Description
Short Thesis
â BGFV is a dying business with high operating leverage trading at 20x earnings
â Recent results (and the stock price) have benefited from the recent bankruptcy of competitors which will not repeat
â Fair value is well below the current price even in a best case scenario
Business Overview
Big 5 Sporting Goods (BGFV) is operates a chain of 432 sporting goods stores in the western United states. 51% of stores are in California, 12% are in Washington and the remainder are located in other western markets. Approximately 52% of sales are hard goods, 20% are apparel and 28% are footwear. Store count appears to have peaked in 2014 with 439 units and now looks to be slowly declining. Big 5 did not have an e-commerce offering until late 2014 (which management admitted was about 10 years too late) and company’s online sales are not material.
Big 5 is Dying Business
Sporting goods are discretionary purchase. So it is reasonable to expect Big 5’s sales to grow when the economy is expanding and fall during recessions. While historically this was indeed the pattern at Big 5, it was not the case in the most recent cycle. From 2009 to 2015 sales per square foot actually decreased slightly while EBIT margins fell 37% from 2010 to today. Given the deteriorating sales and margins in an improving economy it is correct to view BGFV as a declining business.
Figure 1: BGFV Change in Same Store Sales and EBIT Margin
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAvMAAADOCAYAAACzfo2NAAAgAElEQVR4Ae29C5BV5ZX3/TCfIAEUaO6CQg8XQ0BUyADTITp0LBUJjCHKGKeM88XRZKa+1xpfp94xNY5OHFM6b8X4jkkhE42ZiiXlMMbyAiRYSTNoSwlfQALdQcGEWyNCuGoDLVjy1u9p13Gf3fvsPuf0uexzzn9Vde/bc/3tfc5Zz9rrWU+vs2fPnnUSERABERCBmidw4MAB17dvXzdw4MCaZyEAIiACIpB0Am1tba6urs6dE9fQ48ePu+bmZp9k3LhxbsqUKWnJ161b549Hjx7tt+3t7b7QUaNG+eMdO3a4iRMnpuXRgQiIgAiIgAiIgAiIgAiIQGEI/FFcMWfOnHEo8fPnz++iyKOoo8Q3NDS49evXu3379vk0mzZt8kWi6EuRj6OrayIgAiIgAiIgAiIgAiLQMwKxlnmK3rVrl+vTp49X3Pv165eqbe/evW727Nn+GIs96VpbW73yv3//fldfX59K293OYy9tcwePdXSXTNdFQAREQAScc/UjB7jbrtZbTz0MIiACIiACLt7NZujQoW7WrFkOC/2KFSvc4sWLU8xOnTrlgso96Uh/8uRJt2TJEjdv3jyf1lxuUhkjdpo273cPfv3yiCs6JQIiIAIiECZw70/flDIfhqJjERABEahRAt1a5lHQowQl/dChQ16Bx7feLPGbN29206dP9y43K1eu9C46UfnD56aOGxw+5Y+fXbsz8ryd7H/uOW7B7AvtUFsREAEREAEREAEREAERqBkCscr87t273eHDh11HR0fKZx4FnogH48eP95NjzfKOlR4/+kmTJrk9e/akXG56SrI7ZX74oL5S5nsKWflFQAREQAREQAREQAQqkkCsMj927FjHX1Cw1Ju1nomxQWFCLEq9XQ9e074IiIAIiIAIiIAIiIAIiEBhCcRGs8m1qqAPfa55lV4EREAEREAEREAEREAERCA3AgVV5nOrWqlFQAREQAREQAREQAREQAR6QkDKfE/oKa8IiIAIiIAIiIAIiIAIlJGAlPkywlfVIiACIiACIiACIiACItATAlLme0JPeUVABERABERABERABESgjASkzJcRvqoWAREQAREQAREQAREQgZ4QkDLfE3rKKwIiIAIiIAIiIAIiIAJlJCBlvozwVbUIiIAIiIAIiIAIiIAI9ISAlPme0FNeERABERABERABERABESgjASnzZYSvqkVABERABERABERABESgJwTO6Ulm5RWBOAJvtx13Zz76OC6JmzpucOx1XRQBERABERABERABEchMQMp8Zja60kMCjzzf6g4e64gt5YX7GmOv66IIiIAIiIAIiIAIiEBmAjWrzP/4lR1u53vtmck45+5eNMUNHtAnNk2pLm5657B7ft2e2Ooap410jZeNik2jiyJQjQSaNu93TVvei+3aooaL3PQJQ2LT6KIIiIAIiIAIVBqBmlXmUeRbdh2NvV/duYjEZi7wxWPtp7tt79Sxgwpcq4oTgcogcPB4R7efDwa7kvwJ7N6927W0tKQKmD9/fmqfnXXr1vnj0aNHu7FjxzrSt7e3u7q6OjdqVKeRYceOHW7ixIlp+XQgAiIgAiLQMwKaANszfsotAiIgAjVBAAUdBT6sxNN5lHSU+IaGBrd+/XrPY9++fW7KlClu06ZN/hhlX4p8TTwq6qQIiECJCUiZLzFwVScCIiAClUwAi/ukSZPSurB37143bNgwfw4F/tChQ65v376utbXVjRs3zu3fv9/V19en5dGBCIiACIhAYQhImS8MR5UiAiIgAjVBAFebsIX91KlTrl+/fmn9nz59urfMo8Q/88wz7siRI16pT0ukAxEQAREQgR4TkDLfY4QqQAREQARqgwAW98GDu4aTxSeea8jx48fTFPvNmzc7U+zN5aY2aKmXIiACIlAaAjU7AbY0eFWLCIiACFQPgS1btrjZs2enOoQCf+DAATd+/HjX3NycmuhqVnp86XHJ2bNnT8rlJpVZOyIgAiIgAgUhIGW+IBhViAiIgAhUP4HGxvR1IYYOHer4Q6ImxjIpFsXe0lQ/IfVQBERABEpPQG42pWeuGkVABESgJgiYhb4mOqtOioAIiECZCMgyXybwqlYEREAEREAERCAzAeZYEAkpKPYGKHwNd67gxOympiY3Y8YMt3HjRscE7bAwz4O5HEmQm2++2T322GN6g5WEm1GhbYhV5pnIRGixjo4O/6EYOHBgWjeDi4RwQQuEpOHRgQiIgAiIgAiIQJ4EUORR0m3Sde/evVMlcW3WrFleAWafiEl/9Vd/lVKIUeDPnDnjdRe2R48edffff79XmikkSW+NpMinbqt28iQQ62bDB4dFQPCTZHJTUMKLhGiBkCAd7YuACIiACIiACPSUAIq8zc0IGxStbKzskydP9pOx7ZxtyUN+GxBYWZmUeQyYCFv+MGpGHXOOCeCWDp0oKMFyGGycPHnSp+WNguXhHMIkctsP5mPf6g+WrX0RCBOIVeZ52O1h7W6REEa9PHhaICSMWMciIAIiIAIiIALFImBRlQqxMNl3v/tdt3LlSjdgwACvZP/sZz/rcmz9YLVj0tXV1bk333zTr4Rs16ycDz/80J0+fdotWbLE9enTx0d8+vnPf+7LtgEFaU2Zt3ykRZ544onUNStbWxEIE4h1syExSjoPI6PDoD9aeJEQe93FA8lDO2/ePF8XI2aJCIiACIiACBSbwImOj1z/vt3+rBW7GSq/gATwfe/fv78vcerUqW7s2LGp0u+8887U/vXXX5/a7+kOvvToLtSFP/sjjzySdvzVr37VYfE3/33qY+Xj7du3p+lJ5sfPYOOiiy5KXcPb4dxzz83YTKufBBhJ0atM8c+YSRdqmkCsZR4yKPA8WG+99VYaKB50HlAERd8eNC0QkoZJByIgAiIgAiUgsOmdw+4v//er7oFlv3Eo9ZLqIIDii9LMX1CRp3f4mi9btsz/jRkzxq1Zs6YgnQ765lNg+BgffAT3GQYbWPKx0ofFXHvQj1544QWvM6GYoydh0c8kwfpsIJMprc6LAARilXkeVCa58oflHTG3GxYJ4eG1Ff14WG2BkEGDBqVcboRZBERABERABEpFAKX+H576tTt4rKNUVaqeBBDACs4k2FIJRkzqmzZtmh9omI4UVT/KP28OWHSNAccXv/jFLgOTqHw6JwLZEoh9H4n1PewmY5NHqCD4ioljLRCSLXalEwEREAERKCSB6ROGuPtuvtQ98nyrazt00t31ow3u24svcVPHDS5kNSoroQRwcfnLv/zLkrUOBR3XGXQihEmsmeTYsWP+EpN0g1b3TOl1XgRyJRCrzOdamLna5JpP6UVABERABJJPgLe1O3fu9A0l0pkJVkqLeEYQBPyHd+/eXfJwxSj0//qNz7sHlm32lnlcbr5x9UR37edHW1O1rTACQb94mo5bjUnw2l//9V+7uXPn2qWib02JX758ua8LN5+oePZcHDZsmP8sHDlyxKe1iDWLFy8uejtVQW0QKKgyXxvI1EsREAERqD0CKOzbtm3zoYrDvcdKaUq8XSNcMQo//sS8xcVdMzgAsHSF3o4Z2s89esdM99Dyra5l11G3dNXbbt+Rk+62qycWuiqVV2QC5isfVU3cNdKHPQdQvoMDgagyORdOE3ccp4wH8+Ejf9lll/lBLnUw2GVireUPpg3uR/UjU7t1vrYJxPrM1zYa9V4EREAERMAItLW1uREjRvj5UBb8wK6x3bVrl583ZSH2+vbtm5o7hUW/EGEDg/XF7RPRBpcbs8i//MZeTYyNA6ZrRSWAZf6dd97xnw/eWDFptpQuQUXtnApPBAEp84m4DWqECIiACFQGAZRygh+Y0k6rsXoyAZAIHStWrPAdIQoaFkjSM1EQFwOU+lJJn3P+yH3ruotTFnlNjC0VedUTJkBUwGuuucbHm29vb/cLXIXfHITz6FgEciEgN5tcaCmtCIhAjwg89tI217Q5XqF78OuXa9JijygXJzOL2KCsMzeKwAgWns9qMx9iO7ZtMFyxudzYtVJsF8y+0I0e2k8TY0sBW3VkJEBc+kwr2GbMpAsikCUBKfNZgqrWZKc/+thtb+tcrjpTH3llXT/yvEyXdV4ERKAGCBCtjLB6FuEMxQR3G6J4oOQfPnzYdXR0pPyCQWLhivfs2ZNyuSkHKk2MLQd11SkCIlAqAlLmS0U6ofUcaz/t7v3pm7GtI7Qb1lKJCIhA7RLAIh92DcAabxb58II+kEpSuGJNjK3dZ1c9F4FqJyCf+Wq/w+qfCIiACJSJQNLCFWtibJkeBFUrAiJQVAKyzBcYL6HQWnZ3LhCRqehZFw+V20omODovAiIgAkUkYBNjR9f1cz9+ZYezibH33XyZGz6obxFrVtEiIAIiUBwCUuYLzBVF/tm1nYuqZCp6+MC+UuYzwdF5ERABESgBAU2MLQFkVSECIlASAnKzKQlmVSICIiACIpA0AjYxFov8iY6PfCz6X/x6X9KaqfaIgAiIQCwBKfOxeHRRBERABESgmgnYxFgm+hPdixVjcb+RiIAIiEClEJAyXyl3Su0UAREQAREoCgFNjC0KVhUqAiJQIgJS5ksEWtWIgAiIgAgkl4BNjL3t6om+kTYx9uCxjuQ2Wi0TAREQAeeclHk9BiIgAiIgAiLwCQEmxt5386UOa33boZPurh9tcEQpk4iACIhAUglImU/qnVG7REAEREAEykJAE2PLgl2VioAI5ElAynye4JRNBERABGqNwP79+926dev8X7jvdn737t3+EtvW1lZHHpMdOypnYqkmxtpd01YERCDpBKTMJ/0OqX0iIAIikAACx48fd9u2bXMNDQ3+L9gklPTRo0f78+vXr/eX9u3b56ZMmeI2bdrkj1H2J07s9EcP5k3yvibGJvnuqG0iIAJGQMq8kdBWBERABEQgI4G2tjY3YsQIb20/dOhQWrq9e/e6YcOG+XMo8Fzv27evTztu3Dhvna+vr0/LUykHmhhbKXdK7RSB2iUgZb527716LgIiIAI5E0Apx/p+8uTJVN5Tp065fv36pY7ZmT59urfMk/6ZZ55xR44cSXO5SUtcAQeaGFsBN0lNFIEaJSBlvkZvvLotAiIgArkQ6NOnj6urq/NK+6hRo9yZM2dS2Tk2az3uOEHFfvPmzSnF3lxuUhkrbEcTYyvshqm5IlAjBKTM18iNVjdFQAREoCcE8IlHGTeFfODAgV6BZ5Lr+PHjvbXerpkyjy/9pEmT3KBBg1IuNz1pQxLyRk2M/Vlz56TfJLRPbRABEag9AufUXpfVYxEQAREoLwEWIrrjsXWxjZg6brB78OuXx6Yp5UUU9Pnz56dVOXToUMcfEr7GOQYA5LM0aZkr+MAmxj71yg73i1/vc//56k537edH+9j0FdwtNV0ERKBCCXRrmefVaVNTU2T3gqHIKj0MWWQHdVIEREAERCBvAmahz7uABGe0ibGDB/Rxpz/62K1/6w8Jbq2aJgIiUM0EYpV5JjgdPXrUPfnkk10YhEORVUMYsi6d1AkREAEREAERiCEw67OdUXyaf3swJpUuiYAIiEDxCMQq81hVMsUFDociQ+nHd7LSw5AVD7VKFgEREAERqDYCcz433HepZddRd7T9dLV1T/0RARGoAAKxynxc+8OhyGbNmlVVYcji+q5rIiACIiACIgAB5jbI1UbPggiIQDkJ5K3MZwpFVk1hyMp5Y1S3CIiACIhAZRBovGyUb6hcbSrjfqmVIlBtBGKVeXzmcZ1BbMuE2EyhyKoxDFm13XD1RwREQAREoLAEZk7qjOgjV5vCclVpIiAC2RGIDU2JzzxLcy9btixVWlwosmoNQ5bqvHZEIEEETnR85F5evze2RcMH9nVmNYxNqIsiIAJ5E7h4zEA3fFBfR8jR5pYDjtViJSIgAiJQKgKxynyujajmMGS5slB6ESg2AZT5Z9fujK0Gf14p87GIdFEECkKg8dJR/vOIq42U+YIgVSEiIAJZEiioMp9lnUomAiIgAiJQYQSOHz/umpubfauJWsZbW5Ooa6w90t7e7urq6hxzrBBcMTNFSLOyKnU7Z8oIr8y/3XbcW+ix1EtEQAREoBQEYn3mS9EA1SECIiACIpB8AmfOnPGhh1npNajI0/Koa7W29siYof0cf8hrLQeSf0PVQhEQgaohIGW+am6lOiICIiACxSWwa9cub10nOEJYwtf69u1bc2uPYJ1HFNUm/HToWAREoJgEpMwXk67KFgEREIEqIUDwA9YTGTBggFuxYkVar6KuTZ8+vebWHsFvHtn53geu7VDXAU8aNB2IgAiIQIEISJkvEEgVIwIiIALVTgCl3fzfw33NdK2W1h7BT57INkhzq1xtws+IjkVABIpDQBNgi8NVpYqACIhAVRFgQuvhw4ddR0dHymeedUcOHDjgrfXha3Te1h7Zs2dPyuWmqqBEdIaY80yCRZm/6cr6iBQ6JQIiIAKFJSBlvrA8VZoIiIAIVCWBsWPHOv6CgjWePyR8jXO1uPbIF6eOcE83/c672eBuUz/yvCAy7YuACIhAwQnIzabgSFWgCIiACIgABGpx7RFcbVjfAdFEWH0OREAESkFAynwpKKsOERABERCBmiEw53PDfV8VorJmbrk6KgJlJSBlvqz4VbkIiIAIiEC1EZj12WG+SwePdXj/+Wrrn/ojAiKQLAK9zp49e7bcTfrv9