Hennessy Advisors Inc is a US-listed company in the asset management & custody banks industry. Its financial year ends in September.
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~$16
Valuation models combined (5)
Base case. Range ~$12–$20. Weighted average of 5 models (price-to-earnings vs peers, residual income, justified price-to-book, price-to-book vs peers, dividend discount (two-stage)), the price-to-earnings vs peers counting double.
Undervalued
The price is below our entire value range; our base value is 52% above it.
Price used: $10.29, November 2, 2026
Hennessy Advisors Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $33m, down 6.9% on a year earlier, about the same pace as a quarter earlier. That puts it 36 of 38 for growth among the asset management & custody banks companies we cover. Our cash-flow model value is $13.58 a share, against a share price of $10.19.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Hennessy Advisors Inc's trailing-twelve-month revenue fell 6.9% year on year, with a free-cash-flow margin of 30.5%. Where it stands out: operating margin of 33.4% ranks 3 of 27 asset management & custody banks companies we cover. Where it lags: revenue growth of -6.9% ranks 41 of 43 asset management & custody banks companies we cover.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 17% in the quarter to 2018-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Hennessy Advisors Inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$18 ~$13–$32 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$13 ~$9.0–$18 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$12 ~$10–$16 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$20 ~$21–$55 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$13 ~$11–$16 | Included |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$16 ~$12–$20 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hennessy Advisors Inc with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard Hennessy Advisors's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 7.1% of total assets over 10 years.
Operating margin has been a median 34.1%; its worst year was 27.3%.
The diluted share count rose 7.1% over five years; stock-based pay has been a median 4.3% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).
No analyst estimates are published for Hennessy Advisors Inc: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2018 | $0.64 | $0.53 | −17.2% |
| Mar 2018 | $0.62 | $0.58 | −6.5% |
| Dec 2017 | $0.50 | $1.04 | +108.0% |
| Sept 2017 | $0.51 | $0.43 | −15.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +11.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $36m | $33m | −6.9% |
| Net margin | 27.5% | 24.8% | −10.1% |
| P/E multiple | 7.4x | 9.8x | +33.1% |
| Share count | 8m | 8m | −0.2% |
Biggest factor: p/e multiple.
Last 3 years +87.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $24m | $33m | +37.5% |
| Net margin | 19.8% | 24.8% | +25.0% |
| P/E multiple | 8.7x | 9.8x | +13.2% |
| Share count | 8m | 8m | −3.8% |
Biggest factor: revenue.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| HNNA | +32% | −17% | −14% | +103% | −21% | +12% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| HNNA | 58% | 33% | 25% | 75% | 42% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| HNNA | −23% | −23% | −31% | −15% | −30% | −12% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 73% from August 9, 2016 to March 19, 2020. Getting back needed a 274% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +1.6% | −0.4% | +2.4% | +8.1% |
