Amazon.com, Inc.

(AMZN) Case Study Model Data File

Inputs and Assumptions Model Outputs Calculations and Analytics

Control Panel Dashboard DCF
Scenarios Implied Value Summary Sum-of-the-parts Analysis
WACC Summary Outputs Precedent Transactions Valuation
Comparable Trading Metrics
Precedent M&A Transactions
Market Size
Macroeconomic Analysis
Consensus
Historical Financial Information
Share Price Chart

Notes
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https://corporatefinanceinstitute.com/

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Disclaimer
This presentation is intended solely for educational and training purposes. The information contained herein does not constitute investment advice, or an offer to sell, or the solicitation of any offer to buy any securities of
Amazon.com, Inc. (NasdaqGS:AMZN) or any other security.
This content in this presentation has not been approved or disapproved by (a) Amazon.com, Inc., (b) S&P Global Market Intelligence Inc., (c) any equity research analyst that covers Amazon.com, Inc., or (d) any securities
regulator in any province or territory of Canada, the United States Securities and Exchange Commission or any other United States federal or state regulatory authority, and no such commission or authority has passed
upon the merits, accuracy or adequacy of this content, nor is it intended that any will.
The information in this presentation does not constitute the provision of investment, tax, legal or other professional advice. As with all investments, there are associated risks and you could lose money investing – including,
potentially, your entire investment. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and
suitability of that investment.
No reliance may be placed for any purpose on the information and opinions contained herein or their accuracy or completeness, and nothing contained herein may be relied upon in making any investment decision.
 Amazon.com, Inc. Average Implied Value: $3,735
Valuation Date 3/20/2021 Recommendation: Buy

Company Overview Current Capitalization (US$MM) Historical Share Price Performance

Amazon.com, Inc. is a global retailer of consumer products and subscriptions. The company operates through three segments: North America, International, and Current Share Price (US$/sh.) $3,075 $4,000
Amazon Web Services (AWS). Amazon's business activities include: Market Capitalization $1,593,444
Selling merchandise and content purchased for resale from third-party sellers through physical and online stores Net Debt $59,107 $3,000
Enterprise Value $1,652,551
Manufacturing and selling electronic devices and developing and producing media content
Offering programs that enable sellers to sell their products and content on its websites and its stores 2021E 2022E $2,000
Providing compute, storage, database, and other AWS services, as well as fulfillment, advertising, publishing, and digital content subscriptions EV / EBITDA 31.7x 24.7x
Offering Amazon Prime, a membership program, which provides free shipping of various items; access to streaming of movies and TV episodes and other P/E 99.8x 80.4x $1,000
services
Amazon was founded in 1994 and is headquartered in Seattle, Washington Total Debt / Equity 1.1x
Total Debt / Book Capital 52.0% $0
2015 2016 2017 2018 2019 2020

Historical and Forecast Financial Performance (US$ Billions) Valuation Summary - Equity Value per Share ($)

Total Revenue Net Earnings & EBITDA Revenue Composition (2020A) Average Implied Value:
$140,000 $3,735
$1,200,000 Net Earnings
$120,000 EBITDA (Excluding SBC) Current Share Price:
$1,000,000 Online Stores $3,075
6%
$100,000 Physical Stores
12%
$800,000 Retail Third-Party
$80,000 Seller Services
7%
$600,000 Subscription Services
$60,000 51%
AWS
$400,000 $40,000 Other
21%
$200,000 $20,000 4% SOTP $525 $1,846$2,456
$2,119$3,482
$3,700$3,531 $5,200 $6,355 $7,472
$0 $2,000 $4,000 $6,000 $8,000 $10,000
$0 $0
2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A
© Corporate Finance Institute. All rights reserved.

Implied Value Summary

All Amounts Denominated in US$MM Unless Otherwise Stated

Implied Enterprise Value Summary (US$ Billions)

DCF $1,864 $3,352

SOTP $1,332 $3,931

Precedents $331 $1,157

Consensus Research $1,976 $2,754

52-Week Trading $1,016 $1,889

0 1,000 2,000 3,000 4,000 5,000 6,000

6,000
© Corporate Finance Institute. All rights reserved.

Key Summary Outputs

All Amounts Denominated in US$MM Unless Otherwise Stated

Total Revenues
$2,500,000 Base Case Bull Case Bear Case

$2,000,000

$1,500,000

$1,000,000

$500,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

EBITDA & FCFF

$250,000
EBITDA (Excluding SBC) FCFF

$200,000

$150,000

$100,000

$50,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

Net Earnings
$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
 $40,000

$30,000

$20,000

$10,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

Revenue Breakdown

2020A 2031E

Online Stores
6%
12% 18%
Physical Stores
33%
7%
Retail Third-Party Seller Services
51% 15%
Subscription Services
21%
AWS 9% 1%
24%
Other 4%
 Revenue
2021E 2022E 2023E 2024E 2025E 2026E
Base Case $501,747 $627,106 $757,039 $886,471 $1,010,964 $1,127,103
Bull Case $530,668 $697,620 $880,882 $1,073,035 $1,266,392 $1,454,000
Bear Case $472,826 $560,693 $646,447 $727,471 $801,911 $868,680

EBITDA (Excluding SBC)

2021E 2022E 2023E 2024E 2025E 2026E
Base Case $52,051 $66,877 $83,339 $101,091 $119,784 $139,105
E 2031E
Bull Case $54,287 $72,626 $93,933 $117,802 $143,729 $171,189
Bear Case $49,814 $61,445 $73,811 $86,688 $99,885 $113,250

FCFF
2021E 2022E 2023E 2024E 2025E 2026E
Base Case $20,614 $40,835 $48,539 $56,624 $65,480 $74,758
Bull Case $25,687 $48,554 $59,221 $70,438 $82,592 $95,227
Bear Case $15,541 $33,836 $39,522 $45,553 $52,251 $59,303

Net Earnings
2021E 2022E 2023E 2024E 2025E 2026E
Base Case $15,972 $19,829 $24,144 $28,514 $32,788 $36,930
Bull Case $16,828 $22,001 $28,007 $34,371 $40,843 $47,281
Bear Case $15,115 $17,779 $20,686 $23,511 $26,182 $28,731
E 2031E
Revenue By Category (Base Case)
2020A 2031E
Online Stores $197,346 $500,570
Physical Stores $16,227 $20,325
Retail Third-Party Seller Services $80,461 $372,394
Subscription Services $25,207 $135,966
AWS $45,370 $225,740
Other $21,453 $282,749

E 2031E
E 2031E
 2027E 2028E 2029E 2030E 2031E
$1,232,635 $1,326,402 $1,408,155 $1,478,316 $1,537,743
$1,630,319 $1,791,531 $1,935,510 $2,061,575 $2,170,139
$927,362 $978,063 $1,021,249 $1,057,603 $1,087,912

2027E 2028E 2029E 2030E 2031E

$154,716 $173,554 $193,442 $213,269 $219,701
$195,618 $223,739 $253,196 $282,740 $298,641
$122,595 $134,981 $148,323 $161,579 $161,752

2027E 2028E 2029E 2030E 2031E

$80,789 $90,596 $102,614 $115,157 $115,342
$104,800 $118,363 $134,606 $151,672 $156,593
$62,913 $70,083 $79,073 $88,350 $85,197

2027E 2028E 2029E 2030E 2031E

$40,844 $44,466 $47,859 $51,087 $54,180
$53,488 $59,325 $64,805 $69,970 $74,847
$31,118 $33,309 $35,385 $37,406 $39,394
© Corporate Finance Institute. All rights reserved.

Inputs and Assumptions (Control Panel)

All Amounts Denominated in US$MM Unless Otherwise Stated

General Assumptions Income Statement Assumptions Toggles and Controls (DO NOT DELETE)
Scenario Base Revenue Forecast Assumptions Scenario Selection Toggle
Base Based on Base Estimates and Demonstrated Historical Growt 1
Input Defined Name Base Case Annual Growth Taper 20.0% Bull Base (+) 25%. 2
Subject Company Amazon Inc. CompanyName Bull Case Growth (+ Base %) 25.0% Bear Base (-) 25%. 3
Valuation Date 2021/03/20 _Vdate Bear Case Growth (- Base %) -25.0% Other No Growth (Flat) 4
Base Based on Base Estimates and Demonstrated Historical Growt 1
Last Fiscal Year End Before Valuation Date 2020/12/31 _YEdate_Before Expense Forecast Assumptions
Next Fiscal Year End After Valuation Date 2021/12/31 _YEdate_After Cost of Sales 61.4% Terminal Value Methodology Toggle
Terminal Value: Exit Multiple 1
Rounding 1,000 _RoundBillions Fulfillment 14.3% Terminal Value: Perpetual Growth 2
Marketing 10.9% Terminal Value: Average 3
Technology and Content 7.2% Terminal Value: Average 3
Valuation Assumptions General and Administrative 1.9%
Other Operating Expense (Net) 0.1% Sensitivities Control
5-Year Average Tax Rate 32.2% Defined Name Input
Interest Rate 3.0% Stock-Based Compensation (SBC) (% of SG&A) 6.8% WACC _WACC 8.0%
Terminal Value EBITDA Multiple 25.0x
DCF Assumptions Base Case Annual Growth Taper 20%
Terminal Value Methodology Terminal Value: Average Balance Sheet Forecast Assumptions Cost of Sales (% Revenue) 60%
Terminal Value EBITDA Multiple 25.0x
Long-Term Growth Rate 4.0% Current Asset & Liabilities
WACC 8.0% Accounts Accounts
Recivable Payables Inventory
WACC Assumptions Low High Days Outstanding 25 85 45
Risk Free Rate 2.4% 2.4%
Equity Risk Premium 4.6% 4.6% Accrued Expenses (% of Revenue) 10.7%
Country Risk Premium 0.0% 0.0% Unearned Revenue (% of Revenue) 2.9%
Size Premium 0.0% 0.0% Annual Growth in Marketable Securities 4.0%
Company Specific Risk Premium 1.0% 2.0%
Target Capital Structure (% Debt) 5.0% 10.0%
Property & Equipment
Target Price Thresholds (Versus Current Price) Cash Capex (% of Revenue) 5.8%
Sell -15.0% Asset Average Useful Life 10 years
Hold 0.0%
Buy 15.0%
Operating & Finance Leases
© Corporate Finance Institute. All rights reserved.