a3ugsG9y90M1S8CIiACFUGgte2U+0rjpQVvK5NZiQ8/cGBnRJaCV1BDBd770zddy66jbsHsC91tV0+soZ6rqyIgAqUi0NbW5lfZTsQE2P+z+oB74b7GUvVd9VQ4gcde2uaaNu+P7cWDX7885bcamzBw8dm1O/1y7IFTXXbvXDjZNV7WGUu6y8UMJ/hB54c9TiiTspMidzy2zi9JH9eeWvjMJvXe/a9nm9xX9JUZ93iW/VrjtJFemW9uOSBlvux3Qw0QgeomIDeb6r6/6p0IiIAIiEAZCOBq0+ecP3JH2097pb4MTVCVIiACNUJAynyN3Gh1UwREQAREoHQE+vc9J/V2UFFtSsddNYlALRKQMl+Ld119FgEREAERKDqBYFSb0x99XPT6VIEIiEBtEpAyX5v3Xb0WAREQAREoMoE5U0d4V5sTHR/J1abIrFW8CNQyASnztXz31XcREAERyJLA8ePH3cqVK/1fa2trl1zr1q1z/O3evdtfY0u6/fs/nay+Y8eOLvmq+QQ+8xamUq421Xyn1TcRKC8BKfPl5a/aRUAERKAiCJw5c8aNGzfOzZ8/302ZMiWtzSjpo0ePdg0NDW79+vX+2r59+3y6TZs2+WMU/YkTay9E48xJQ33/17/1BydXm7THRgciIAIFIiBlvkAgVYwIiIAIVDuBXbt2ORT3kydPpnV17969btiwzoWSUPQPHTrk49VjmWcAgHW+vr4+LU+tHGCZZzIsrjYo9BIREAERKDSBRMSZL3SnVJ4IJInA8EGfcTddGa/I1I8YkKQmqy0i0IXA0KFD3axZsxwW+hUrVrjFixen0pw6dcr169cvdczO9OnT/TGK/5IlS9y8efP88ahRua3TkFZoBR6Yqw1rY2zYfsh9ceqICuyFmiwCIpBkAlLmk3x31LaqIDB8UN9ulfmq6Kg6UfUEUOijBAUdazzX8a0PWuE3b97sFXss9vjc46ZTa0JUG5R5c7VBwZeIgAiIQKEISJkvFEmVIwIiIAJVTIAJrYcPH3YdHR0pn3kU+AMHDrjx48e75uZmZ1Z3s9LjkjNp0iS3Z88ePxkWl5talKnjBqe52sg6X4tPgfosAsUj0K0yz5f1li1bXGNj17XDmdCEMPEJaW9vd3V1dakvdL7Ia3HCk4ehfyIgAiJQRQTGjh3r+AsKlniz1kdZ3PltQLG3NMG8tbSPJR4F/he/3ufWbHlPrja1dPPVVxEoAYHYd334Oh49etQ9+eSTXZoSjl6gyAVdEOmECIiACNQ0AbPQ1zSETzpvC0i17DrqJ8OKiQiIgAgUikCsMs8XcSbLejh6AUq/IhcU6raoHBEQAREQgWoigKvN4AF9fHhKRbWppjurvohA+Ql0cbPBLxJ3mREjRsS+Gg1HLyDKAa9Saz1yQflvafW3YFHDWNc4bWRsR+tHnhd7XRdFQAREoNQECFOJqw0LSDVeVltRfUrNWvXFEzh4rMP9+JUdblHDRe7iMQPjE+tq4gl0UebDPpGZepApeoEiF2QipvOFIjBmaD/Hn0QEREAEKonA3GkjvTK/6Z3D7mj7aW+pr6T2q63VQ+DlDXt9dKXtbcfdv9/Z4BRhqbLvbaybDVZ2W7bbtkyIZZ/oBaz0Z6v74ZJjkQsGDRqUcrmpbDxqvQiIgAiIgAgUhgAWUELVInK1KQxTlZI7AQaSq3+9z2dkv7nlQO6FKEeiCHSxzAdbh4JObOBly5alTsdFL1DkghQm7YhARRO4e9EUd+ajjyu6D2q8CCSRAFFtfta827vaXPv5zkhwSWyn2lS9BJ5ft9vP3bAevryhTW5fBqNCt7HKfK59UuSCXIkpvQgkk4B8KJN5X9Sqyicwc9JQr8wT1UauNpV/PyutB6c/+jhliWdl8mfX7nQ73/vA/2muWaXdzU/bG+tm82ky7YmACIiACIiACPSUAANlm/PDqrASESglAdxrbBC56AtjnSnwWOcllUtAynzl3ju1XAREQAREoAIJzJkywrd6w/ZDFdh6NblSCWCVx8UGISock14XzBzjj/GbR8mXVCYBKfOVed/UahEQAREoCwGCHhDCOCjHjx93K1eu9H8WLIE07O/f/6n1mSAJEudMmX+77bgjRKBEBEpBgEnXZpW/5pP5GnOmjkitf6A3RaW4C8WpQ8p8cbiqVBEQARGoOgJEMzt27JhfiyTYuTNnzrhx48a5+fPn+6AJXNOq4EFC6fvB8LpNv/l0sJOeSkciUFgCz6/b4wtkjQMLRcnW1jxYsWFvYStUaSUjIGW+ZKhVkQiIgAhUNoEtW7a4adOmRXZi165dPjwxIY2Rvn37pkIUY52vr6+PzFerJ+dO61w0qrlVYQFr9RkoZb+xyjPRFeX9yzMvTKvajrHaK2RqGpqKOah6Zf4//uM/3F133VUxN6SaGgr7hx9+uJq6pL6IQM0SwGUmkyJPyGJWAR8wYIBbsWKFZzR9+nRvpUeJf+aZZ9yRI0fSXG5qFuQnHSdEJdJ26KT/q3Ue6n9xCdgEV9xrBg/ok1YZx6xOjKze9G7aNR1UBoGqV+axFrEqraT0BGD/9ttvl75i1SgCIlBwAh9++KFfKLCpqclv8ZMPCgo9K4OHJbgquC0yGE5Ti8csHmUhYGWdr8UnoHR9xiJPKFRkQcgqb624ZvoFfpfViUkvqSwCBY0zn8Su86pXUh4C4R/78rRCtYqACBSCAJZ2BL/5AwcOuIEDB6b2scgfPnzYdXR0pHzmSWurgu/ZsyflclOItlRLGXM+N9wxCRa/eWJ+S0SgGASefXWXLxbru61AHK5n+oQhPkwlinzTlvfcbSPPCyfRcYIJVL0yz6QsLMSS0hOA+2c/+9nSV6waRUAEikYguAp4cH/s2LFd6tSq4F2QpJ0gksiPX9nhI9qg1JulPi2RDkSgBwRw4zI/+JuuGBdbUuO0ke7H733giEV/S+P41CTZ2Ey6mAgCVe9mM3LkSK/MYzGSlJYAynzUD3xpW6HaREAEykVAq4LHk8dXeeq4wT6RYs7Hs9LV/Ais3rTPZzTLe1wp+NMzQZZ49Cj0ksohUPXK/OzZs31UhTfeeKNy7koVtJTwdfjKwl8iAiIgAiIQTQBXG+S1FkW1iSaks/kSIDqNKeXmEx9XFoq8xZ/H1UZSOQSqXpnHZ/766693c+fOdb169aqoPyaT/fd//7ebPHlyRbUbzoMHD/YuNpdddlnlfBrUUhEQAREoMQH8mFGiWDzKJimWuAmqrkoJsNorVvb6keelotV011VcbRB855kMK6kMAlXvM89t+MlPfuK++c1vVsYdCbTy3/7t39y8efP8Yixr1qwJXKmMXSnylXGf1EoREIHyETBXGxSn5t8eTLndlK9FqrkaCKDEN3/ytqc7X/lgf1H8ccnheSRMJfuS5BOoCWUe6/yf/dmfJf9uhFqIz/kLL7zgrr322opsf6g7OhQBERABEYgggKsNyhMTFb913cURKcp7CsVw6aq33bH20462MnGXtwmS5BLAvQY3GwaLl+eokOOSY8+jlZHcnqplENCnMcHPgUWCufji5H25JxibmiYCIiACFUXAXG1QnJLmaoMi//Dyra5p836v4D320jb3zcfWuaebfuddgyoKdI00lnuGiw2yqGFszgMvnkcGAciKDXv9Vv+STUDKfILvD2E1EdsmuKlqmgiIgAiIQJ4E+vc9J2U9TdrEQyzyWGmRxstGOdrKoONnzbvdHY+tc48835q6nmf3la3ABHjDYxZ1m9CaaxUMAhAGcQwOJMkmIGU+wfeHsJqIFr5K8E1S00RABESgAAQsqg2KWFKUJ2Lgo8whdy6c7P9+dGeDdwUaM7SfP08UngeW/cb9f0vecL/49T53ouOjAtBQET0h8Py6PT47g6983aHMlYpBgfne96RNyltcAlLmi8tXpYuACIhAVRHYtGmT27278xV+sGPr1q1z/Nk1tq2trW7//k5lkLSsCCuJJmCuNijDSXC1wfL+8hudLhasTotiiGCZv/bzo90P/3a2e/Drl7svTh3hz7M4EVb8//f7zX7LsaT0BBgMEokGJf7LMy/MuwG42aDQIy9vaMu7HGUsDQEp86XhnHctjz76qGK1502vcjK+9dZbPvxo5bS4elpK+FfCqUq6J3Do0CHHGhLt7e1piVHSWe21oaHBrV+/3l/bt2+fmzJlikP5R1D0J06cmJZPB58SQPlCoUeIalNOwRqPTzyyYPaFDmU+Sljw6u5FU9xP/ucc99U5Y72fNW8VsNBjqb/3p28qfn4UuCKeM8Ub9xrze6ksI2YAACAASURBVM+3ugUzx/isDA74kySXgJT55N4b37K/+7u/k5tNwu9RIZonV6pCUFQZxSawZcsWN23atC7V7N271w0b1qmIosCj9PNMY5lnzg/W+fr6aIWwS2E1fMJcbXBrKJerDf7xTHJFsMbfdnX3AzCUxlsax3ulHneci8cM9Pl5w4BPPdZ6LP24bEiKRwCF297qLOiBVd5aSJhK/hAbJNg1bZNFQMp8su6HWlPjBLB6SkpPYNCgQaWvtMJqRDGPUuTpxqlTp1y/fp0+1Nat6dOne8s8Svwzzzzjjhw5kuZyY+m0/ZQAIQRxY0GRx12i1IIiSOQahPji+YTJZADwr9+Y4d1wzGcbJR5LP0o9yv3bbcdL3bWaqO/ZV3f5fvKGZ/igvgXp86KGi3w5DDA1GCsI0qIUImW+KFhVqAjkRsAmO7O2gKS0BGBu/Etbc2XV9uGHH3oXmqamJr89fvxThYzVqrHGI5wPKvabN292ptiby01l9bx0rQ262mzY3smzVLVj1X1o+VY/kMCyfs/iS/KePEmbmSCLlR4XHKz7plwyYfYfntro3XAUKaVwd5c5CjYAzGWRqO5aYGEqGWDaZOju8uh66QnELhrFlzLWmI6ODjdjxgw3cGDnqzNrJj6QCL6SCH6UdXV1ji92BD9K+Uh6FPonArEEcElAoUSx1Mq5sagKfvHtt99W+NcsqKKQIyjtBw4c8L8Htj9+/HjX3Nyc+u43ZZ7fgEmTJrk9e/akXG6yqKqmk+Bqg9KEYsZkWCz1xZaDxzp8RBrqw63ivpsv7ZEiH2wv7cfvnj9ceFhVlL6hfOLOQ8QcLPi4hZjCH8yv/ewIrN60zyfkjYq5xmSXMz4VA0zuD25SxJxnboQkeQRivyV69+7tJzTR7JUrV7r58+enemATnsaOHeuWL1/uxowZ49NaOhR9JkNJREAEsiOAEr969Wp3/fXXZ5dBqQpCgAmw11xzTWRZwwd9JuPkP8tQP2KA7dbEdujQoY4/JLgf/H0wEBh6UOwtvZ3XNjMBJpXig45LA0ovilQxBQX+3p9u8vWhTH978SVFG0CgaPLH4AHl00JZEjWHP659eeYYvy1mn6utbJ4VVnxFWL210EJUHO6PPZM2UbvQ9ai8/AnEKvN8CZvlBetKUJjwNHv2bH+KCU9YFDXZKUhI+yKQG4