Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Dogan Sirketler Grubu Holding AS
Physical assets are 22.5% of total assets, a light footprint. Capex is 0.99x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.31x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.76x.
Physical asset ratio
22.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 33.96BpropertyPlantAndEquipmentNetInventoryTRY 7.55BinventoryTotal assetsTRY 184.60BtotalAssetsResult 22.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 93.68BtotalRevenueNet PP&ETRY 33.96BpropertyPlantAndEquipmentNetResult 2.76x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 6.29BcapitalExpendituresD&ATRY 6.33BreconciledDepreciationResult 0.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TRY 29.81Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 184.60BtotalAssetsGoodwillTRY 2.15BgoodWillIntangiblesTRY 18.53BintangibleAssetsLiabilitiesTRY 87.23BtotalLiabTangible bookTRY 76.69BShares2,572,693,138commonStockSharesOutstandingResult TRY 29.81
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.53xPrice / tangible bookPrice / tangible book per sharePriceTRY 15.85Latest quoteTangible book / shareTRY 29.812025-12-31Result 0.53x
Price TRY 15.85.
Fixed-charge coverage
0.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 16.38BebitdaCapexTRY 6.29BcapitalExpendituresInterestTRY 4.85BinterestExpenseShort-term debtTRY 27.68BshortLongTermDebtEBITDA − capexTRY 10.09BPrincipal due is the current portion of debt.Result 0.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
41.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowTRY 16.77BfreeCashFlowMarket capTRY 40.78BMarketCapitalizationResult 41.1%
Latest free cash flow divided by current market cap (TRY 40.78B).
ROIC
2.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.94BoperatingIncomeTax expenseTRY 3.44BtaxProvisionPretax incomeTRY 5.20BincomeBeforeTaxTax rate40.0%EquityTRY 83.72BtotalStockholderEquityDebtTRY 33.22BlongTermDebt + shortLongTermDebtCashTRY 7.33BcashInvested capitalTRY 109.61BThe effective tax rate was above 40% and was capped at 40%.Result 2.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 1.03BpropertyPlantEquipmentInventoryTRY 645.25MinventoryTotal assetsTRY 10.95BtotalAssetsResult 15.3% | 11.75xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueTRY 12.15BtotalRevenueNet PP&ETRY 1.03BpropertyPlantEquipmentResult 11.75x | 0.62xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexTRY 215.70McapitalExpendituresD&ATRY 348.86MreconciledDepreciationResult 0.62x | TRY 2.40Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 10.95BtotalAssetsGoodwillTRY 34.48MgoodWillIntangiblesTRY 683.23MintangibleAssetsLiabilitiesTRY 3.95BtotalLiabTangible bookTRY 6.28BShares2,613,738,000commonStockSharesOutstandingResult TRY 2.40 | 1.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 4.34BebitdaCapexTRY 215.70McapitalExpendituresInterestTRY 354.46MinterestExpenseShort-term debtTRY 1.84BshortTermDebtEBITDA − capexTRY 4.12BPrincipal due is short-term debt.Result 1.88x | -TRY 1.79BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-TRY 1.25BtotalCashFromOperatingActivitiesCapexTRY 215.70McapitalExpendituresFree cash flow-TRY 1.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 1.79B | 5.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 294.67MoperatingIncomeTax expense-TRY 1.77MincomeTaxExpensePretax incomeTRY 3.64BincomeBeforeTaxTax rate0.0%EquityTRY 6.66BtotalStockholderEquityDebtTRY 2.48BlongTermDebt + shortLongTermDebtCashTRY 3.81BcashInvested capitalTRY 5.33BResult 5.5% | 0.29xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeTRY 294.67MoperatingIncomeNet PP&ETRY 1.03BpropertyPlantEquipmentResult 0.29x |