Forecast Scenerios
All Amounts Denominated in US$MM Unless Otherwise Stated

2016A 2017A 2018A 2019A 2020A 2021E

Base CASE
Segmented Revenue Growth
Online Stores 21.6%
Physical Stores 5.0%
Retail Third-Party Seller Services 37.0%
Retail Subscription Services 41.1%
AWS 39.0%
Other 66.7%

BULL CASE
Segmented Revenue Growth
Online Stores 27.1%
Physical Stores 6.3%
Retail Third-Party Seller Services 46.3%
Retail Subscription Services 51.4%
AWS 48.7%
Other 83.3%

BEAR CASE
Segmented Revenue Growth
Online Stores 16.2%
Physical Stores 3.8%
Retail Third-Party Seller Services 27.8%
Retail Subscription Services 30.9%
AWS 29.2%
Other 50.0%
2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

17.3% 13.9% 11.1% 8.9% 7.1% 5.7% 4.5% 3.6% 2.9%

4.0% 3.2% 2.6% 2.0% 1.6% 1.3% 1.0% 0.8% 0.7%
29.6% 23.7% 19.0% 15.2% 12.1% 9.7% 7.8% 6.2% 5.0%
32.9% 26.3% 21.1% 16.9% 13.5% 10.8% 8.6% 6.9% 5.5%
31.2% 24.9% 20.0% 16.0% 12.8% 10.2% 8.2% 6.5% 5.2%
53.3% 42.7% 34.1% 27.3% 21.8% 17.5% 14.0% 11.2% 8.9%

21.6% 17.3% 13.9% 11.1% 8.9% 7.1% 5.7% 4.5% 3.6%

5.0% 4.0% 3.2% 2.6% 2.0% 1.6% 1.3% 1.0% 0.8%
37.0% 29.6% 23.7% 19.0% 15.2% 12.1% 9.7% 7.8% 6.2%
41.1% 32.9% 26.3% 21.1% 16.9% 13.5% 10.8% 8.6% 6.9%
39.0% 31.2% 24.9% 20.0% 16.0% 12.8% 10.2% 8.2% 6.5%
66.7% 53.3% 42.7% 34.1% 27.3% 21.8% 17.5% 14.0% 11.2%

13.0% 10.4% 8.3% 6.6% 5.3% 4.3% 3.4% 2.7% 2.2%

3.0% 2.4% 1.9% 1.5% 1.2% 1.0% 0.8% 0.6% 0.5%
22.2% 17.8% 14.2% 11.4% 9.1% 7.3% 5.8% 4.7% 3.7%
24.7% 19.8% 15.8% 12.6% 10.1% 8.1% 6.5% 5.2% 4.1%
23.4% 18.7% 15.0% 12.0% 9.6% 7.7% 6.1% 4.9% 3.9%
40.0% 32.0% 25.6% 20.5% 16.4% 13.1% 10.5% 8.4% 6.7%
2031E

2.3%
0.5%
4.0%
4.4%
4.2%
7.2%

2.9% 25.0% + for Bull Case

0.7%
5.0%
5.5%
5.2%
8.9%

1.7% -25.0% (-) for Bear Case

0.4%
3.0%
3.3%
3.1%
5.4%
© Corporate Finance Institute. All rights reserved.

Historical Financial Information

All Amounts Denominated in US$MM Unless Otherwise Stated
Source: https://ir.aboutamazon.com/annual-reports
2016 2017 2018 2019 2020
Segmented Revenue
Online Stores $91,431 $108,354 $122,987 $141,247 $197,346
Physical Stores - $5,798 $17,224 $17,192 $16,227
Retail Third-Party Seller Services $22,993 $31,881 $42,745 $53,762 $80,461
Subscription Services $6,394 $9,721 $14,168 $19,210 $25,207
AWS $12,219 $17,459 $25,655 $35,026 $45,370
Other $2,950 $4,653 $10,108 $14,085 $21,453

Income Statement Information

Net Product Sales $94,665 $118,573 $141,915 $160,408 $215,915
Net Service Sales $41,322 $59,293 $90,972 $120,114 $170,149
Total Net Sales $135,987 $177,866 $232,887 $280,522 $386,064

Operating Expenses:
Cost of Sales $88,265 $111,934 $139,156 $165,536 $233,307
Fulfillment $17,619 $25,249 $34,027 $40,232 $58,517
Marketing $7,233 $22,620 $28,837 $35,931 $42,740
Technology and Content $16,085 $10,069 $13,814 $18,878 $22,008
General and Administrative $2,432 $3,674 $4,336 $5,203 $6,668
Other Operating Expense, net $167 $214 $296 $201 ($75)
Total Operating Expenses $131,801 $173,760 $220,466 $265,981 $363,165
Operating Income $4,186 $4,106 $12,421 $14,541 $22,899
Interest Income $100 $202 $440 $832 $555
Interest Expense ($484) ($848) ($1,417) ($1,600) ($1,647)
Other Income (Expense), net $90 $346 ($183) $203 $2,371
Total Non-Operating Income (Expense) ($294) ($300) ($1,160) ($565) $1,279
Income Before Income Taxes $3,892 $3,806 $11,261 $13,976 $24,178
Provision for Income Taxes ($1,425) ($769) ($1,197) ($2,374) ($2,863)
Equity-Method Investment Activity, net of tax ($96) ($4) $9 ($14) $16
Net Income $2,371 $3,033 $10,073 $11,588 $21,331
Basic Earnings per Share 5.01 6.32 20.68 23.46 42.64
Diluted Earnings per Share 4.9 6.15 20.14 23.01 41.83
Weighted-Average Shares used in Computation of Earnings per Share:
Basic 474 480 487 494 500
Diluted 484 493 500 504 510

Balance Sheet Information

Current Assets:
Cash and Cash Equivalents $19,334 $20,522 $31,750 $36,092 $42,122
Marketable Securities $6,647 $10,464 $9,500 $18,929 $42,274
Inventories $11,461 $16,047 $17,174 $20,497 $23,795
Accounts Receivable, net and other $8,339 $13,164 $16,677 $20,816 $24,542
Total Current Assets $45,781 $60,197 $75,101 $96,334 $132,733
Property And Equipment, net $29,114 $48,866 $61,797 $72,705 $113,114
Operating leases - - - $25,141 $37,553
Goodwill $3,784 $13,350 $14,548 $14,754 $15,017
Other Assets $4,723 $8,897 $11,202 $16,314 $22,778
Total Assets $83,402 $131,310 $162,648 $225,248 $321,195
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable $25,309 $34,616 $38,192 $47,183 $72,539
Accrued Expenses and Other $13,739 $18,170 $23,663 $32,439 $44,138
Unearned Revenue $4,768 $5,097 $6,536 $8,190 $9,708
Total Current Liabilities $43,816 $57,883 $68,391 $87,812 $126,385
Long-term lease liabilities - - $9,650 $39,791 $52,573
Long-Term Debt $7,694 $24,743 $23,495 $23,414 $31,816
Other Long-Term Liabilities $12,607 $20,975 $17,563 $12,171 $17,017
Commitments and Contingencies
Stockholders’ Equity:
Preferred Stock, $0.01 Par Value:
Authorized Shares — 500
Issued and Outstanding Shares — None
Common Stock, $0.01 Par Value:
Authorized Shares — 5,000
Issued Shares — 500 and 507
Outstanding Shares — 477 and 484 $5 $5 $5 $5 $5
Treasury Stock, at Cost ($1,837) ($1,837) ($1,837) ($1,837) ($1,837)
Additional Paid-In Capital $17,186 $21,389 $26,791 $33,658 $42,865
Accumulated Other Comprehensive Loss ($985) ($484) ($1,035) ($986) ($180)
Retained Earnings $4,916 $8,636 $19,625 $31,220 $52,551
Total Stockholders’ Equity $19,285 $27,709 $43,549 $62,060 $93,404
Total Liabilities and Stockholders’ Equity $83,402 $131,310 $162,648 $225,248 $321,195
Supplemental Balance Sheet Information
Current Portion of Long-Term Debt (Accrued Expenses) $1,056 $100 $1,371 $1,305 $1,155
Opening PPE Balance, not including Capital/Finance Leases $13,437
Additions to Existing Long-Term Debt $18,350 ($580) $2,603 $16,132

Cash Flow Statement Information

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF $15,890 $19,934 $21,856 $32,173 $36,410
OPERATING ACTIVITIES:
Net Income $2,371 $3,033 $10,073 $11,588 $21,331
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation of Property and Equipment, Including Internal-Use Software We $8,116 $11,478 $15,341 $21,789 $25,251
Stock-Based Compensation $2,975 $4,215 $5,418 $6,864 $9,208
Other Operating Expense, net $160 $202 $274 $164 ($71)
Other Expense (Income), net ($20) ($292) $219 ($249) ($2,582)
Deferred Income Taxes ($246) ($29) $441 $796 ($554)
Changes in Operating Assets and Liabilities:
Inventories ($1,426) ($3,583) ($1,314) ($3,278) ($2,849)
Accounts Receivable, net and other ($3,367) ($4,780) ($4,615) ($7,681) ($8,169)
Accounts Payable $5,030 $7,100 $3,263 $8,193 $17,480
Accrued Expenses and Other $1,724 $283 $472 ($1,383) $5,754
Unearned Revenue $1,955 $738 $1,151 $1,711 $1,265
Net Cash Provided by (used in) Operating Activities $17,272 $18,365 $30,723 $38,514 $66,064

Purchases of Property and Equipment, Including Internal-Use Software and ($7,804) ($11,955) ($13,427) ($16,861) ($40,140)
Proceeds from Property and Equipment Incentives $1,067 $1,897 $2,104 $4,172 $5,096
Acquisitions, net of cash acquired, and other ($116) ($13,972) ($2,186) ($2,461) ($2,325)
Sales and Maturities of Marketable Securities $4,733 $9,677 $8,240 $22,681 $50,237
Purchases of Marketable Securities ($7,756) ($12,731) ($7,100) ($31,812) ($72,479)
Net Cash Provided by (used in) Investing Activities ($9,876) ($27,084) ($12,369) ($24,281) ($59,611)

Proceeds from Long-Term Debt and Other $621 $16,228 $768 $2,273 $17,321
Repayments of Long-Term Debt and Other ($354) ($1,301) ($668) ($2,684) ($7,730)
Principal repayments of Capital Lease Obligations ($3,860) - - - -
Principal repayments of Finance Leases ($147) ($4,799) ($7,449) ($9,628) ($10,642)
Principal repayments of Financing Obligations - ($200) ($337) ($27) ($53)
Net Cash Provided by (used in) Financing Activities ($3,740) $9,928 ($7,686) ($10,066) ($1,104)
Foreign currency effect on cash, cash equivalents, and restricted cash ($212) $713 ($351) $70 $618
Net Increase (Decrease) in Cash and Cash Equivalents $3,444 $1,922 $10,317 $4,237 $5,967
Cash, Cash Equivalents, and Restricted Cash, End of Period $19,334 $21,856 $32,173 $36,410 $42,377

Supplemental Cash Flow Information:

Cash and cash equivalents $19,334 $20,522 $31,750 $36,092 $42,122
Restricted cash included in accounts receivable, net and other $265 $1,329 $418 $276 $233
Restricted cash included in other assets - $5 $5 $42 $22
Total cash, cash equivalents, and restricted cash shown in the consolidated $19,599 $21,856 $32,173 $36,410 $42,377

Cash paid for interest on long-term debt $290 $328 $854 $875 $916
Cash paid for operating leases - - - $3,361 $4,475
Cash paid for interest on capital and finance lease obligations $206 $200 $381 $647 $612
Cash paid for interest on financing obligations - $119 $194 $39 $102
Cash paid for income taxes, net of refunds $412 $957 $1,184 $881 $1,713
Assets acquired under operating leases - - - $7,870 $16,217
Property and equipment acquired under capital and finance leases $5,704 $9,637 $10,615 $13,723 $11,588
Property and equipment acquired under build-to-suit arrangements $1,209 $3,541 $3,641 $1,362 $2,267

Finance Lease Information

Right-of-Use Asset
Depreciation expense $3,800 $5,400 $7,300 $10,100 $8,500
Annual Report Closing Balance $11,039 $17,765 $22,700 $27,400 $31,600
Annual Report Opening Balance $8,401 $11,039 $17,765 $22,700 $27,400

Lease Liability
Annual Report Closing Balance $11,660 $19,304 $24,423 $26,979 $28,434
Annual Report Opening Balance $9,074 $11,660 $19,304 $24,423 $26,979
Current Portion Closing Balance $4,111 $6,121 $8,131 $9,884 $10,374

Weighted Average Discount Rate n/a n/a n/a 2.7% 2.1%

Weighted-Average Remaining Lease Tern n/a n/a n/a 5.5 years 6.2 years

Operating Lease Information

Operating Lease Asset
Additions n/a n/a n/a 7,870 16,217

Operating Lease Liability

Annual Report Closing Balance n/a n/a $20,865 $25,835 $39,099
Lease Payments - $2,200 $3,400 $3,669 $5,019
Weighted Average Discount Rate n/a n/a n/a 3.1% 2.5%
Weighted-average remaining lease term n/a n/a n/a 11.5 years 11.3 years
Current Portion Closing Balance n/a n/a n/a 3,139 4,586

Principal Repayments on Existing Long-Term Debt

2021 2022 2023 2024 Thereafter
Repayment $1,141 $1,773 $1,510 $3,339 $15,750
© Corporate Finance Institute. All rights reserved.