Fbb73Vfe1rX3NLly7NLWMCUjNRG6UYl4pKE/zlf/KTn0Q2G+UmUySPyAw6mUbALPRpJ3UQS8BcbVB0iWpTTGW+U5F/0yvXWNDvu/mykljH+VwxYfYvrqj3Mcyx1uNHj+WeP65fM320D4FZijcTsTekAi6y2ituMFjki6FoM7hkPgeDS+5VMeqoAMyJbmIXZZ7YwLjLjBgxwltTjh496vCVxOUm6DITnvA0a9Ysn/7kyZNuyZIlbt68eb7j5nKTaApqnAgkgMBNN93k+Ks0eeGFF9xXvvIV32yilsj/vNLuoNqbNAK42qDMMyG1WK42KH9MRsVXngEEMeNtIahS8TAXDgYsKPMoiky0xHLPhNn/fHWnH8x84+qJBXP7KVXfSlUP99EWdSqkr3y4/YSpRJlnsIWLVKmflXB7dJxOoMsEWNxmsLTba1EUeHwliYMdlEwTnjTZKUhJ+yJQ/QSuvfZa30nchKTIV//9Vg+LT8BcbVDUmDBaDEGRRzFDoWayayH9rPNpL5NumTD773c2eKs91nn6z6Dm+de7LlKWTx3VmAf3GtxfzHperD7yTNozYv75xapL5eZOoIsyHywCKxu+7/xheUdwu8GdhglPLA5i0Ql4nWqTnXhtbS43wfK0LwIiUH0EmLxLLHH+JCIgAoUhYO41xVhAiomnWFmR/7FwcqJ81FFKmWT5ozsbUi5uKPMorJJ0Agx2cLFBFjWMLfrbi8ZpI31dDCCoW5IcAl3cbIJNw/oedpOJm/CkyU5BetW3f/DgQTd8+PDq65h61GMCUuZ7jFAFiEAagZmThvoIIrjamOU1LUGeB8+u3ZkKMUgc+S9OHZFnScXPtugLY93qjZ2WZ5TWbBawKn6rklMDAzJ7NljxtdhCHc++utO7fqHQE6FIkgwCsZb5XJtYaZOdUE7/5m/+xj3yyCPun/7pn9z27dtz7XKi0zPPgX7RP/pJf6OEfpOGv5dfftknIZb0b37zm1TyN954w/3+979PHWtHBMIEwqFrw9d1LAIikD0B3E5wNUHMip597uiURCRBmUeY2H1tCRTA6JZkdxYXIFu4CuUR/37JpwSeX7fHH/AWB1bFFpvjQD1NW94rdnUqPwcCxb/7OTSm1Envv/9+953vfMfdfffd7l/+5V9ccBVIFN+w8otyjATPEz85KJYmfJ40Uecsb/BasHyuB4+D6SxvcIsCbm1AuaJf9O/GG290LS0twaSp/aefftqnId2CBQvcs88+66ZOnerbS938Ea3IohelMmpHBERABESgaATMar6mAIoTvvfEdEdQ/iolShORU/DVxq3DVjgtGvAKKpgBnk1eJnRkqYQoQwh189ZIkgwCNavMo/ReeeWVaW4j5kKCNZv5AFinn3jiCX+nUKLvuecef4zyi8LLNeKCmzWbNMTc5zzzDLB0I5xn/5133kmzdnMNRdmuYT0n7Ysvvph6S4DVnHaYlZ0yFi5c6LCUR8kvf/nLlDIfvP673/3ODRkyJHjK71PfzJkzfTvYR/bt2+e59O/f3y8YRn8rMcpKl87qRNEIPProo47wlBIREIHCEZg7rTPGPJFeiPCSrzDR9QcvbfPZUY6ZaFpJctvVE3xzUWBhIXHu5Q1tHgOuL8wzKJUQxcZCU1obSlW36slMINZnPnO2yr9y+PDhNEXeeoSSj3KLhRpBsTfLOPMFbr/9dn8exfvxxx/3+7169XJnz571+yjEWMMRy/vuu+/6VXIbGxv9+eA/BhBYxE1Q1hlkMLGY2P5siSa0ceNGN3fuXGdlXHBB+sIQ1Ete/hhIsCUtA40NGzb44hcvXmzVpLakW7VqlUNxP3HihB+I3HLLLX5LIs5dddVVfkDBYODSSy9N5dWOCBgBrVprJLQVgcIRQHHij1CAWNbzWX0TC+rDy7d6yzaLMt29aErhGliikoikggKJMr901Xb36B1/UqKak1lN0CrOyrmlFibCci/4M5/9UrdB9aUTqFnLPP79pqQHkaDko9iaoNh3dHRaRIJuOBMmdFoKLJ1tg2nYJy/uKSjtKPdRfvlY+bHO/9d//ZcvBiV+7dq1fp8tx7i9rFmzxivVpAv7J3NMmxhwMBnR2seghMEFCvr3vvc9a2ZqCwdccFD8bQDDGgMMWmxVzG3btqW53aQya0cERKBmCPB2EEOBvSkMdpxrrP7NH5HMENYsYZ+oaCZEPJPkRmDOlM4Jqhu2H8oto3N+EHDvT9/0ijyuKijypfCtzrmhWWSwGOoosiiRtSzmbsQAx+ZVlJJHsN4VG/aWsmrVlYFAzSrzkydPdsuWLUvDgnKP9Tmo5GPVDivOaZlCB1i6Tdi3vCjLKNXmkmNp+GE06zxKtQnWeZT86667zp/C3/2GG27wSjpvBKxcS8/xRRdd5P3+sdqzb77zpCF8IGFFTayPpH3zzTfttE9jZTNoQMEPu92kEmtHBESgZgj07t3bNTQ0+IF/c3NzWr/PnDnjjQjz58/365Rwke8N1iyx8MUMBIILD6YVoIOMBEyZx70EC322glvOA8s2+8gjKHwsClXJq6kyGLEJuywoVauhEXkGbDBjA5xsn4lCprM3Ak2b99fsvSgkz56WVbNuNiisKNe4y2DFPnbsmLde40aC3zmWcs7h2kLaoGLcHXQs8AgKOXnxb9+6dat7//333eWXX56WnbrxsUe55sfPrvOjyQJeBw50LhjCIGPp0qWptqLYR7m8oHyjyCPkxRrPGwIGFnfddZc/T11Y33ENIu3555+f6u+3vvUtn4aBBNZ8hDJt7oC5+fgL+icCIlAzBHiLh0GA7xXeFoaFSfJ9+vTxLoWkxYBg641gna+vrw9n0XEWBHCzIbINynxz64GsJq6yaiyKPAp9pyI/vaIVecP0F1fU+7CaKLS1GhrRFmzCZYoBTrlkztQRfpVe3GwYXNhk7XK1p9br7XXWnL3LSOL6B5rcC/d19ScvY5Pyqhq/dazZQR/4vAqKyIQyjduLKeoMNopRj1WNwm8Tgu1ctW8J2WZh2zL1lYljtphLpjQ6LwLFJlCs70wUdZRwezsX7gduMh988IF3H8TgEBQUfSz0r732mgvOzzl58qRbsmSJmzdvnqurq+uydkmwDO1HE/hZ826vOKHY//BvZ0cn+uQsFut/eGqjjzaCJR6LfDmVvtjG5nGRiDyE2GTSJ6vFVqrbUB5d9/7p33xsnbeEf3vxJamJqPmUVYg8S1e97Vfo5fmq9XkMheCZTxltbW3+e7Vm3WzygVbOPPjuM1BAiUexN6t5sdpUa4p8sTiqXBGoJgK4yTAh/6233urSLebrhBcZJNHmzZt9nqDLTZfMOhFLwKyeWKTjXG1Q5Jnsil85Si4KXzUp8kC6pXG8V+SxCONuU0vCwlncY+6pRZQpZ/+vmd4ZiIPnjT9J+QjUrJtNMZBjNS+WtRyXmii3mmL0Q2WKgAiIQJgArjI7d3YuODRr1ix/2dxuBgwY4AgewIR/lHYTLPm45PDW0lxu7Jq22RPAVcZcbdZs2e8V2qjcWEoJQ4ncs/gSRxSYahMGKYsaxvqY+bjasF/K0Izl4okS39zS6XZbTl/5YP8ZVNhzSZjKSgt5GuxLpe9Lma/0O6j2i4AIiEAJCGB1D1vescbzhzDHJyyjR492+M9bmvB1HWdPYO60kd5vnhCVWKfDgvsJkxERlCp8qqtViK2O7zhvKf7z1Z2pVWKrtb/0i4GLhYG8PEH39sszx3TO5/jkuayFgVUSnzO52STxrqhNIiACIlAFBFDkJYUhYG4VTGoNL5zEXB/8yBEU/Wqf14N13gY0v/j1vqp38cAqj4sNwpuIJM0T4LlEgQ++OfAN1b+SEpAy/wluQkRKREAEqoOAhV6tjt6oFyLgvMJkbjPNvz2YQoI13ibus6hUPgtLpQqroB2USJsPYHHXK6j5OTU1uDgTbyWSJAwsrpnR2SYbcCSpfbXSFinzn9zpL33pSzndc5QFC9eYU8YcE5eqnhybpeQlJMAzQAhVJj9nWnishM0pWlWswUD/+GMl5qBwTP/tj1WXTRiIB9MTCvb3v/+9XdZWBKqGwJzPDfd9Md9plLzHXtrmz2GNN2t11XS4m45867rOEKlwsLkC3WSpyMvPr9vj2809TpJV3mCizNMuC1Np57UtHYGa95lnYpaFezTsxJS30GzhfUtDtBcLv2ZpULrCUWCiyrcyLF84DedNgvVwjjqQYD3B9NZuy69t5RO4//773Xe+853UPbdngJ7Zfvh54DkIPo9RzxhpwucpM+qcUQxeC5ZvbbF2BNNZ3uAW5ZuViu15ZWXkEydO+LUfSLdw4UL30ksvpbIEJ4BTtgnrIbD2wfr161P+3MQ7v+mmmyyJtiJQNQSIavPUKzu80oQ1/vnXO10v8I+vxcmHTL7EQo8y/3TT76tyngB9s+hEX555YSKfZdxs8OOnras3vZuISDuJBFXERtW0Zd4sgGxNUBSefPJJO/QLLnHA+Xvuucdfe/XVV/0x6ew8VvoXX3wxtcIrCjblslgTignWwqCQb/ny5d66z8qIWBzj6uEa5aG0YIm0twJWP22hXZLqIoDSy+JjpiTTO9uPex54Pp5++mm/ijD7q1evTj2bcc8ezyHPbNDSTZ0o7naNtwSUwfOOEo6w5bns7rn3iZ3zC7MFB6HEymVVZhP6bAMVO2dbPi8sZIaEVyemz1LkjZS21UaAuPHmaoMyj58yCi2Ra2pViOyCVRiFF2Wy2oQoMQjuNUmeXLqooXOxSt6QxIVPrbb7k5T+1KxlHmWF2O0oBfw9+OCDWd0TCz2JMmNCpIbbb7/dH/L6n3W4Nm7c6FePtRVTL7igMx6r5WFLGaxCi6CYBZWXcD3B9sal94XpX9UQINyfKe/BTsU9D8HnEcX78ccf91nt2eQg6tl79913/eqd9swG66MN9kxyHoUfhXvTpk0+9CBb4o9399xTL3n5Qylna/UNHpweRo8wh2FhALB27dqUwh5cnRjL/lVXXeUHFayYrFCuYXo6rgYCuNqYSwk+4/fdfGkiXS9KxRoGKLpMACY0JxbiJLqi5MODAUrLrqM+64KEWuWtXwwquRe0mUhDt1090S5pWwICNWuZR0nq379/TognTJgQmX7QoEFdzk+dOtWtWbPGKxYs9mTuBMGEwXzsm/ISVU+4vQxE4tIH69F+5RIgGkhwkGc9iXsegs9V1LNEGcE09uzNnj3bDxwYWJrF3epji0sL1nmeZ4T44SjWCFuOu3vu+RzQJgYcuNkE23f0aOePli/QucjPDG+fbr31Vkvi62QgzerIyLZt23wbGDREcUtl1I4IVCgBm/iJ4sSiUFjra10swgs+24RwrBaxib3cc9YaSLrYIlLcA94aSUpHoGaVeSx3UT/2LGV+7NixHt+BlpYWd8MNN3hlBctolDKPVdKE/ag0dj3c3g0bNsSmt3zaVjYBXE+WLVuW1gme254+D5mePazkvC1