| 2019 | 17.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 1.34BpropertyPlantEquipmentInventoryTRY 621.78MinventoryTotal assetsTRY 11.24BtotalAssetsResult 17.4% | 9.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueTRY 13.28BtotalRevenueNet PP&ETRY 1.34BpropertyPlantEquipmentResult 9.91x | 0.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexTRY 102.69McapitalExpendituresD&ATRY 315.96MreconciledDepreciationResult 0.32x | TRY 2.67Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 11.24BtotalAssetsGoodwillTRY 64.27MgoodWillIntangiblesTRY 599.60MintangibleAssetsLiabilitiesTRY 3.61BtotalLiabTangible bookTRY 6.97BShares2,609,028,283commonStockSharesOutstandingResult TRY 2.67 | 0.60xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 1.42BebitdaCapexTRY 102.69McapitalExpendituresInterestTRY 379.02MinterestExpenseShort-term debtTRY 1.81BshortTermDebtEBITDA − capexTRY 1.32BPrincipal due is short-term debt.Result 0.60x | TRY 727.36MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowTRY 898.38MtotalCashFromOperatingActivitiesCapexTRY 102.69McapitalExpendituresFree cash flowTRY 727.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 727.36M | 4.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 345.08MoperatingIncomeTax expenseTRY 131.10MincomeTaxExpensePretax incomeTRY 724.03MincomeBeforeTaxTax rate18.1%EquityTRY 7.14BtotalStockholderEquityDebtTRY 2.22BlongTermDebt + shortLongTermDebtCashTRY 3.28BcashInvested capitalTRY 6.08BResult 4.7% | 0.26xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeTRY 345.08MoperatingIncomeNet PP&ETRY 1.34BpropertyPlantEquipmentResult 0.26x |
| 2020 | 20.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.00BpropertyPlantEquipmentInventoryTRY 778.94MinventoryTotal assetsTRY 13.69BtotalAssetsResult 20.3% | 5.39xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueTRY 10.77BtotalRevenueNet PP&ETRY 2.00BpropertyPlantEquipmentResult 5.39x | 2.06xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexTRY 692.74McapitalExpendituresD&ATRY 335.84MreconciledDepreciationResult 2.06x | TRY 3.16Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 13.69BtotalAssetsGoodwillTRY 105.10MgoodWillIntangiblesTRY 1.06BintangibleAssetsLiabilitiesTRY 4.31BtotalLiabTangible bookTRY 8.22BShares2,603,305,450commonStockSharesOutstandingResult TRY 3.16 | 0.79xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 2.27BebitdaCapexTRY 692.74McapitalExpendituresInterestTRY 204.89MinterestExpenseShort-term debtTRY 1.79BshortLongTermDebtEBITDA − capexTRY 1.58BPrincipal due is the current portion of debt.Result 0.79x | TRY 19.72MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowTRY 712.47MtotalCashFromOperatingActivitiesCapexTRY 692.74McapitalExpendituresFree cash flowTRY 19.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 19.72M | 5.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 566.56MoperatingIncomeTax expenseTRY 287.89MincomeTaxExpensePretax incomeTRY 1.73BincomeBeforeTaxTax rate16.6%EquityTRY 8.44BtotalStockholderEquityDebtTRY 2.69BlongTermDebt + shortLongTermDebtCashTRY 2.91BcashInvested capitalTRY 8.22BResult 5.7% | 0.28xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeTRY 566.56MoperatingIncomeNet PP&ETRY 2.00BpropertyPlantEquipmentResult 0.28x |
| 2021 | 19.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 2.40BpropertyPlantEquipmentInventoryTRY 2.04BinventoryTotal assetsTRY 22.29BtotalAssetsResult 19.9% | 7.06xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueTRY 16.92BtotalRevenueNet PP&ETRY 2.40BpropertyPlantEquipmentResult 7.06x | 1.25xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexTRY 514.62McapitalExpendituresD&ATRY 411.74MreconciledDepreciationResult 1.25x | TRY 5.01Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 22.29BtotalAssetsGoodwillTRY 108.84MgoodWillIntangiblesTRY 1.23BintangibleAssetsLiabilitiesTRY 7.98BtotalLiabTangible bookTRY 12.98BShares2,590,035,450commonStockSharesOutstandingResult TRY 5.01 | 1.17xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 4.61BebitdaCapexTRY 514.62McapitalExpendituresInterestTRY 356.45MinterestExpenseShort-term debtTRY 3.15BshortLongTermDebtEBITDA − capexTRY 4.10BPrincipal due is the current portion of debt.Result 1.17x | TRY 369.28MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowTRY 1.07BtotalCashFromOperatingActivitiesCapexTRY 514.62McapitalExpendituresFree cash flowTRY 369.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 369.28M | 8.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 1.28BoperatingIncomeTax expenseTRY 783.69MincomeTaxExpensePretax incomeTRY 3.85BincomeBeforeTaxTax rate20.4%EquityTRY 12.91BtotalStockholderEquityDebtTRY 4.36BlongTermDebt + shortLongTermDebtCashTRY 4.65BcashInvested capitalTRY 12.62BResult 8.1% | 0.53xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeTRY 1.28BoperatingIncomeNet PP&ETRY 2.40BpropertyPlantEquipmentResult 0.53x |
| 2022 | 19.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 3.96BpropertyPlantEquipmentInventoryTRY 4.30BinventoryTotal assetsTRY 42.23BtotalAssetsResult 19.6% | 11.59xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueTRY 45.87BtotalRevenueNet PP&ETRY 3.96BpropertyPlantEquipmentResult 11.59x | 0.96xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexTRY 874.65McapitalExpendituresD&ATRY 911.83MreconciledDepreciationResult 0.96x | TRY 7.96Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 42.23BtotalAssetsGoodwillTRY 437.02MgoodWillIntangiblesTRY 2.44BintangibleAssetsLiabilitiesTRY 18.73BtotalLiabTangible bookTRY 20.63BShares2,590,035,162commonStockSharesOutstandingResult TRY 7.96 | 0.80xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 9.68BebitdaCapexTRY 874.65McapitalExpendituresInterestTRY 1.84BinterestExpenseShort-term debtTRY 9.15BshortLongTermDebtEBITDA − capexTRY 8.80BPrincipal due is the current portion of debt.Result 0.80x | TRY 1.42BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowTRY 2.70BtotalCashFromOperatingActivitiesCapexTRY 874.65McapitalExpendituresFree cash flowTRY 1.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 1.42B | 12.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.04BoperatingIncomeTax expenseTRY 2.23MincomeTaxExpensePretax incomeTRY 6.93BincomeBeforeTaxTax rate0.0%EquityTRY 20.22BtotalStockholderEquityDebtTRY 11.22BlongTermDebt + shortLongTermDebtCashTRY 7.05BcashInvested capitalTRY 24.39BResult 12.5% | 0.77xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeTRY 3.04BoperatingIncomeNet PP&ETRY 3.96BpropertyPlantEquipmentResult 0.77x |
| 2023 | 22.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 18.58BpropertyPlantAndEquipmentNetInventoryTRY 11.77BinventoryTotal assetsTRY 134.88BtotalAssetsResult 22.5% | 4.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueTRY 75.71BtotalRevenueNet PP&ETRY 18.58BpropertyPlantAndEquipmentNetResult 4.07x | 1.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexTRY 7.63BcapitalExpendituresD&ATRY 5.29BreconciledDepreciationResult 1.44x | TRY 24.89Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 134.88BtotalAssetsGoodwillTRY 1.79BgoodWillIntangiblesTRY 13.59BintangibleAssetsLiabilitiesTRY 55.04BtotalLiabTangible bookTRY 64.45BShares2,589,148,253commonStockSharesOutstandingResult TRY 24.89 | 0.13xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 10.94BebitdaCapexTRY 7.63BcapitalExpendituresInterestTRY 3.06BinterestExpenseShort-term debtTRY 22.21BshortLongTermDebtEBITDA − capexTRY 3.31BPrincipal due is the current portion of debt.Result 0.13x | -TRY 3.94BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowTRY 3.69BtotalCashFromOperatingActivitiesCapexTRY 7.63BcapitalExpendituresFree cash flow-TRY 3.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -TRY 3.94B | 4.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 6.08BoperatingIncomeTax expenseTRY 2.14BtaxProvisionPretax incomeTRY 2.58BincomeBeforeTaxTax rate40.0%EquityTRY 69.92BtotalStockholderEquityDebtTRY 29.05BlongTermDebt + shortLongTermDebtCashTRY 17.50BcashInvested capitalTRY 81.47BThe effective tax rate was above 40% and was capped at 40%.Result 4.5% | 0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeTRY 6.08BoperatingIncomeNet PP&ETRY 18.58BpropertyPlantAndEquipmentNetResult 0.33x |