Discounted Cash Flow (DCF) Analysis

All Amounts Denominated in US$MM Unless Otherwise Stated

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Discounted Cash Flow Analysis
Time Periods
Valuation Date / Fiscal Year-End 3/20/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031
Date for NPV Calculation 3/20/2021 8/10/2021 7/1/2022 7/1/2023 7/1/2024 7/1/2025 7/1/2026 7/1/2027 7/1/2028 7/1/2029 7/1/2030 7/1/2031
Year Fraction 0.78 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

EBITDA (Excluding SBC) $52,051 $66,877 $83,339 $101,091 $119,784 $139,105 $154,716 $173,554 $193,442 $213,269 $219,701
Free Cash Flow to Firm (FCFF) $20,614 $40,835 $48,539 $56,624 $65,480 $74,758 $80,789 $90,596 $102,614 $115,157 $115,342

Terminal Value
Terminal Value: Exit Multiple $5,492,532
Terminal Value: Perpetual Growth $2,998,884
Terminal Value: Average $4,245,708

Selected Terminal Value $4,245,708

Valuation FCFF $16,090 $40,835 $48,539 $56,624 $65,480 $74,758 $80,789 $90,596 $102,614 $115,157 $115,342
Terminal Value $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,245,708

DCF Value Summary (US$MM) Sensitivities - Instrinsic Value ($/share)

NPV - Future Cash Flows $513,764 Exit Multiple

NPV - Terminal Value $1,982,405 15.0x 20.0x 25.0x 30.0x 35.0x
Enterprise Value $2,496,169 10% 2,772 3,185 3,598 4,010 4,423

Discount Rate
Less: Net Debt ($59,107) 9% 3,170 3,622 4,074 4,526 4,977
Equity Value $2,437,062 8% 3,713 4,208 4,703 5,198 5,693
Fully Diluted Shares Outstanding (MM) 518 7% 4,533 5,076 5,618 6,161 6,704
Equity Value ($) per Share $4,703 6% 6,025 6,620 7,216 7,811 8,407

This chart isn't available in your version of Excel. Cost of Sales (% of Revenue)
59.4% 60.4% 61.4% 62.4% 63.4%
Editing this shape or saving this workbook into a different file format will permanently
30% 3,963 3,691 3,419 3,147 2,875
Base Case Annual

break the chart.

Growth Taper

25% 4,556 4,238 3,919 3,601 3,283

20% 5,488 5,095 4,703 4,311 3,918
15% 7,095 6,573 6,051 5,528 5,006
10% 10,214 9,441 8,668 7,895 7,122

Sensitivity Inputs (Do Not Remove)

Discount Rate
Terminal Value EBITDA Multiple
Base Case Annual Growth Taper
Cost of Sales (% Revenue)
© Corporate Finance Institute. All rights reserved.

Weighted-Average Cost of Capital (WACC)

All Amounts Denominated in US$MM Unless Otherwise Stated

Comparable Companies Beta Amazon WACC Calculation

Total Mkt. Val. Debt / Debt / 5-Yr. Avg. Levered Unlevered Target Capital Structure
Name Country Debt Equity Equity Capital Tax Rate Beta (5-Yr)1 Beta Low High
Walmart Inc. United States $63,702 $375,499 17.0% 14.5% 32.2% 0.47 0.42 Proportion of Debt 5.0% 10.0%
The Home Depot, Inc. United States $43,422 $311,425 13.9% 12.2% 32.2% 1.01 0.92 Proportion of Equity 95.0% 90.0%
Lowe's Companies, Inc. United States $26,211 $131,996 19.9% 16.6% 32.2% 1.34 1.18
Target Corporation United States $15,109 $95,746 15.8% 13.6% 32.2% 0.99 0.90 Current Capital Structure
Alibaba Group Holding Limited China $22,676 $666,541 3.4% 3.3% 25.0% 0.88 0.86 Market Cap $1,593,444
eBay Inc. United States $8,317 $42,647 19.5% 16.3% 32.2% 1.16 1.02 Total Debt $101,229
Etsy, Inc. United States ($206) $31,156 -0.7% -0.7% 32.2% 1.62 1.62 Debt / Equity 0.1x
Alphabet Inc. United States $27,872 $1,415,764 2.0% 1.9% 32.2% 1.00 0.99
Facebook, Inc. United States $11,177 $857,350 1.3% 1.3% 32.2% 1.25 1.24 Cost of Debt
Twitter, Inc. United States $2,644 $58,621 4.5% 4.3% 32.2% 0.81 0.79 Pre-Tax Cost of Debt 3.0% 3.0%
salesforce.com, inc. United States $6,413 $204,522 3.1% 3.0% 32.2% 1.11 1.09 Tax Rate 32.2% 32.2%
Oracle Corporation United States $69,299 $193,280 35.9% 26.4% 32.2% 0.79 0.63 After-Tax Cost of Debt 2.0% 2.0%
SAP SE Germany $18,915 $147,559 12.8% 11.4% 29.9% 0.95 0.87
VMware, Inc. United States $5,878 $64,160 9.2% 8.4% 32.2% 0.94 0.89 Cost of Equity
Netflix, Inc. United States $18,511 $233,754 7.9% 7.3% 32.2% 0.83 0.79 Risk Free Rate 2.4% 2.4%
Spotify Technology S.A. Luxembourg $744 $53,986 1.4% 1.4% 26.4% 1.63 1.61 Equity Risk Premium 4.6% 4.6%
Roku, Inc. United States $438 $49,188 0.9% 0.9% 32.2% 1.89 1.88 Country Risk Premium 0.0% 0.0%
Sirius XM Holdings Inc. United States $8,968 $25,373 35.3% 26.1% 32.2% 1.10 0.89 Size Premium 0.0% 0.0%
Average 11.3% 9.3% 31.4% 1.10 1.03 Company Specific Risk Premium 1.0% 2.0%
Median 8.5% 7.9% 32.2% 1.01 0.91 Levered Equity Beta 0.95 0.95
Cost of Equity 7.7% 8.7%
Notes:
1 Sources: Yahoo Finance, Capital IQ, Company Filings. WACC 7.4% 8.0%
Selected WACC 8.0%
© Corporate Finance Institute. All rights reserved.

Amazon Sum-of-the-Parts (SOTP) Valuation

All Amounts Denominated in US$MM Unless Otherwise Stated

2021E Comparable Multiple Range Implied Enterprise Value

Revenue Low Mid High Low Mid High
Amazon 1P
Online Stores $240,061
Physical Stores $17,038
Total Amazon 1P $257,099 0.8x 1.6x 2.7x $196,234 $402,542 $684,342

Amazon 3P
Retail Third-Party Seller Services $110,265
Total Amazon 3P $110,265 4.2x 7.9x 13.7x $458,344 $872,558 $1,512,537

Advertising
Other $35,753
Total Amazon Advertising $35,753 6.3x 8.8x 12.3x $224,697 $315,965 $440,556

Cloud
AWS $63,052
Total Amazon Cloud $63,052 4.9x 6.5x 9.7x $307,406 $412,328 $611,332

Subscription
Subscription Services $35,579
Total Amazon Subscription Services $35,579 4.1x 9.0x 19.2x $145,028 $321,056 $682,557

Total Amazon Implied Enterprise Value $501,747 3.6x 6.3x 10.6x $1,331,709 $2,324,449 $3,931,324
Less: Net Debt ($59,107) ($59,107) ($59,107)
Total Amazon Implied Equity Value $1,272,602 $2,265,342 $3,872,217
Fully Diluted Shares Outstanding (MM) 518.2 518.2 518.2
Total Amazon Implied Equity Value per Share ($/sh.) $2,456 $4,372 $7,472
© Corporate Finance Institute. All rights reserved.

Comparable Trading Metrics

All Amounts Denominated in US$MM Unless Otherwise Stated

Current Capitalization Current Trading Multiples3 Leverage Multiples

Share Market Enterprise EV/Revenue EV/EBITDA P/E P/CF Debt /

Company Name Price Cap.1 Total Debt Cash Net Debt Value2 FY+1 FY+2 FY+1 FY+2 FY+1 FY+2 FY+1 FY+2 Equity Book Cap.
[$/sh.] [$MM] [$MM] [$MM] [x] [x] [x] [x] [x] [x] [x] [x] [x] [%]

1P Comps
Walmart Inc. $132 $375,499 $63,702 $17,741 $45,961 $421,460 0.8x 0.8x 12.0x 12.3x 20.2x 24.2x 12.5x 14.3x 0.7x 42.1%
The Home Depot, Inc. $289 $311,425 $43,422 $7,895 $35,527 $346,952 2.7x 2.6x 16.8x 15.9x 24.3x 23.1x 18.8x 18.9x 13.2x 92.9%
Lowe's Companies, Inc. $179 $131,996 $26,211 $4,690 $21,521 $153,517 1.7x 1.8x 13.8x 13.3x 21.9x 19.6x 13.6x 14.8x 18.2x 94.8%
Target Corporation $188 $95,746 $15,109 $8,511 $6,598 $102,344 1.1x 1.1x 11.5x 12.1x 21.7x 21.8x 12.5x 14.1x 1.0x 51.1%

3P Comps
Alibaba Group Holding Limited $240 $666,541 $22,676 $47,811 ($25,134) $641,406 5.9x 4.5x 20.1x 16.1x 25.4x 25.4x 16.5x 14.8x 0.1x 12.1%
eBay Inc. $60 $42,647 $8,317 $1,428 $6,889 $49,536 4.2x 3.9x 11.8x 10.8x 18.7x 16.4x 11.6x 10.7x 2.3x 70.0%
Etsy, Inc. $215 $31,156 ($206) $1,244 ($1,450) $29,705 13.7x 11.5x 45.7x 37.8x 70.3x 56.9x 50.2x 42.6x -0.3x -38.5%

Advertising Comps
Alphabet Inc. $2,027 $1,415,764 $27,872 $26,465 $1,407 $1,417,171 6.3x 5.4x 17.1x 14.5x 30.0x 25.8x 18.1x 15.7x 0.1x 11.1%
Facebook, Inc. $290 $857,350 $11,177 $17,576 ($6,399) $850,951 7.9x 6.6x 15.7x 13.0x 26.2x 21.9x 16.7x 14.4x 0.1x 8.0%
Twitter, Inc. $66 $58,621 $2,644 $17,576 $656 $59,277 12.3x 10.2x 40.5x 31.6x 302.3x 146.8x 45.8x 32.8x 0.3x 24.9%

Cloud Comps
salesforce.com, inc. $212 $204,522 $6,413 $6,195 $218 $204,740 9.7x 8.0x 32.3x 26.8x 53.1x 1516.4x 42.2x 37.4x 0.2x 13.4%
Oracle Corporation $66 $193,280 $69,299 $6,195 $46,978 $240,258 6.0x 5.9x 11.8x 11.7x 18.6x 17.9x 13.6x 12.9x 7.2x 87.8%
SAP SE $123 $147,559 $18,915 $6,497 $12,418 $159,978 4.9x 4.7x 13.9x 13.6x 29.6x 27.4x 21.2x 19.0x 0.5x 34.1%
VMware, Inc. $146 $64,160 $5,878 $4,692 $1,186 $65,346 5.6x 5.1x 14.2x 14.8x 37.7x 40.2x 17.1x 16.4x 0.6x 39.4%

Subscription Comps
Netflix, Inc. $512 $233,754 $18,511 $8,206 $10,305 $244,059 8.1x 7.0x 36.6x 29.0x 51.8x 39.7x 466.9x 152.0x 1.7x 62.6%
Spotify Technology S.A. $272 $53,986 $744 $1,408 ($664) $53,322 4.7x 3.9x -766.1x 356.8x -157.3x -297.3x 129.2x 65.9x 0.2x 17.8%
Roku, Inc. $348 $49,188 $438 $1,093 ($654) $48,533 19.2x 13.9x 276.8x 145.3x -1566.4x 621.0x 270.3x 132.5x 0.3x 24.8%
Sirius XM Holdings Inc. $6 $25,373 $8,968 $71 $8,897 $34,270 4.1x 3.9x 13.3x 12.4x 22.6x 20.3x 12.9x 12.4x -3.9x 134.2%

Notes:
Source: Company filings
1. Fully diluted (treasury stock method)
2. Market capitalization plus long term debt net of working capital as at the most recently disclosed quarter, adjusted for subsequent acquisitions and financings
3. Based on Consensus research estimates
© Corporate Finance Institute. All rights reserved.