| May 6, 2026 | +2.3% | +1.1% | −1.1% | −0.4% |
| February 5, 2026 | −2.7% | +0.6% | −1.1% | −1.4% |
| December 3, 2025 | +2.2% | +0.4% | −1.3% | −5.5% |
| August 6, 2025 | −6.6% | +0.7% | −15.3% | −2.5% |
| May 7, 2025 | +6.2% | +1.1% | −4.6% | +5.2% |
| February 13, 2025 | +3.3% | +1.1% | +0.8% | −9.8% |
| December 11, 2024 | −0.2% | +0.3% | −8.6% | −8.0% |
| August 8, 2024 | +6.7% | +2.8% | +14.5% | +24.4% |
| May 8, 2024 | +1.7% | +0.6% | +9.0% | +11.0% |
| February 8, 2024 | −1.5% | +0.6% | +2.3% | +5.8% |
| December 6, 2023 | −1.2% | +0.4% | −0.9% | +12.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $24M |
| FY24 Q1 | $24M |
| FY24 Q2 | $25M |
| FY24 Q3 | $27.1M |
| FY24 Q4 | $29.6M |
| FY25 Q1 | $33.2M |
| FY25 Q2 | $35.5M |
| FY25 Q3 | $35.8M |
| FY25 Q4 | $35.5M |
| FY26 Q1 | $34.2M |
| FY26 Q2 | $33M |
| FY26 Q3 | $33.3M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | -19.0% |
| FY24 Q1 | -11.9% |
| FY24 Q2 | -1.6% |
| FY24 Q3 | 11.9% |
| FY24 Q4 | 23.4% |
| FY25 Q1 | 38.3% |
| FY25 Q2 | 41.9% |
| FY25 Q3 | 32.0% |
| FY25 Q4 | 19.9% |
| FY26 Q1 | 2.8% |
| FY26 Q2 | -7.1% |
| FY26 Q3 | -6.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 26.4% |
| FY24 Q1 | 25.6% |
| FY24 Q2 | 25.9% |
| FY24 Q3 | 28.3% |
| FY24 Q4 | 29.9% |
| FY25 Q1 | 33.9% |
| FY25 Q2 | 36.0% |
| FY25 Q3 | 36.5% |
| FY25 Q4 | 37.0% |
| FY26 Q1 | 34.9% |
| FY26 Q2 | 33.6% |
| FY26 Q3 | 33.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 28.8% |
| FY24 Q1 | 30.7% |
| FY24 Q2 | 29.0% |
| FY24 Q3 | 29.7% |
| FY24 Q4 | 30.2% |
| FY25 Q1 | 32.3% |
| FY25 Q2 | 35.4% |
| FY25 Q3 | 36.5% |
| FY25 Q4 | 37.6% |
| FY26 Q1 | 34.7% |
| FY26 Q2 | 31.6% |
| FY26 Q3 | 30.5% |
| Fiscal year | 2010 Sept 2010 | 2011 Sept 2011 | 2012 Sept 2012 | 2013 Sept 2013 | 2014 Sept 2014 | 2015 Sept 2015 | 2016 Sept 2016 | 2017 Sept 2017 | 2018 Sept 2018 | 2019 Sept 2019 | 2020 Sept 2020 | 2021 Sept 2021 | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 8 | 8 | 7 | 24 | 35 | 45 | 51 | 53 | 55 | 43 | 33 | 33 | 30 | 24 | 30 | 36 | 33 |
| EBITDA | 2 | 2 | 2 | 9 | 14 | 20 | 24 | 25 | 25 | 16 | 12 | 11 | 10 | 7 | 9 | 13 | 11 |
| Operating income | 2 | 2 | 2 | 9 | 14 | 20 | 24 | 24 | 24 | 16 | 11 | 11 | 10 | 6 | 9 | 13 | 11 |
| Net income | 1 | 1 | 1 | 5 | 8 | 11 | 14 | 15 | 21 | 11 | 8 | 8 | 6 | 5 | 7 | 10 | 8 |
| Diluted EPS | $0.11 | $0.14 | $0.11 | $0.55 | $0.87 | $1.27 | $1.86 | $1.92 | $2.61 | $1.42 | $1.06 | $1.07 | $0.82 | $0.63 | $0.92 | $1.27 | $1.05 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | −1.0% | −7.5% | +243.7% | +42.0% | +29.6% | +14.9% | +3.0% | +3.1% | −21.8% | −21.8% | −1.9% | −9.4% | −19.0% | +23.4% | +19.9% | −6.9% |
| EBITDA | — | +28.4% | −16.5% | +385.7% | +57.8% | +39.6% | +20.2% | +3.0% | −0.6% | −34.2% | −28.9% | −3.9% | −9.6% | −34.7% | +38.8% | +47.5% | −14.1% |
| Operating income | — | +32.3% | −17.0% | +401.1% | +58.4% | +40.1% | +20.1% | +3.0% | −0.1% | −34.5% | −29.3% | −3.9% | −9.6% | −35.6% | +40.0% | +48.2% | −14.7% |
| Net income | — | +33.1% | −20.1% | +396.4% | +59.1% | +48.5% | +26.1% | +4.0% | +38.0% | −46.5% | −28.9% | +0.8% | −21.7% | −22.9% | +48.8% | +40.3% | −16.3% |
| Diluted EPS | — | +31.3% | −19.0% | +388.2% | +56.6% | +46.5% | +46.5% | +3.2% | +35.9% | −45.6% | −25.4% | +0.9% | −23.4% | −23.2% | +46.0% | +38.0% | −16.5% |
| Margins | |||||||||||||||||
