15.6%	23.0%	0.0x
2025-07	22.4x	₹1155 cr	15.6%	23.0%	0.0x
2025-06	25.2x	₹1155 cr	15.6%	23.0%	0.0x
2025-05	30.5x	₹1187 cr	15.3%	28.0%	0.0x
2025-04	24.5x	₹1187 cr	15.3%	28.0%	0.0x
2025-03	24.4x	₹1187 cr	15.3%	28.0%	0.0x
2025-02	24.1x	₹1200 cr	17.1%	28.0%	0.0x
2025-01	30.6x	₹1200 cr	17.1%	28.0%	0.0x
2024-12	31.3x	₹1200 cr	17.1%	28.0%	0.0x
2024-11	35.1x	₹1221 cr	16.9%	28.0%	0.0x
2024-10	37.3x	₹1221 cr	16.9%	28.0%	0.0x
2024-09	44.1x	₹1221 cr	16.9%	28.0%	0.0x
2024-08	43.0x	₹1221 cr	16.7%	28.0%	0.0x
2024-07	43.8x	₹1221 cr	16.7%	28.0%	0.0x
2024-06	43.6x	₹1221 cr	16.7%	28.0%	0.0x
2024-05	32.3x	₹1179 cr	25.6%	32.0%	0.1x
2024-04	25.9x	₹1179 cr	25.6%	32.0%	0.1x
2024-03	24.0x	₹1179 cr	25.6%	32.0%	0.1x
2024-02	28.2x	₹1179 cr	25.6%	32.0%	0.1x
2024-01	33.0x	₹1179 cr	25.6%	32.0%	0.1x
2023-12	34.7x	₹1179 cr	25.6%	32.0%	0.1x
2023-11	32.1x	₹1179 cr	25.6%	32.0%	0.1x
2023-10	30.4x	₹1179 cr	25.6%	32.0%	0.1x
2023-09	30.3x	₹1179 cr	25.6%	32.0%	0.1x
2023-08	30.0x	₹1179 cr	25.6%	32.0%	0.1x
2023-07	30.5x	₹1179 cr	25.6%	32.0%	0.1x
2023-06	30.6x	₹1179 cr	25.6%	32.0%	0.1x
2023-05	39.9x	₹1010 cr	23.3%	31.0%	0.4x
2023-04	38.0x	₹1010 cr	23.3%	31.0%	0.4x
2023-03	41.4x	₹1010 cr	23.3%	31.0%	0.4x
2023-02	38.0x	₹1010 cr	23.3%	31.0%	0.4x
2023-01	36.0x	₹1010 cr	23.3%	31.0%	0.4x
2022-12	37.3x	₹1010 cr	23.3%	31.0%	0.4x
2022-11	38.8x	₹1010 cr	23.3%	31.0%	0.4x
2022-10	41.8x	₹1010 cr	23.3%	31.0%	0.4x
2022-09	43.0x	₹1010 cr	23.3%	31.0%	0.4x
2022-08	38.3x	₹1010 cr	23.3%	31.0%	0.4x
2022-07	39.1x	₹1010 cr	23.3%	31.0%	0.4x
2022-06	32.3x	₹1010 cr	23.3%	31.0%	0.4x
2022-05	36.8x	₹616 cr	23.4%	15.0%	0.7x
2022-04	33.7x	₹616 cr	23.4%	15.0%	0.7x
2022-03	34.6x	₹616 cr	23.4%	15.0%	0.7x
2022-02	33.8x	₹616 cr	23.4%	15.0%	0.7x
2022-01	33.3x	₹616 cr	23.4%	15.0%	0.7x
2021-12	32.0x	₹616 cr	23.4%	15.0%	0.7x
2021-11	28.7x	₹616 cr	23.4%	15.0%	0.7x
2021-10	32.1x	₹616 cr	23.4%	15.0%	0.7x
2021-09	29.1x	₹616 cr	23.4%	15.0%	0.7x
2021-08	30.3x	₹616 cr	23.4%	15.0%	0.7x

Methodology and data notes