Amazon Precedent Transactions Valuation

All Amounts Denominated in US$MM Unless Otherwise Stated

2020A Implied Multiple Range Implied Enterprise Value

EBITDA Low Mid High Low Mid High
Amazon Inc. $57,358 5.8x 12.6x 20.2x $331,013 $723,099 $1,157,428
Less: Net Debt ($59,107) ($59,107) ($59,107)
Total Amazon Implied Equity Value $271,906 $663,992 $1,098,321
Fully Diluted Shares Outstanding (MM) 518.2 518.2 518.2
Total Amazon Implied Equity Value per Share ($/sh.) $525 $1,281 $2,119
© Corporate Finance Institute. All rights reserved.

Precedent M&A Transactions

All Amounts Denominated in US$MM Unless Otherwise Stated

Announced Transaction Transaction Current Implied Implied Transaction Multiples (LTM) Target LTM Financials
# Date Acquirer Target Type Value Net Debt Equity Value EV/Revenue EV/EBITDA P/E P/CF Revenue EBITDA Earnings Cash Flow Comments
[$MM] [$MM] [$MM] [x] [x] [x] [x] [$MM] [$MM] [$MM] [$MM]

1 13-Nov-19 Apollo Global Management, Inc. (NYSE:APO) Tech Data Corporation Merger/Acquisition $5,951 $680 $5,271 0.2x 7.3x 15.4x 13.9x $37,082 $819 $342 $380 Acquisition of Equity Stake (100%)
2 18-Dec-17 The Hershey Company (NYSE:HSY) Amplify Snack Brands, Inc. Merger/Acquisition $1,527 $582 $945 4.1x 18.5x 86.7x 52.5x $372 $82 $11 $18 Acquisition of Equity Stake (100%)
3 10-Dec-18 Tivity Health, Inc. (NasdaqGS:TVTY) Nutrisystem, Inc. Merger/Acquisition $1,341 -$93 $1,433 1.9x 15.2x 25.9x 17.9x $693 $88 $55 $80 Acquisition of Equity Stake (100%)
4 26-Jul-19 HGGC, LLC Monotype Imaging Holdings Inc. Merger/Acquisition $858 $33 $825 3.5x 14.4x 33.6x 22.5x $244 $59 $25 $37 Acquisition of Equity Stake (100%)
5 7-Jun-19 Elliott Management Corporation Barnes & Noble, Inc. Merger/Acquisition $685 $194 $490 0.2x 6.1x 133.6x 4.6x $3,553 $113 $4 $106 Acquisition of Equity Stake (100%)
6 26-Mar-18 JD Sports Fashion plc (LSE:JD.) The Finish Line, Inc. Merger/Acquisition $464 -$93 $558 0.3x 5.8x 38.6x 7.2x $1,839 $80 $14 $78 Acquisition of Equity Stake (100%)
7 22-Jul-19 The Catalyst Capital Group Inc. Hudson's Bay Company Merger/Acquisition $8,455 $6,594 $1,861 0.9x 20.2x -3.3x -3.9x $9,377 $419 -$571 -$475 Acquisition of Equity Stake (100%)
8 17-Jul-18 Alliance Santé Participations S.A. Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) Merger/Acquisition $77,396 $13,227 $64,169 0.6x 9.1x 14.9x 7.8x $128,244 $8,466 $4,314 $8,263 Acquisition of Equity Stake (0.17%)
9 26-Feb-18 Digital Entertainment Holdings LLC RLJ Entertainment, Inc. Merger/Acquisition $228 $51 $176 2.4x 16.7x -21.0x -32.0x $94 $14 -$8 -$6 Acquisition of Equity Stake (26%)
10 9-Jun-20 JANA Partners LLC Callaway Golf Company (NYSE:ELY) Merger/Acquisition $2,326 $857 $1,470 1.4x 12.8x 24.6x 12.6x $1,627 $182 $60 $117 Acquisition of Equity Stake (6.34%)
Average 1.6x 12.6x 34.9x 10.3x
Median 1.2x 13.6x 25.2x 10.2x
Low 0.2x 5.8x -21.0x -32.0x
High 4.1x 20.2x 133.6x 52.5x
© Corporate Finance Institute. All rights reserved.

Market Size
All Amounts Denominated in US$MM Unless Otherwise Stated

2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E

US Market Size
Ecommerce 325 373 426 472 519 592 620 671 723 776 831 888 949 1,014 1,083 1,157
Advertising 293 302 312 332 349 278 313 336 350 360 368 376 391 405 421 437
Cloud 143 147 162 176 181 167 167 179 195 205 217 228 239 251 263 276
Physical Stores 637 640 652 652 653 656 658 660 665 670 675 680 685 690 695 700

US Market Size Growth Rate

Ecommerce 13.8% 14.9% 14.3% 10.6% 10.0% 14.1% 4.6% 8.3% 7.8% 7.3% 7.2% 6.8% 6.8% 6.8% 6.8% 6.8%
Advertising 3.0% 2.9% 3.5% 6.4% 5.1% -20.3% 12.4% 7.4% 4.1% 3.0% 2.2% 2.2% 3.8% 3.8% 3.8% 3.8%
Cloud 6.7% 3.2% 10.2% 8.6% 2.6% -7.5% 0.2% 7.0% 9.2% 5.0% 5.8% 4.9% 4.9% 4.9% 4.9% 4.9%
Physical Stores 1.4% 0.5% 1.9% -0.1% 0.2% 0.5% 0.3% 0.3% 0.8% 0.7% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7%

Convert Millions to Billions 1,000

Source:
IBISWorld Industy Research

US Market Size

Ecommerce Advertising Cloud Physical Stores

$1,200

$1,000

$800

$600

$400

$200

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
© Corporate Finance Institute. All rights reserved.

Macroeconomic Analysis
All Amounts Denominated in US$MM Unless Otherwise Stated

2020E 2021E 2022E 2023-2027E

Macroeconomic Forecasts
Global (Purchasing Power Parity ("PPP") rate)
Inflation (Global) 2.5% 2.4% 2.5% 2.8%
GDP Growth (Global) -3.9% 5.1% 4.1% 3.4%
US Unemployment Rate 10.6% 8.4% 7.1% 5.4%
US Consumer Expenditure -3.9% 5.9% 5.0% 2.2%

Sources:
https://www.pwc.com/gx/en/research-insights/economy/global-economy-watch/projections.html
https://www.cbo.gov/publication/56465
https://economics.td.com/ca-long-term-forecast
© Corporate Finance Institute. All rights reserved.

Equity Analyst Coverage

All Amounts Denominated in US$ Unless Otherwise Stated

Effective Date Research Contributor Action

2/3/2021 Stifel Nicolaus Boost Price Target
2/3/2021 Truist Boost Price Target
2/3/2021 Susquehanna Bancshares Boost Price Target
2/3/2021 The Goldman Sachs Group Boost Price Target
2/3/2021 Guggenheim Boost Price Target
2/3/2021 Oppenheimer Boost Price Target
2/3/2021 MKM Partners Boost Price Target
2/3/2021 Credit Suisse Group Boost Price Target
2/3/2021 Monness Crespi & Hardt Boost Price Target
2/3/2021 KeyCorp Boost Price Target
2/3/2021 Wedbush Reiterated Rating
2/3/2021 Raymond James Boost Price Target
2/3/2021 Jefferies Financial Group Boost Price Target
2/3/2021 Cowen Boost Price Target
2/3/2021 Canaccord Genuity Boost Price Target
2/3/2021 Susquehanna Boost Price Target
2/3/2021 Deutsche Bank Aktiengesellschaft Boost Price Target
2/3/2021 Barclays Boost Price Target
2/3/2021 Benchmark Boost Price Target
2/3/2021 UBS Group Reiterated Rating
2/3/2021 JMP Securities Boost Price Target
2/3/2021 Pivotal Research Boost Price Target
1/27/2021 JPMorgan Chase & Co. Boost Price Target
1/21/2021 Bank of America Boost Price Target
1/15/2021 Morgan Stanley Boost Price Target

Mean
Median
Mode
© Corporate Finance Institute. All rights reserved.