| 2024 | 22.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 24.18BpropertyPlantAndEquipmentNetInventoryTRY 7.42BinventoryTotal assetsTRY 139.67BtotalAssetsResult 22.6% | 4.34xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueTRY 104.89BtotalRevenueNet PP&ETRY 24.18BpropertyPlantAndEquipmentNetResult 4.34x | 2.15xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexTRY 11.27BcapitalExpendituresD&ATRY 5.24BreconciledDepreciationResult 2.15x | TRY 20.97Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 139.67BtotalAssetsGoodwillTRY 1.86BgoodWillIntangiblesTRY 18.14BintangibleAssetsLiabilitiesTRY 65.63BtotalLiabTangible bookTRY 54.04BShares2,576,991,253commonStockSharesOutstandingResult TRY 20.97 | 0.24xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 17.71BebitdaCapexTRY 11.27BcapitalExpendituresInterestTRY 6.79BinterestExpenseShort-term debtTRY 19.69BshortLongTermDebtEBITDA − capexTRY 6.44BPrincipal due is the current portion of debt.Result 0.24x | TRY 25.42BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowTRY 36.69BtotalCashFromOperatingActivitiesCapexTRY 11.27BcapitalExpendituresFree cash flowTRY 25.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 25.42B | 0.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 132.02MoperatingIncomeTax expenseTRY 1.16BtaxProvisionPretax incomeTRY 5.68BincomeBeforeTaxTax rate20.4%EquityTRY 63.43BtotalStockholderEquityDebtTRY 29.28BlongTermDebt + shortLongTermDebtCashTRY 25.83BcashInvested capitalTRY 66.88BResult 0.2% | 0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeTRY 132.02MoperatingIncomeNet PP&ETRY 24.18BpropertyPlantAndEquipmentNetResult 0.01x |
| 2025 | 22.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ETRY 33.96BpropertyPlantAndEquipmentNetInventoryTRY 7.55BinventoryTotal assetsTRY 184.60BtotalAssetsResult 22.5% | 2.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueTRY 93.68BtotalRevenueNet PP&ETRY 33.96BpropertyPlantAndEquipmentNetResult 2.76x | 0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexTRY 6.29BcapitalExpendituresD&ATRY 6.33BreconciledDepreciationResult 0.99x | TRY 29.81Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsTRY 184.60BtotalAssetsGoodwillTRY 2.15BgoodWillIntangiblesTRY 18.53BintangibleAssetsLiabilitiesTRY 87.23BtotalLiabTangible bookTRY 76.69BShares2,572,693,138commonStockSharesOutstandingResult TRY 29.81 | 0.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDATRY 16.38BebitdaCapexTRY 6.29BcapitalExpendituresInterestTRY 4.85BinterestExpenseShort-term debtTRY 27.68BshortLongTermDebtEBITDA − capexTRY 10.09BPrincipal due is the current portion of debt.Result 0.31x | TRY 16.77BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowTRY 23.06BtotalCashFromOperatingActivitiesCapexTRY 6.29BcapitalExpendituresFree cash flowTRY 16.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result TRY 16.77B | 2.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeTRY 3.94BoperatingIncomeTax expenseTRY 3.44BtaxProvisionPretax incomeTRY 5.20BincomeBeforeTaxTax rate40.0%EquityTRY 83.72BtotalStockholderEquityDebtTRY 33.22BlongTermDebt + shortLongTermDebtCashTRY 7.33BcashInvested capitalTRY 109.61BThe effective tax rate was above 40% and was capped at 40%.Result 2.2% | 0.12xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeTRY 3.94BoperatingIncomeNet PP&ETRY 33.96BpropertyPlantAndEquipmentNetResult 0.12x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: TRY 33.96B
Inventory: TRY 7.55B
Total assets: TRY 184.60B
Goodwill: TRY 2.15B
Intangibles: TRY 18.53B
Liabilities: TRY 87.23B
Tangible book: TRY 76.69B
Shares: 2,572,693,138
Revenue: TRY 93.68B
Capex: TRY 6.29B
D&A: TRY 6.33B
EBITDA: TRY 16.38B
Interest: TRY 4.85B
Short-term debt: TRY 27.68B
Free cash flow: TRY 16.77B
Operating income: TRY 3.94B
Invested capital: TRY 109.61B
Tax rate: 40.0%