| EBITDA margin | 22.7% | 29.4% | 26.5% | 37.5% | 41.7% | 44.9% | 47.0% | 46.9% | 45.3% | 38.0% | 34.6% | 33.9% | 33.9% | 27.3% | 30.7% | 37.8% | 34.4% |
| Operating margin | 21.0% | 28.1% | 25.2% | 36.7% | 41.0% | 44.3% | 46.3% | 46.3% | 44.8% | 37.5% | 33.9% | 33.2% | 33.2% | 26.4% | 29.9% | 37.0% | 33.4% |
| Net margin | 11.8% | 15.9% | 13.7% | 19.8% | 22.2% | 25.5% | 27.9% | 28.2% | 37.8% | 25.8% | 23.5% | 24.1% | 20.9% | 19.9% | 23.9% | 28.0% | 24.8% |
| Free-cash-flow margin | 25.5% | 23.9% | 27.4% | 24.3% | 26.9% | 31.7% | 35.0% | 37.1% | 38.8% | 33.2% | 31.3% | 30.9% | 28.5% | 28.8% | 30.2% | 37.6% | 30.5% |
| Cash flow | |||||||||||||||||
| Cash from operations | 2 | 2 | 2 | 6 | 9 | 14 | 18 | 20 | 22 | 14 | 11 | 10 | 9 | 7 | 9 | 14 | 11 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 2 | 2 | 2 | 6 | 9 | 14 | 18 | 20 | 21 | 14 | 10 | 10 | 8 | 7 | 9 | 13 | 10 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | 2 | 2 | 2 | 6 | 9 | 13 | 17 | 18 | 19 | 12 | 9 | 9 | 7 | 6 | 8 | 12 | 9 |
| Balance sheet | |||||||||||||||||
| Cash | 8 | 8 | 9 | 8 | 8 | 3 | 4 | 16 | 25 | 25 | 10 | 16 | 58 | 60 | 64 | 72 | 35 |
| Total debt | 3 | 3 | 2 | 30 | 27 | 35 | 30 | 26 | 22 | 17 | — | 0 | 39 | 39 | 39 | 40 | 0 |
| Net debt (negative = net cash) | −5 | −6 | −7 | 22 | 19 | 32 | 27 | 10 | −4 | −7 | −10 | −16 | −20 | −21 | −24 | −33 | −35 |
| Diluted shares | 9m | 9m | 9m | 9m | 9m | 9m | 8m | 8m | 8m | 8m | 7m | 7m | 8m | 8m | 8m | 8m | 8m |
| Returned to shareholders | |||||||||||||||||
| Dividends | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Buybacks | 0 | — | — | — | — | 25 | — | — | — | 5 | 3 | — | — | — | — | — | — |
| Total returned | 1 | 1 | 1 | 1 | 1 | 26 | 2 | 2 | 3 | 8 | 7 | 4 | 4 | 4 | 4 | 4 | 4 |
| Quarter | 2024 Q4 Sept 2024 | 2025 Q1 Dec 2024 | 2025 Q2 Mar 2025 | 2025 Q3 Jun 2025 | 2025 Q4 Sept 2025 | 2026 Q1 Dec 2025 | 2026 Q2 Mar 2026 | 2026 Q3 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 8,778 | 9,708 | 9,276 | 8,054 | 8,500 | 8,320 | 8,133 | 8,390 |
| EBITDA | 2,997 | 3,891 | 3,520 | 2,923 | 3,101 | 2,670 | 2,696 | 2,990 |
| Operating income | 2,938 | 3,830 | 3,451 | 2,849 | 3,015 | 2,604 | 2,610 | 2,913 |
| Net income | 2,328 | 2,834 | 2,583 | 2,121 | 2,422 | 1,930 | 1,910 | 1,999 |
| Diluted EPS | $0.30 | $0.36 | $0.33 | $0.26 | $0.32 | $0.24 | $0.24 | $0.25 |
| Growth (year on year) | ||||||||
| Revenue | +40.3% | +58.0% | +33.7% | +3.5% | −3.2% | −14.3% | −12.3% | +4.2% |
| EBITDA | +64.6% | +160.4% | +78.1% | +10.6% | +3.5% | −31.4% | −23.4% | +2.3% |
| Operating income | +67.4% | +168.8% | +79.8% | +10.2% | +2.6% | −32.0% | −24.4% | +2.2% |
| Net income | +73.6% | +136.2% | +67.7% | +4.5% | +4.0% | −31.9% | −26.1% | −5.8% |
| Diluted EPS | +66.7% | +125.0% | +65.0% | 0.0% | +6.7% | −33.3% | −27.3% | −3.8% |
| Margins | ||||||||
| EBITDA margin | 34.1% | 40.1% | 37.9% | 36.3% | 36.5% | 32.1% | 33.1% | 35.6% |
| Operating margin | 33.5% | 39.5% | 37.2% | 35.4% | 35.5% | 31.3% | 32.1% | 34.7% |
| Net margin | 26.5% | 29.2% | 27.8% | 26.3% | 28.5% | 23.2% | 23.5% | 23.8% |
| Free-cash-flow margin | 38.0% | 21.8% | 39.5% | 49.0% | 42.6% | 7.2% | 27.6% | 44.2% |
| Cash flow | ||||||||
| Cash from operations | 3,436 | 2,234 | 3,745 | 4,016 | 3,797 | 661 | 2,309 | 3,742 |
| Capital spending | 100 | 117 | 81 | 67 | 175 | 60 | 66 | 30 |
| Free cash flow | 3,336 | 2,117 | 3,664 | 3,949 | 3,622 | 601 | 2,243 | 3,712 |
| Stock-based pay | 251 | 299 | 274 | 275 | 280 | 309 | 351 | 299 |