Share Price Chart

All Amounts Denominated in US$ Unless Otherwise Stated

Date Price
Oct-30-2015 $625.90 $4,000.00
Nov-02-2015 $628.35
Nov-03-2015 $625.31 $3,500.00
Nov-04-2015 $640.95
Nov-05-2015 $655.65 $3,000.00
Nov-06-2015 $659.37
Nov-09-2015 $655.49 $2,500.00
Nov-10-2015 $659.68
Nov-11-2015 $673.25 $2,000.00
Nov-12-2015 $665.60
Nov-13-2015 $642.35 $1,500.00
Nov-16-2015 $647.81
Nov-17-2015 $643.30 $1,000.00
Nov-18-2015 $663.54
Nov-19-2015 $661.27 $500.00
Nov-20-2015 $668.45
Nov-23-2015 $678.99 $0.00
Nov-24-2015 $671.15 Oct-15 Nov-16 Dec-17 Jan-19 Feb-20 Mar-21
Nov-25-2015 $675.34
Nov-27-2015 $673.26
Nov-30-2015 $664.80
Dec-01-2015 $679.06
Dec-02-2015 $676.01
Dec-03-2015 $666.25
Dec-04-2015 $672.64
Dec-07-2015 $669.83
Dec-08-2015 $677.33
Dec-09-2015 $664.79
Dec-10-2015 $662.32
Dec-11-2015 $640.15
Dec-14-2015 $657.91
Dec-15-2015 $658.64
Dec-16-2015 $675.77
Dec-17-2015 $670.65
Dec-18-2015 $664.14
Dec-21-2015 $664.51
Dec-22-2015 $663.15
Dec-23-2015 $663.70
Dec-24-2015 $662.79
Dec-28-2015 $675.20
Dec-29-2015 $693.97
Dec-30-2015 $689.07
Dec-31-2015 $675.89
Jan-04-2016 $636.99
Jan-05-2016 $633.79
Jan-06-2016 $632.65
Jan-07-2016 $607.94
Jan-08-2016 $607.05
Jan-11-2016 $617.74
Jan-12-2016 $617.89
Jan-13-2016 $581.81
Jan-14-2016 $593.00
Jan-15-2016 $570.18
Jan-19-2016 $574.48
Jan-20-2016 $571.77
Jan-21-2016 $575.02
Jan-22-2016 $596.38
Jan-25-2016 $596.53
Jan-26-2016 $601.25
Jan-27-2016 $583.35
Jan-28-2016 $635.35
Jan-29-2016 $587.00
Feb-01-2016 $574.81
Feb-02-2016 $552.10
Feb-03-2016 $531.07
Feb-04-2016 $536.26
Feb-05-2016 $502.13
Feb-08-2016 $488.10
Feb-09-2016 $482.07
Feb-10-2016 $490.48
Feb-11-2016 $503.82
Feb-12-2016 $507.08
Feb-16-2016 $521.10
Feb-17-2016 $534.10
Feb-18-2016 $525.00
Feb-19-2016 $534.90
Feb-22-2016 $559.50
Feb-23-2016 $552.94
Feb-24-2016 $554.04
Feb-25-2016 $555.15
Feb-26-2016 $555.23
Feb-29-2016 $552.52
Mar-01-2016 $579.04
Mar-02-2016 $580.21
Mar-03-2016 $577.49
Mar-04-2016 $575.14
Mar-07-2016 $562.80
Mar-08-2016 $560.26
Mar-09-2016 $559.47
Mar-10-2016 $558.93
Mar-11-2016 $569.61
Mar-14-2016 $573.37
Mar-15-2016 $577.02
Mar-16-2016 $574.27
Mar-17-2016 $559.44
Mar-18-2016 $552.08
Mar-21-2016 $553.98
Mar-22-2016 $560.48
Mar-23-2016 $569.63
Mar-24-2016 $582.95
Mar-28-2016 $579.87
Mar-29-2016 $593.86
Mar-30-2016 $598.69
Mar-31-2016 $593.64
Apr-01-2016 $598.50
Apr-04-2016 $593.19
Apr-05-2016 $586.14
Apr-06-2016 $602.08
Apr-07-2016 $591.43
Apr-08-2016 $594.60
Apr-11-2016 $595.93
Apr-12-2016 $603.17
Apr-13-2016 $614.82
Apr-14-2016 $620.75
Apr-15-2016 $625.89
Apr-18-2016 $635.35
Apr-19-2016 $627.90
Apr-20-2016 $632.99
Apr-21-2016 $631.00
Apr-22-2016 $620.50
Apr-25-2016 $626.20
Apr-26-2016 $616.88
Apr-27-2016 $606.57
Apr-28-2016 $602.00
Apr-29-2016 $659.59
May-02-2016 $683.85
May-03-2016 $671.32
May-04-2016 $670.90
May-05-2016 $659.09
May-06-2016 $673.95
May-09-2016 $679.75
May-10-2016 $703.07
May-11-2016 $713.23
May-12-2016 $717.93
May-13-2016 $709.92
May-16-2016 $710.66
May-17-2016 $695.27
May-18-2016 $697.45
May-19-2016 $698.52
May-20-2016 $702.80
May-23-2016 $696.75
May-24-2016 $704.20
May-25-2016 $708.35
May-26-2016 $714.91
May-27-2016 $712.24
May-31-2016 $722.79
Jun-01-2016 $719.44
Jun-02-2016 $728.24
Jun-03-2016 $725.54
Jun-06-2016 $726.73
Jun-07-2016 $723.74
Jun-08-2016 $726.64
Jun-09-2016 $727.65
Jun-10-2016 $717.91
Jun-13-2016 $715.24
Jun-14-2016 $719.30
Jun-15-2016 $714.26
Jun-16-2016 $717.51
Jun-17-2016 $706.39
Jun-20-2016 $714.01
Jun-21-2016 $715.82
Jun-22-2016 $710.60
Jun-23-2016 $722.08
Jun-24-2016 $698.96
Jun-27-2016 $691.36
Jun-28-2016 $707.95
Jun-29-2016 $715.60
Jun-30-2016 $715.62
Jul-01-2016 $725.68
Jul-05-2016 $728.10
Jul-06-2016 $737.61
Jul-07-2016 $736.57
Jul-08-2016 $745.81
Jul-11-2016 $753.78
Jul-12-2016 $748.21
Jul-13-2016 $742.63
Jul-14-2016 $741.20
Jul-15-2016 $735.44
Jul-18-2016 $736.07
Jul-19-2016 $739.95
Jul-20-2016 $745.72
Jul-21-2016 $744.43
Jul-22-2016 $744.86
Jul-25-2016 $739.61
Jul-26-2016 $735.59
Jul-27-2016 $736.67
Jul-28-2016 $752.61
Jul-29-2016 $758.81
Aug-01-2016 $767.74
Aug-02-2016 $760.58
Aug-03-2016 $754.64
Aug-04-2016 $760.77
Aug-05-2016 $765.98
Aug-08-2016 $766.56
Aug-09-2016 $768.31
Aug-10-2016 $768.56
Aug-11-2016 $771.24
Aug-12-2016 $772.56
Aug-15-2016 $768.49
Aug-16-2016 $764.04
Aug-17-2016 $764.63
Aug-18-2016 $764.46
Aug-19-2016 $757.31
Aug-22-2016 $759.48
Aug-23-2016 $762.45
Aug-24-2016 $757.25
Aug-25-2016 $759.22
Aug-26-2016 $769.00
Aug-29-2016 $771.29
Aug-30-2016 $767.58
Aug-31-2016 $769.16
Sep-01-2016 $770.62
Sep-02-2016 $772.44
Sep-06-2016 $788.87
Sep-07-2016 $784.48
Sep-08-2016 $784.06
Sep-09-2016 $760.14
Sep-12-2016 $771.49
Sep-13-2016 $761.01
Sep-14-2016 $761.09
Sep-15-2016 $769.69
Sep-16-2016 $778.52
Sep-19-2016 $775.10
Sep-20-2016 $780.22
Sep-21-2016 $789.74
Sep-22-2016 $804.70
Sep-23-2016 $805.75
Sep-26-2016 $799.16
Sep-27-2016 $816.11
Sep-28-2016 $828.72
Sep-29-2016 $829.05
Sep-30-2016 $837.31
Oct-03-2016 $836.74
Oct-04-2016 $834.03
Oct-05-2016 $844.36
Oct-06-2016 $841.66
Oct-07-2016 $839.43
Oct-10-2016 $841.71
Oct-11-2016 $831.00
Oct-12-2016 $834.09
Oct-13-2016 $829.28
Oct-14-2016 $822.96
Oct-17-2016 $812.95
Oct-18-2016 $817.65
Oct-19-2016 $817.69
Oct-20-2016 $810.32
Oct-21-2016 $818.99
Oct-24-2016 $838.09
Oct-25-2016 $835.18
Oct-26-2016 $822.59
Oct-27-2016 $818.36
Oct-28-2016 $776.32
Oct-31-2016 $789.82
Nov-01-2016 $785.41
Nov-02-2016 $765.56
Nov-03-2016 $767.03
Nov-04-2016 $755.05
Nov-07-2016 $784.93
Nov-08-2016 $787.75
Nov-09-2016 $771.88
Nov-10-2016 $742.38
Nov-11-2016 $739.01
Nov-14-2016 $719.07
Nov-15-2016 $743.24
Nov-16-2016 $746.49
Nov-17-2016 $756.40
Nov-18-2016 $760.16
Nov-21-2016 $780.00
Nov-22-2016 $785.33
Nov-23-2016 $780.12
Nov-25-2016 $780.37
Nov-28-2016 $766.77
Nov-29-2016 $762.52
Nov-30-2016 $750.57
Dec-01-2016 $743.65
Dec-02-2016 $740.34
Dec-05-2016 $759.36
Dec-06-2016 $764.72
Dec-07-2016 $770.42
Dec-08-2016 $767.33
Dec-09-2016 $768.66
Dec-12-2016 $760.12
Dec-13-2016 $774.34
Dec-14-2016 $768.82
Dec-15-2016 $761.00
Dec-16-2016 $757.77
Dec-19-2016 $766.00
Dec-20-2016 $771.22
Dec-21-2016 $770.60
Dec-22-2016 $766.34
Dec-23-2016 $760.59
Dec-27-2016 $771.40
Dec-28-2016 $772.13
Dec-29-2016 $765.15
Dec-30-2016 $749.87
Jan-03-2017 $753.67
Jan-04-2017 $757.18
Jan-05-2017 $780.45
Jan-06-2017 $795.99
Jan-09-2017 $796.92
Jan-10-2017 $795.90
Jan-11-2017 $799.02
Jan-12-2017 $813.64
Jan-13-2017 $817.14
Jan-17-2017 $809.72
Jan-18-2017 $807.48
Jan-19-2017 $809.04
Jan-20-2017 $808.33
Jan-23-2017 $817.88
Jan-24-2017 $822.44
Jan-25-2017 $836.52
Jan-26-2017 $839.15
Jan-27-2017 $835.77
Jan-30-2017 $830.38
Jan-31-2017 $823.48
Feb-01-2017 $832.35
Feb-02-2017 $839.95
Feb-03-2017 $810.20
Feb-06-2017 $807.64
Feb-07-2017 $812.50
Feb-08-2017 $819.71
Feb-09-2017 $821.36
Feb-10-2017 $827.46
Feb-13-2017 $836.53
Feb-14-2017 $836.39
Feb-15-2017 $842.70
Feb-16-2017 $844.14
Feb-17-2017 $845.07
Feb-21-2017 $856.44
Feb-22-2017 $855.61
Feb-23-2017 $852.19
Feb-24-2017 $845.24
Feb-27-2017 $848.64
Feb-28-2017 $845.04
Mar-01-2017 $853.08
Mar-02-2017 $848.91
Mar-03-2017 $849.88
Mar-06-2017 $846.61
Mar-07-2017 $846.02
Mar-08-2017 $850.50
Mar-09-2017 $853.00
Mar-10-2017 $852.46
Mar-13-2017 $854.59
Mar-14-2017 $852.53
Mar-15-2017 $852.97
Mar-16-2017 $853.42
Mar-17-2017 $852.31
Mar-20-2017 $856.97
Mar-21-2017 $843.20
Mar-22-2017 $848.06
Mar-23-2017 $847.38
Mar-24-2017 $845.61
Mar-27-2017 $846.82
Mar-28-2017 $856.00
Mar-29-2017 $874.32
Mar-30-2017 $876.34
Mar-31-2017 $886.54
Apr-03-2017 $891.51
Apr-04-2017 $906.83
Apr-05-2017 $909.28
Apr-06-2017 $898.28
Apr-07-2017 $894.88
Apr-10-2017 $907.04
Apr-11-2017 $902.36
Apr-12-2017 $896.23
Apr-13-2017 $884.67
Apr-17-2017 $901.99
Apr-18-2017 $903.78
Apr-19-2017 $899.20
Apr-20-2017 $902.06
Apr-21-2017 $898.53
Apr-24-2017 $907.41
Apr-25-2017 $907.62
Apr-26-2017 $909.29
Apr-27-2017 $918.38
Apr-28-2017 $924.99
May-01-2017 $948.23
May-02-2017 $946.94
May-03-2017 $941.03
May-04-2017 $937.53
May-05-2017 $934.15
May-08-2017 $949.04
May-09-2017 $952.82
May-10-2017 $948.95
May-11-2017 $947.62
May-12-2017 $961.35
May-15-2017 $957.97
May-16-2017 $966.07
May-17-2017 $944.76
May-18-2017 $958.49
May-19-2017 $959.84
May-22-2017 $970.67
May-23-2017 $971.54
May-24-2017 $980.35
May-25-2017 $993.38
May-26-2017 $995.78
May-30-2017 $996.70
May-31-2017 $994.62
Jun-01-2017 $995.95
Jun-02-2017 $1,006.73
Jun-05-2017 $1,011.34
Jun-06-2017 $1,003.00
Jun-07-2017 $1,010.07
Jun-08-2017 $1,010.27
Jun-09-2017 $978.31
Jun-12-2017 $964.91
Jun-13-2017 $980.79
Jun-14-2017 $976.47
Jun-15-2017 $964.17
Jun-16-2017 $987.71
Jun-19-2017 $995.17
Jun-20-2017 $992.59
Jun-21-2017 $1,002.23
Jun-22-2017 $1,001.30
Jun-23-2017 $1,003.74
Jun-26-2017 $993.98
Jun-27-2017 $976.78
Jun-28-2017 $990.33
Jun-29-2017 $975.93
Jun-30-2017 $968.00
Jul-03-2017 $953.66
Jul-05-2017 $971.40
Jul-06-2017 $965.14
Jul-07-2017 $978.76
Jul-10-2017 $996.47
Jul-11-2017 $994.13
Jul-12-2017 $1,006.51
Jul-13-2017 $1,000.63
Jul-14-2017 $1,001.81
Jul-17-2017 $1,010.04
Jul-18-2017 $1,024.45
Jul-19-2017 $1,026.87
Jul-20-2017 $1,028.70
Jul-21-2017 $1,025.67
Jul-24-2017 $1,038.95
Jul-25-2017 $1,039.87
Jul-26-2017 $1,052.80
Jul-27-2017 $1,046.00
Jul-28-2017 $1,020.04
Jul-31-2017 $987.78
Aug-01-2017 $996.19
Aug-02-2017 $995.89
Aug-03-2017 $986.92
Aug-04-2017 $987.58
Aug-07-2017 $992.27
Aug-08-2017 $989.84
Aug-09-2017 $982.01
Aug-10-2017 $956.92
Aug-11-2017 $967.99
Aug-14-2017 $983.30
Aug-15-2017 $982.74
Aug-16-2017 $978.18
Aug-17-2017 $960.57
Aug-18-2017 $958.47
Aug-21-2017 $953.29
Aug-22-2017 $966.90
Aug-23-2017 $958.00
Aug-24-2017 $952.45
Aug-25-2017 $945.26
Aug-28-2017 $946.02
Aug-29-2017 $954.06
Aug-30-2017 $967.59
Aug-31-2017 $980.60
Sep-01-2017 $978.25
Sep-05-2017 $965.27
Sep-06-2017 $967.80
Sep-07-2017 $979.47
Sep-08-2017 $965.90
Sep-11-2017 $977.96
Sep-12-2017 $982.58
Sep-13-2017 $999.60
Sep-14-2017 $992.21
Sep-15-2017 $986.79
Sep-18-2017 $974.19
Sep-19-2017 $969.86
Sep-20-2017 $973.21
Sep-21-2017 $964.65
Sep-22-2017 $955.10
Sep-25-2017 $939.79
Sep-26-2017 $938.60
Sep-27-2017 $950.87
Sep-28-2017 $956.40
Sep-29-2017 $961.35
Oct-02-2017 $959.19
Oct-03-2017 $957.10
Oct-04-2017 $965.45
Oct-05-2017 $980.85
Oct-06-2017 $989.58
Oct-09-2017 $990.99
Oct-10-2017 $987.20
Oct-11-2017 $995.00
Oct-12-2017 $1,000.93
Oct-13-2017 $1,002.94
Oct-16-2017 $1,006.34
Oct-17-2017 $1,009.13
Oct-18-2017 $997.00
Oct-19-2017 $986.61
Oct-20-2017 $982.91
Oct-23-2017 $966.30
Oct-24-2017 $975.90
Oct-25-2017 $972.91
Oct-26-2017 $972.43
Oct-27-2017 $1,100.95
Oct-30-2017 $1,110.85
Oct-31-2017 $1,105.28
Nov-01-2017 $1,103.68
Nov-02-2017 $1,094.22
Nov-03-2017 $1,111.60
Nov-06-2017 $1,120.66
Nov-07-2017 $1,123.17
Nov-08-2017 $1,132.88
Nov-09-2017 $1,129.13
Nov-10-2017 $1,125.35
Nov-13-2017 $1,129.17
Nov-14-2017 $1,136.84
Nov-15-2017 $1,126.69
Nov-16-2017 $1,137.29
Nov-17-2017 $1,129.88
Nov-20-2017 $1,126.31
Nov-21-2017 $1,139.49
Nov-22-2017 $1,156.16
Nov-24-2017 $1,186.00
Nov-27-2017 $1,195.83
Nov-28-2017 $1,193.60
Nov-29-2017 $1,161.27
Nov-30-2017 $1,176.75
Dec-01-2017 $1,162.35
Dec-04-2017 $1,133.95
Dec-05-2017 $1,141.57
Dec-06-2017 $1,152.35
Dec-07-2017 $1,159.79
Dec-08-2017 $1,162.00
Dec-11-2017 $1,168.92
Dec-12-2017 $1,165.08
Dec-13-2017 $1,164.13
Dec-14-2017 $1,174.26
Dec-15-2017 $1,179.14
Dec-18-2017 $1,190.58
Dec-19-2017 $1,187.38
Dec-20-2017 $1,177.62
Dec-21-2017 $1,174.76
Dec-22-2017 $1,168.36
Dec-26-2017 $1,176.76
Dec-27-2017 $1,182.26
Dec-28-2017 $1,186.10
Dec-29-2017 $1,169.47
Jan-02-2018 $1,189.01
Jan-03-2018 $1,204.20
Jan-04-2018 $1,209.59
Jan-05-2018 $1,229.14
Jan-08-2018 $1,246.87
Jan-09-2018 $1,252.70
Jan-10-2018 $1,254.33
Jan-11-2018 $1,276.68
Jan-12-2018 $1,305.20
Jan-16-2018 $1,304.86
Jan-17-2018 $1,295.00
Jan-18-2018 $1,293.32
Jan-19-2018 $1,294.58
Jan-22-2018 $1,327.31
Jan-23-2018 $1,362.54
Jan-24-2018 $1,357.51
Jan-25-2018 $1,377.95
Jan-26-2018 $1,402.05
Jan-29-2018 $1,417.68
Jan-30-2018 $1,437.82
Jan-31-2018 $1,450.89
Feb-01-2018 $1,390.00
Feb-02-2018 $1,429.95
Feb-05-2018 $1,390.00
Feb-06-2018 $1,442.84
Feb-07-2018 $1,416.78
Feb-08-2018 $1,350.50
Feb-09-2018 $1,339.60
Feb-12-2018 $1,386.23
Feb-13-2018 $1,414.51
Feb-14-2018 $1,451.05
Feb-15-2018 $1,461.76
Feb-16-2018 $1,448.69
Feb-20-2018 $1,468.35
Feb-21-2018 $1,482.92
Feb-22-2018 $1,485.34
Feb-23-2018 $1,500.00
Feb-26-2018 $1,521.95
Feb-27-2018 $1,511.98
Feb-28-2018 $1,512.45
Mar-01-2018 $1,493.45
Mar-02-2018 $1,500.25
Mar-05-2018 $1,523.61
Mar-06-2018 $1,537.64
Mar-07-2018 $1,545.00
Mar-08-2018 $1,551.86
Mar-09-2018 $1,578.89
Mar-12-2018 $1,598.39
Mar-13-2018 $1,588.18
Mar-14-2018 $1,591.00
Mar-15-2018 $1,582.32
Mar-16-2018 $1,571.68
Mar-19-2018 $1,544.93
Mar-20-2018 $1,586.51
Mar-21-2018 $1,581.86
Mar-22-2018 $1,544.92
Mar-23-2018 $1,495.56
Mar-26-2018 $1,555.86
Mar-27-2018 $1,497.05
Mar-28-2018 $1,431.42
Mar-29-2018 $1,447.34
Apr-02-2018 $1,371.99
Apr-03-2018 $1,392.05
Apr-04-2018 $1,410.57
Apr-05-2018 $1,451.75
Apr-06-2018 $1,405.23
Apr-09-2018 $1,406.08
Apr-10-2018 $1,436.22
Apr-11-2018 $1,427.05
Apr-12-2018 $1,448.50
Apr-13-2018 $1,430.79
Apr-16-2018 $1,441.50
Apr-17-2018 $1,503.83
Apr-18-2018 $1,527.84
Apr-19-2018 $1,556.91
Apr-20-2018 $1,527.49
Apr-23-2018 $1,517.86
Apr-24-2018 $1,460.09
Apr-25-2018 $1,460.17
Apr-26-2018 $1,517.96
Apr-27-2018 $1,572.62
Apr-30-2018 $1,566.13
May-01-2018 $1,582.26
May-02-2018 $1,569.68
May-03-2018 $1,572.08
May-04-2018 $1,580.95
May-07-2018 $1,600.14
May-08-2018 $1,592.39
May-09-2018 $1,608.00
May-10-2018 $1,609.08
May-11-2018 $1,602.91
May-14-2018 $1,601.54
May-15-2018 $1,576.12
May-16-2018 $1,587.28
May-17-2018 $1,581.76
May-18-2018 $1,574.37
May-21-2018 $1,585.46
May-22-2018 $1,581.40
May-23-2018 $1,601.86
May-24-2018 $1,603.07
May-25-2018 $1,610.15
May-29-2018 $1,612.87
May-30-2018 $1,624.89
May-31-2018 $1,629.62
Jun-01-2018 $1,641.54
Jun-04-2018 $1,665.27
Jun-05-2018 $1,696.35
Jun-06-2018 $1,695.75
Jun-07-2018 $1,689.30
Jun-08-2018 $1,683.99
Jun-11-2018 $1,689.12
Jun-12-2018 $1,698.75
Jun-13-2018 $1,704.86
Jun-14-2018 $1,723.86
Jun-15-2018 $1,715.97
Jun-18-2018 $1,723.79
Jun-19-2018 $1,734.78
Jun-20-2018 $1,750.08
Jun-21-2018 $1,730.22
Jun-22-2018 $1,715.67
Jun-25-2018 $1,663.15
Jun-26-2018 $1,691.09
Jun-27-2018 $1,660.51
Jun-28-2018 $1,701.45
Jun-29-2018 $1,699.80
Jul-02-2018 $1,713.78
Jul-03-2018 $1,693.96
Jul-05-2018 $1,699.73
Jul-06-2018 $1,710.63
Jul-09-2018 $1,739.02
Jul-10-2018 $1,743.07
Jul-11-2018 $1,755.00
Jul-12-2018 $1,796.62
Jul-13-2018 $1,813.03
Jul-16-2018 $1,822.49
Jul-17-2018 $1,843.93
Jul-18-2018 $1,842.92
Jul-19-2018 $1,812.97
Jul-20-2018 $1,813.70
Jul-23-2018 $1,802.00
Jul-24-2018 $1,829.24
Jul-25-2018 $1,863.61
Jul-26-2018 $1,808.00
Jul-27-2018 $1,817.27
Jul-30-2018 $1,779.22
Jul-31-2018 $1,777.44
Aug-01-2018 $1,797.17
Aug-02-2018 $1,834.33
Aug-03-2018 $1,823.29