| Free cash flow after stock pay | 3,085 | 1,818 | 3,390 | 3,674 | 3,342 | 292 | 1,892 | 3,413 |
| Last 12 months unless stated | HNNA | VALU | TONX | NAKA | GEG | DFDV | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $33m | $33m | $30m | $28m | $28m | $15m | $858m |
| Revenue growth, last 12 months | −6.9% | −5.5% | 592.3% | >999% | 70.2% | 328.6% | 17.2% |
| Revenue growth, 3-year average | 11.2% | −5.9% | 163.9% | — | 3.0% | 94.4% | 10.2% |
| Revenue growth, latest quarter | 4.2% | −6.4% | 607.4% | >999% | 88.3% | 66.9% | 14.4% |
| Gross margin | — | — | 83.1% | — | — | 97.8% | 80.2% |
| Operating margin | 33.4% | 10.8% | −115.6% | <−999% | −50.4% | −866.5% | 25.8% |
| Operating margin, 3-year average | 32.7% | 16.5% | <−999% | −664.9% | −47.8% | −233.9% | 18.8% |
| Net margin | 24.8% | 60.3% | −532.8% | <−999% | −127.6% | <−999% | 15.2% |
| Cash from operations / revenue | 31.5% | 53.9% | −94.7% | −169.5% | 56.4% | −198.9% | 26.4% |
| Free-cash-flow margin | 30.5% | 55.6% | −94.8% | −169.5% | 51.8% | −198.9% | 21.9% |
| Free-cash-flow margin, 3-year average | 32.2% | 53.5% | <−999% | −140.9% | −34.8% | −149.5% | 17.6% |
| Stock pay / revenue | 3.7% | — | 78.4% | 20.2% | 8.2% | 20.6% | 3.7% |
| Change in share count | 0.2% | −0.3% | >999% | 937.0% | 19.8% | — | −0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -6.9% | 17.2% | 41 of 43 |
| Change in growth rate Growth | +0.2pp | +1.0pp | 28 of 43 |
| Operating margin Profitability | 33.4% | 23.7% | 3 of 27 |
| Net margin Profitability | 24.8% | 15.2% | 10 of 43 |
| Stock pay as % of revenue Cash generation | 3.7% | 4.3% | 20 of 40 |
| Change in share count Balance sheet | 0.2% | -0.3% | 21 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Investment Advice | $33.2M | 93.3% | ▲ 20.5% |
| Shareholder Service | $2.4M | 6.7% | ▲ 11.4% |
From Hennessy Advisors Inc's 10-K filed December 3, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $2.4M | 239K | 20.1% | ▼ 0.1% |
| Truffle Hound Capital, LLC | $2M | 200K | 16.8% | 0.0% |
| Aegis Financial Corp | $1.7M | 171K | 14.4% | ▲ 20.8% |
| Renaissance Technologies LLC | $991,533 | 98K | 8.2% | ▼ 2.4% |
| Allworth Financial LP | $826,007 | 81K | 6.9% | 0.0% |
| Perigon Wealth Management, LLC | $647,550 | 64K | 5.4% | 0.0% |
| Geode Capital Management, LLC | $594,329 | 59K | 4.9% | ▲ 14.1% |
| Dimensional Fund Advisors LP | $542,711 | 53K | 4.5% | ▲ 1.5% |
| Vanguard Fiduciary Trust Co | $279,988 | 28K | 2.3% | ▲ 0.7% |
| Bridgeway Capital Management, LLC | $239,043 | 24K | 2.0% | ▲ 7.0% |
| Susquehanna International Group, LLP | $219,352 | 22K | 1.8% | ▲ 5.8% |
| Concurrent Investment Advisors, LLC | $217,162 | 21K | 1.8% | ▲ 103.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hennessy Advisors Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Newton Kiera Director | September 29, 2026 | Sell | 504 | $10.02 | $5,050 |
| Steadman Daniel B Executive VP | September 24, 2026 | Sell | 5,000 | $10.26 | $51,300 |
| Seavey Thomas L Director | September 24, 2026 | Sell | 1,875 | $10.15 | $19,031 |
| Newton Kiera Director | September 16, 2026 | Sell | 199 | $10.35 | $2,060 |
| Newton Kiera Director | September 14, 2026 | Sell | 593 | $10.34 | $6,132 |
| Fahy Kathryn SVP and CFO | May 11, 2026 | Sell | 10,000 | $10.00 | $100,000 |
| Newton Kiera Director | December 30, 2025 | Sell | 571 | $9.35 | $5,339 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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