Aug-06-2018 $1,847.75
Aug-07-2018 $1,862.48
Aug-08-2018 $1,886.52
Aug-09-2018 $1,898.52
Aug-10-2018 $1,886.30
Aug-13-2018 $1,896.20
Aug-14-2018 $1,919.65
Aug-15-2018 $1,882.62
Aug-16-2018 $1,886.52
Aug-17-2018 $1,882.22
Aug-20-2018 $1,876.71
Aug-21-2018 $1,883.42
Aug-22-2018 $1,904.90
Aug-23-2018 $1,902.90
Aug-24-2018 $1,905.39
Aug-27-2018 $1,927.68
Aug-28-2018 $1,932.82
Aug-29-2018 $1,998.10
Aug-30-2018 $2,002.38
Aug-31-2018 $2,012.71
Sep-04-2018 $2,039.51
Sep-05-2018 $1,994.82
Sep-06-2018 $1,958.31
Sep-07-2018 $1,952.07
Sep-10-2018 $1,939.01
Sep-11-2018 $1,987.15
Sep-12-2018 $1,990.00
Sep-13-2018 $1,989.87
Sep-14-2018 $1,970.19
Sep-17-2018 $1,908.03
Sep-18-2018 $1,941.05
Sep-19-2018 $1,926.42
Sep-20-2018 $1,944.30
Sep-21-2018 $1,915.01
Sep-24-2018 $1,934.36
Sep-25-2018 $1,974.55
Sep-26-2018 $1,974.85
Sep-27-2018 $2,012.98
Sep-28-2018 $2,003.00
Oct-01-2018 $2,004.36
Oct-02-2018 $1,971.31
Oct-03-2018 $1,952.76
Oct-04-2018 $1,909.42
Oct-05-2018 $1,889.65
Oct-08-2018 $1,864.42
Oct-09-2018 $1,870.32
Oct-10-2018 $1,755.25
Oct-11-2018 $1,719.36
Oct-12-2018 $1,788.61
Oct-15-2018 $1,760.95
Oct-16-2018 $1,819.96
Oct-17-2018 $1,831.73
Oct-18-2018 $1,770.72
Oct-19-2018 $1,764.03
Oct-22-2018 $1,789.30
Oct-23-2018 $1,768.70
Oct-24-2018 $1,664.20
Oct-25-2018 $1,782.17
Oct-26-2018 $1,642.81
Oct-29-2018 $1,538.88
Oct-30-2018 $1,530.42
Oct-31-2018 $1,598.01
Nov-01-2018 $1,665.53
Nov-02-2018 $1,665.53
Nov-05-2018 $1,627.80
Nov-06-2018 $1,642.81
Nov-07-2018 $1,755.49
Nov-08-2018 $1,754.91
Nov-09-2018 $1,712.43
Nov-12-2018 $1,636.85
Nov-13-2018 $1,631.17
Nov-14-2018 $1,599.01
Nov-15-2018 $1,619.44
Nov-16-2018 $1,593.41
Nov-19-2018 $1,512.29
Nov-20-2018 $1,495.46
Nov-21-2018 $1,516.73
Nov-23-2018 $1,502.06
Nov-26-2018 $1,581.33
Nov-27-2018 $1,581.42
Nov-28-2018 $1,677.75
Nov-29-2018 $1,673.57
Nov-30-2018 $1,690.17
Dec-03-2018 $1,772.36
Dec-04-2018 $1,668.40
Dec-06-2018 $1,699.19
Dec-07-2018 $1,629.13
Dec-10-2018 $1,641.03
Dec-11-2018 $1,643.24
Dec-12-2018 $1,663.54
Dec-13-2018 $1,658.38
Dec-14-2018 $1,591.91
Dec-17-2018 $1,520.91
Dec-18-2018 $1,551.48
Dec-19-2018 $1,495.08
Dec-20-2018 $1,460.83
Dec-21-2018 $1,377.45
Dec-24-2018 $1,343.96
Dec-26-2018 $1,470.90
Dec-27-2018 $1,461.64
Dec-28-2018 $1,478.02
Dec-31-2018 $1,501.97
Jan-01-2019 $1,501.97
Jan-02-2019 $1,539.13
Jan-03-2019 $1,500.28
Jan-04-2019 $1,575.39
Jan-07-2019 $1,629.51
Jan-08-2019 $1,656.58
Jan-09-2019 $1,659.42
Jan-10-2019 $1,656.22
Jan-11-2019 $1,640.56
Jan-14-2019 $1,617.21
Jan-15-2019 $1,674.56
Jan-16-2019 $1,683.78
Jan-17-2019 $1,693.22
Jan-18-2019 $1,696.20
Jan-21-2019 $1,696.20
Jan-22-2019 $1,632.17
Jan-23-2019 $1,640.02
Jan-24-2019 $1,654.93
Jan-25-2019 $1,670.57
Jan-28-2019 $1,637.89
Jan-29-2019 $1,593.88
Jan-30-2019 $1,670.43
Jan-31-2019 $1,718.73
Feb-01-2019 $1,626.23
Feb-04-2019 $1,633.31
Feb-05-2019 $1,658.81
Feb-06-2019 $1,640.26
Feb-07-2019 $1,614.37
Feb-08-2019 $1,588.22
Feb-11-2019 $1,591.00
Feb-12-2019 $1,638.01
Feb-13-2019 $1,640.00
Feb-14-2019 $1,622.65
Feb-15-2019 $1,607.95
Feb-18-2019 $1,607.95
Feb-19-2019 $1,627.58
Feb-20-2019 $1,622.10
Feb-21-2019 $1,619.44
Feb-22-2019 $1,631.56
Feb-25-2019 $1,633.00
Feb-26-2019 $1,636.40
Feb-27-2019 $1,641.09
Feb-28-2019 $1,639.83
Mar-01-2019 $1,671.73
Mar-04-2019 $1,696.17
Mar-05-2019 $1,692.43
Mar-06-2019 $1,668.95
Mar-07-2019 $1,625.95
Mar-08-2019 $1,620.80
Mar-11-2019 $1,670.62
Mar-12-2019 $1,673.10
Mar-13-2019 $1,690.81
Mar-14-2019 $1,686.22
Mar-15-2019 $1,712.36
Mar-18-2019 $1,742.15
Mar-19-2019 $1,761.85
Mar-20-2019 $1,797.27
Mar-21-2019 $1,819.26
Mar-22-2019 $1,764.77
Mar-25-2019 $1,774.26
Mar-26-2019 $1,783.76
Mar-27-2019 $1,765.70
Mar-28-2019 $1,773.42
Mar-29-2019 $1,780.75
Apr-01-2019 $1,814.19
Apr-02-2019 $1,813.98
Apr-03-2019 $1,820.70
Apr-04-2019 $1,818.86
Apr-05-2019 $1,837.28
Apr-08-2019 $1,849.86
Apr-09-2019 $1,835.84
Apr-10-2019 $1,847.33
Apr-11-2019 $1,844.07
Apr-12-2019 $1,843.06
Apr-15-2019 $1,844.87
Apr-16-2019 $1,863.04
Apr-17-2019 $1,864.82
Apr-18-2019 $1,861.69
Apr-19-2019 $1,861.69
Apr-22-2019 $1,887.31
Apr-23-2019 $1,923.77
Apr-24-2019 $1,901.75
Apr-25-2019 $1,902.25
Apr-26-2019 $1,950.63
Apr-29-2019 $1,938.43
Apr-30-2019 $1,926.52
May-01-2019 $1,911.52
May-02-2019 $1,900.82
May-03-2019 $1,962.46
May-06-2019 $1,950.55
May-07-2019 $1,921.00
May-08-2019 $1,917.77
May-09-2019 $1,899.87
May-10-2019 $1,889.98
May-13-2019 $1,822.68
May-14-2019 $1,840.12
May-15-2019 $1,871.15
May-16-2019 $1,907.57
May-17-2019 $1,869.00
May-20-2019 $1,858.97
May-21-2019 $1,857.52
May-22-2019 $1,859.68
May-23-2019 $1,815.48
May-24-2019 $1,823.28
May-27-2019 $1,823.28
May-28-2019 $1,836.43
May-29-2019 $1,819.19
May-30-2019 $1,816.32
May-31-2019 $1,775.07
Jun-03-2019 $1,692.69
Jun-04-2019 $1,729.56
Jun-05-2019 $1,738.50
Jun-06-2019 $1,754.36
Jun-07-2019 $1,804.03
Jun-10-2019 $1,860.63
Jun-11-2019 $1,863.70
Jun-12-2019 $1,855.32
Jun-13-2019 $1,870.30
Jun-14-2019 $1,869.67
Jun-17-2019 $1,886.03
Jun-18-2019 $1,901.37
Jun-19-2019 $1,908.79
Jun-20-2019 $1,918.19
Jun-21-2019 $1,911.30
Jun-24-2019 $1,913.90
Jun-25-2019 $1,878.27
Jun-26-2019 $1,897.83
Jun-27-2019 $1,904.28
Jun-28-2019 $1,893.63
Jul-01-2019 $1,922.19
Jul-02-2019 $1,934.31
Jul-03-2019 $1,939.00
Jul-04-2019 $1,939.00
Jul-05-2019 $1,942.91
Jul-08-2019 $1,952.32
Jul-09-2019 $1,988.30
Jul-10-2019 $2,017.41
Jul-11-2019 $2,001.07
Jul-12-2019 $2,011.00
Jul-15-2019 $2,020.99
Jul-16-2019 $2,009.90
Jul-17-2019 $1,992.03
Jul-18-2019 $1,977.90
Jul-19-2019 $1,964.52
Jul-22-2019 $1,985.63
Jul-23-2019 $1,994.49
Jul-24-2019 $2,000.81
Jul-25-2019 $1,973.82
Jul-26-2019 $1,943.05
Jul-29-2019 $1,912.45
Jul-30-2019 $1,898.53
Jul-31-2019 $1,866.78
Aug-01-2019 $1,855.32
Aug-02-2019 $1,823.24
Aug-05-2019 $1,765.13
Aug-06-2019 $1,787.83
Aug-07-2019 $1,793.40
Aug-08-2019 $1,832.89
Aug-09-2019 $1,807.58
Aug-12-2019 $1,784.92
Aug-13-2019 $1,824.34
Aug-14-2019 $1,762.96
Aug-15-2019 $1,776.12
Aug-16-2019 $1,792.57
Aug-19-2019 $1,816.12
Aug-20-2019 $1,801.38
Aug-21-2019 $1,823.54
Aug-22-2019 $1,805.60
Aug-23-2019 $1,749.62
Aug-26-2019 $1,768.87
Aug-27-2019 $1,761.83
Aug-28-2019 $1,764.25
Aug-29-2019 $1,786.40
Aug-30-2019 $1,776.29
Sep-02-2019 $1,776.29
Sep-03-2019 $1,789.84
Sep-04-2019 $1,800.62
Sep-05-2019 $1,840.72
Sep-06-2019 $1,833.51
Sep-09-2019 $1,831.35
Sep-10-2019 $1,820.55
Sep-11-2019 $1,822.99
Sep-12-2019 $1,843.55
Sep-13-2019 $1,839.34
Sep-16-2019 $1,807.84
Sep-17-2019 $1,822.55
Sep-18-2019 $1,817.46
Sep-19-2019 $1,821.50
Sep-20-2019 $1,794.16
Sep-23-2019 $1,785.30
Sep-24-2019 $1,741.61
Sep-25-2019 $1,768.33
Sep-26-2019 $1,739.84
Sep-27-2019 $1,725.45
Sep-30-2019 $1,735.91
Oct-01-2019 $1,735.65
Oct-02-2019 $1,713.23
Oct-03-2019 $1,724.42
Oct-04-2019 $1,739.65
Oct-07-2019 $1,732.66
Oct-08-2019 $1,705.51
Oct-09-2019 $1,721.99
Oct-10-2019 $1,720.26
Oct-11-2019 $1,731.92
Oct-14-2019 $1,736.43
Oct-15-2019 $1,767.38
Oct-16-2019 $1,777.43
Oct-17-2019 $1,787.48
Oct-18-2019 $1,757.51
Oct-21-2019 $1,785.66
Oct-22-2019 $1,765.73
Oct-23-2019 $1,762.17
Oct-24-2019 $1,780.78
Oct-25-2019 $1,761.33
Oct-28-2019 $1,777.08
Oct-29-2019 $1,762.71
Oct-30-2019 $1,779.99
Oct-31-2019 $1,776.66
Nov-01-2019 $1,791.44
Nov-04-2019 $1,804.66
Nov-05-2019 $1,801.71
Nov-06-2019 $1,795.77
Nov-07-2019 $1,788.20
Nov-08-2019 $1,785.88
Nov-11-2019 $1,771.65
Nov-12-2019 $1,778.00
Nov-13-2019 $1,753.11
Nov-14-2019 $1,754.60
Nov-15-2019 $1,739.49
Nov-18-2019 $1,752.53
Nov-19-2019 $1,752.79
Nov-20-2019 $1,745.53
Nov-21-2019 $1,734.71
Nov-22-2019 $1,745.72
Nov-25-2019 $1,773.84
Nov-26-2019 $1,796.94
Nov-27-2019 $1,818.51
Nov-28-2019 $1,818.51
Nov-29-2019 $1,800.80
Dec-02-2019 $1,781.60
Dec-03-2019 $1,769.96
Dec-04-2019 $1,760.69
Dec-05-2019 $1,740.48
Dec-06-2019 $1,751.60
Dec-09-2019 $1,749.51
Dec-10-2019 $1,739.21
Dec-11-2019 $1,748.72
Dec-12-2019 $1,760.33
Dec-13-2019 $1,760.94
Dec-16-2019 $1,769.21
Dec-17-2019 $1,790.66
Dec-18-2019 $1,784.03
Dec-19-2019 $1,792.28
Dec-20-2019 $1,786.50
Dec-23-2019 $1,793.00
Dec-24-2019 $1,789.21
Dec-25-2019 $1,789.21
Dec-26-2019 $1,868.77
Dec-27-2019 $1,869.80
Dec-30-2019 $1,846.89
Dec-31-2019 $1,847.84
Jan-02-2020 $1,898.01
Jan-03-2020 $1,874.97
Jan-06-2020 $1,902.88
Jan-07-2020 $1,906.86
Jan-08-2020 $1,891.97
Jan-09-2020 $1,901.05
Jan-10-2020 $1,883.16
Jan-13-2020 $1,891.30
Jan-14-2020 $1,869.44
Jan-15-2020 $1,862.02
Jan-16-2020 $1,877.94
Jan-17-2020 $1,864.72
Jan-21-2020 $1,892.00
Jan-22-2020 $1,887.46
Jan-23-2020 $1,884.58
Jan-24-2020 $1,861.64
Jan-27-2020 $1,828.34
Jan-28-2020 $1,853.25
Jan-29-2020 $1,858.00
Jan-30-2020 $1,870.68
Jan-31-2020 $2,008.72
Feb-03-2020 $2,004.20
Feb-04-2020 $2,049.67
Feb-05-2020 $2,039.87
Feb-06-2020 $2,050.23
Feb-07-2020 $2,079.28
Feb-10-2020 $2,133.91
Feb-11-2020 $2,150.80
Feb-12-2020 $2,160.00
Feb-13-2020 $2,149.87
Feb-14-2020 $2,134.87
Feb-18-2020 $2,155.67
Feb-19-2020 $2,170.22
Feb-20-2020 $2,153.10
Feb-21-2020 $2,095.97
Feb-24-2020 $2,009.29
Feb-25-2020 $1,972.74
Feb-26-2020 $1,979.59
Feb-27-2020 $1,884.30
Feb-28-2020 $1,883.75
Mar-02-2020 $1,953.95
Mar-03-2020 $1,908.99
Mar-04-2020 $1,975.83
Mar-05-2020 $1,924.03
Mar-06-2020 $1,901.09
Mar-09-2020 $1,800.61
Mar-10-2020 $1,891.82
Mar-11-2020 $1,820.86
Mar-12-2020 $1,676.61
Mar-13-2020 $1,785.00
Mar-16-2020 $1,689.15
Mar-17-2020 $1,807.84
Mar-18-2020 $1,830.00
Mar-19-2020 $1,880.93
Mar-20-2020 $1,846.09
Mar-23-2020 $1,902.83
Mar-24-2020 $1,940.10
Mar-25-2020 $1,885.84
Mar-26-2020 $1,955.49
Mar-27-2020 $1,900.10
Mar-30-2020 $1,963.95
Mar-31-2020 $1,949.72
Apr-01-2020 $1,907.70
Apr-02-2020 $1,918.83
Apr-03-2020 $1,906.59
Apr-06-2020 $1,997.59
Apr-07-2020 $2,011.60
Apr-08-2020 $2,043.00
Apr-09-2020 $2,042.76
Apr-13-2020 $2,168.87
Apr-14-2020 $2,283.32
Apr-15-2020 $2,307.68
Apr-16-2020 $2,408.19
Apr-17-2020 $2,375.00
Apr-20-2020 $2,393.61
Apr-21-2020 $2,328.12
Apr-22-2020 $2,363.49
Apr-23-2020 $2,399.45
Apr-24-2020 $2,410.22
Apr-27-2020 $2,376.00
Apr-28-2020 $2,314.08
Apr-29-2020 $2,372.71
Apr-30-2020 $2,474.00
May-01-2020 $2,286.04
May-04-2020 $2,315.99
May-05-2020 $2,317.80
May-06-2020 $2,351.26
May-07-2020 $2,367.61
May-08-2020 $2,379.61
May-11-2020 $2,409.00
May-12-2020 $2,356.95
May-13-2020 $2,367.92
May-14-2020 $2,388.85
May-15-2020 $2,409.78
May-18-2020 $2,426.26
May-19-2020 $2,449.33
May-20-2020 $2,497.94
May-21-2020 $2,446.74
May-22-2020 $2,436.88
May-26-2020 $2,421.86
May-27-2020 $2,410.39
May-28-2020 $2,401.10
May-29-2020 $2,442.37
Jun-01-2020 $2,471.04
Jun-02-2020 $2,472.41
Jun-03-2020 $2,478.40
Jun-04-2020 $2,460.60
Jun-05-2020 $2,483.00
Jun-08-2020 $2,524.06
Jun-09-2020 $2,600.86
Jun-10-2020 $2,647.45
Jun-11-2020 $2,557.96
Jun-12-2020 $2,545.02
Jun-15-2020 $2,572.68
Jun-16-2020 $2,615.27
Jun-17-2020 $2,640.98
Jun-18-2020 $2,653.98
Jun-19-2020 $2,675.01
Jun-22-2020 $2,713.82
Jun-23-2020 $2,764.41
Jun-24-2020 $2,734.40
Jun-25-2020 $2,754.58
Jun-26-2020 $2,692.87
Jun-29-2020 $2,680.38
Jun-30-2020 $2,758.82
Jul-01-2020 $2,878.70
Jul-02-2020 $2,890.30
Jul-06-2020 $3,057.04
Jul-07-2020 $3,000.12
Jul-08-2020 $3,081.11
Jul-09-2020 $3,182.63
Jul-10-2020 $3,200.00
Jul-13-2020 $3,104.00
Jul-14-2020 $3,084.00
Jul-15-2020 $3,008.87
Jul-16-2020 $2,999.90
Jul-17-2020 $2,961.97
Jul-20-2020 $3,196.84
Jul-21-2020 $3,138.29
Jul-22-2020 $3,099.91
Jul-23-2020 $2,986.55
Jul-24-2020 $3,008.91
Jul-27-2020 $3,055.21
Jul-28-2020 $3,000.33
Jul-29-2020 $3,033.53
Jul-30-2020 $3,051.88
Jul-31-2020 $3,164.68
Aug-03-2020 $3,111.89
Aug-04-2020 $3,138.83
Aug-05-2020 $3,205.03
Aug-06-2020 $3,225.00
Aug-07-2020 $3,167.46
Aug-10-2020 $3,148.16
Aug-11-2020 $3,080.67
Aug-12-2020 $3,162.24
Aug-13-2020 $3,161.02
Aug-14-2020 $3,148.02
Aug-17-2020 $3,182.41
Aug-18-2020 $3,312.49
Aug-19-2020 $3,260.48
Aug-20-2020 $3,297.37
Aug-21-2020 $3,284.72
Aug-24-2020 $3,307.46
Aug-25-2020 $3,346.49
Aug-26-2020 $3,441.85
Aug-27-2020 $3,400.00
Aug-28-2020 $3,401.80
Aug-31-2020 $3,450.96
Sep-01-2020 $3,499.12
Sep-02-2020 $3,531.45
Sep-03-2020 $3,368.00
Sep-04-2020 $3,294.62
Sep-08-2020 $3,149.84
Sep-09-2020 $3,268.61
Sep-10-2020 $3,175.11
Sep-11-2020 $3,116.22
Sep-14-2020 $3,102.97
Sep-15-2020 $3,156.13
Sep-16-2020 $3,078.10
Sep-17-2020 $3,008.73
Sep-18-2020 $2,954.91
Sep-21-2020 $2,960.47
Sep-22-2020 $3,128.99
Sep-23-2020 $2,999.86
Sep-24-2020 $3,019.79
Sep-25-2020 $3,095.13
Sep-28-2020 $3,174.05
Sep-29-2020 $3,144.88
Sep-30-2020 $3,148.73
Oct-01-2020 $3,221.26
Oct-02-2020 $3,125.00
Oct-05-2020 $3,199.20
Oct-06-2020 $3,099.96
Oct-07-2020 $3,195.69
Oct-08-2020 $3,190.55
Oct-09-2020 $3,286.65
Oct-12-2020 $3,442.93
Oct-13-2020 $3,443.63
Oct-14-2020 $3,363.71
Oct-15-2020 $3,338.65
Oct-16-2020 $3,272.71
Oct-19-2020 $3,207.21
Oct-20-2020 $3,217.01
Oct-21-2020 $3,184.94
Oct-22-2020 $3,176.40
Oct-23-2020 $3,204.40
Oct-26-2020 $3,207.04
Oct-27-2020 $3,286.33
Oct-28-2020 $3,162.78
Oct-29-2020 $3,211.01
Oct-30-2020 $3,036.15
Nov-02-2020 $3,004.48
Nov-03-2020 $3,048.41
Nov-04-2020 $3,241.16
Nov-05-2020 $3,322.00
Nov-06-2020 $3,311.37
Nov-09-2020 $3,143.74
Nov-10-2020 $3,035.02
Nov-11-2020 $3,137.39
Nov-12-2020 $3,110.28
Nov-13-2020 $3,128.81
Nov-16-2020 $3,131.06
Nov-17-2020 $3,135.66
Nov-18-2020 $3,105.46
Nov-19-2020 $3,117.02
Nov-20-2020 $3,099.40
Nov-23-2020 $3,098.39
Nov-24-2020 $3,118.06
Nov-25-2020 $3,185.07
Nov-27-2020 $3,195.34
Nov-30-2020 $3,168.04
Dec-01-2020 $3,220.08
Dec-02-2020 $3,203.53
Dec-03-2020 $3,186.73
Dec-04-2020 $3,162.58
Dec-07-2020 $3,158.00
Dec-08-2020 $3,177.29
Dec-09-2020 $3,104.20
Dec-10-2020 $3,101.49
Dec-11-2020 $3,116.42
Dec-14-2020 $3,156.97
Dec-15-2020 $3,165.12
Dec-16-2020 $3,240.96
Dec-17-2020 $3,236.08
Dec-18-2020 $3,201.65
Dec-21-2020 $3,206.18
Dec-22-2020 $3,206.52
Dec-23-2020 $3,185.27
Dec-24-2020 $3,172.69
Dec-28-2020 $3,283.96
Dec-29-2020 $3,322.00
Dec-30-2020 $3,285.85
Dec-31-2020 $3,256.93
Jan-04-2021 $3,186.63
Jan-05-2021 $3,218.51
Jan-06-2021 $3,138.38
Jan-07-2021 $3,162.16
Jan-08-2021 $3,182.70
Jan-11-2021 $3,114.21
Jan-12-2021 $3,120.83
Jan-13-2021 $3,165.89
Jan-14-2021 $3,127.47
Jan-15-2021 $3,104.25
Jan-19-2021 $3,120.76
Jan-20-2021 $3,263.38
Jan-21-2021 $3,306.99
Jan-22-2021 $3,292.23
Jan-25-2021 $3,294.00
Jan-26-2021 $3,326.13
Jan-27-2021 $3,232.58
Jan-28-2021 $3,237.62
Jan-29-2021 $3,206.20
Feb-01-2021 $3,342.88
Feb-02-2021 $3,380.00
Feb-03-2021 $3,312.53
Feb-04-2021 $3,331.00
Feb-05-2021 $3,352.15
Feb-08-2021 $3,322.94
Feb-09-2021 $3,305.00
Feb-10-2021 $3,286.58
Feb-11-2021 $3,262.13
Feb-12-2021 $3,277.71
Feb-16-2021 $3,268.95
Feb-17-2021 $3,308.64
Feb-18-2021 $3,328.23
Feb-19-2021 $3,249.90
Feb-22-2021 $3,180.74
Feb-23-2021 $3,194.50
Feb-24-2021 $3,159.53
Feb-25-2021 $3,057.16
Feb-26-2021 $3,092.93
Mar-01-2021 $3,146.14
Mar-02-2021 $3,094.53
Mar-03-2021 $3,005.00
Mar-04-2021 $2,977.57
Mar-05-2021 $3,000.46
Mar-08-2021 $2,951.95
Mar-09-2021 $3,062.85