iMmpQcKEx6/yNN96YuoR1HiX/uuuu8+e6e+55xpmjwgCCt1U2X4X+oIibMDggbfgzumrVKsegIywMMLDSh91uwul0LAKVTgDl/dE7/sT/VYKCVwreuJ8s+kLnOgdEVEGpr3TBVcXchpKySFR3TJmgy/OJIl9Ng6ru+p2E6zU7pOcV/HPPPZfyVb/33nv9/TCXBvNht/O53iyUk6VLl3plnsEBin3Ua3+soAhKEcpL0I84WCd5f/nLX/r2Ut7cuXNj0wfzar9yCfBMoFzjLoMVm3t/yy23+Gepp89D+NljXsfWrVvd+++/7y6//PI0aNSN7z3KNQqzXW9oaPCLBR040LkyYbbPPYq3KfJUFPw80kf6TF0jRozwbmukoX18TsLCYAImSNDtxtx3wul1LAIiUH0EUOZXb+xcWAmFvtLdPHBVQZjczFuYShDcm1DocXlq2vKeWzA7mRN2K4Flrm3sdRYH7zLL9Q80uRfuayxzKwpbPYoPr/5NYWFwEPQ5xg0Aa2LwXGFboNJyJcCEMovXnCkvESP4sqpkKeaz191zXwxuKP02CC9G+Ukss1jfmQzKeDvJIDIsGBpaW1u9e9+MGTO6pGEOBMKqr6wGu3v3btfe3u7q6upSkYZ27NjhJk6UL22YrY4LQwAlkpVwUSr//c6GRE8Yjesxbxa++dg6b+HGlQo3m0oRFjW747HO74IHv355asJ2pbS/0tpJ8Ai+Y2vWMl/sG4ZPu/kWn3/++SnLYbHrVfkiUE4C5Xjua02RL9f97d27t+NNDLJy5Uo3f/78VFNQ0k2JJ0oXyjxvcEhvaVH2LX8qo3ZEoIAEmAiLRZhJmITwvHvRlAKWXrqieLOAqwoW+UpS5CGE6xdtxkWISDwWfal09GqzJinzRbrvuA1EudVYdVjsZZU3GtqWkkAxn73unvtS9lN1FZYAk7EPHTrksN4z2Tkoe/fuTc1lmDJlik+HhR9LPhOd9+/f7+rr64NZtC8CBSeARR7/8oeWb3WvtRxwhEusFBcVg4ESb4uCVYqvvLXdto3TRnpl/s13Dvv5C0kOqWltrvRt7ARYXqtiVeGPL+WwYGnhj9ep/JGGL20TrDUSERABERCB6iBAxKEPP/zQ/eEP6fG8T5065VD2g0KoUhR7lPhnnnnGHTlyJO33IZhW+yJQKAJYhQmTiLCQVKUJE0dxs7GFmCqt/bSXezBmaD//dmHFhr2V2IWKa3OsMn/mzBlvVeF1Kl/KQbHXqrw2ZSEjXqmShnjTCEq+fCODxLQvAiIgApVNgO90lPS33norrSOjRo3y1nhOYgQKKvabN2/2eYK/D2mZdSACBSbwres63xwRj98iwhS4iqIUh1UeFxvEwm0WpaISFHrN9NG+lqbN+71SX4Iqa7qKWGUeMiyNjuJ+8uTJNFC8Vh02rHNSBl/SWGz0SjUNkQ5EoOAECBEpEYFyEOCtq72NnTVrlm8Cbjd8748fP94bdcyYY8o8vx245BCK1H4fytF21VlbBIK+5harvRIIMPAwqzz+/5UsBIrA7Yn+VNKAqlKZd1HmzV2GL2kWduFLe8CAAW7FihVpfQy/ViUdSr1eqaZhSuQBljNWEJVUHoEvfelLOTWaSC9EmCm2lKqeYvdD5WcmgPWdN7H88V2P8BvBPtFveIOL1T44yZVJsaQxlxvLl7kWXRGBwhC4pXG8VyaZDIt1uBLk+XWdK8ubIlwJbc7URuLNW+S3FRvaMiXT+QIR6KLME4WAL1y+gBG2fImHJdNrVb1SDZOKPi6n8oMyT4xySeUQIJxkWLiPJuF9jvkj0svixYstWWodA56/oESVb9et7HAaqyOqHsoP1xFMb2VrW90EzEJf3b1U75JIAJ9ts24/3fS7xLt6YL1m4IE1+8szqyM+u60I+3bbcd+3JD4n1dKmLsp8sGNY6XltyqtVs6jEvVatxFeqKBymrND34H6QhZ0PKzTh42AZYWWGa5Y+rGRxLawAWZ1R5QTbZmWG01l+S2vp7Di4JW84ffC69stHgMWdeJNiizzREu7lk08+mWoUbgx2/p577vHXXn311bR05OEalvoXX3zRr/LKPadcVoRduHChX5gpVegn9RBqkDx8D9hialYWbQjXQ3nMo8ElyN4KhNMH69C+CIiACBSDgPmd4+qR9BVJCeOIMACplugvuDtZaErrXzHus8p08XHmsdLzFxQs9Wa1D8YZJg2vVLHE2PVgviTuo5jgz/nee+854mMTVo8l5ZkncNNNN3nFhZUlOzo63OrVq30XzjvvPB8/nvNPP/20XwnzoYcect/+9rf9AlEoLRzzWhkZOXKkX5WS88SdZ+VM5hcMHjw4bdEoFCDacOLECffBBx/4BaeiyglztHwW054VMOnT9u3b/UCMfiDBdDfeeGNaMVEc0hLooGwEUOJ5Lriv/D344INZtcXCnvLcBYXP5u233+5P9erVy/3qV7/yqwnbaqkXXHBBMLnfpwxWZEV4joKDxnA9wfbGpfeF6Z8IiIAIFJEASvFfXFHvsMzzN2fqiEQqyljkW3Yd9SQWVIlV3m7rgpljfN8It4nrU7UMVKx/SdkWNM58Jb1SRelA6UVBQrBKvvTSSz5W8uuvv+5YIh7FGws6ykxYoSGPKTLsY9m01V7DChOL7L777rt+sGNKU1DJilKAKDOqHM6bhPOZAk+/eKNiA4pwunDdURysDm3LS+Dw4cOuf//+OTViwoQJGdObBd8STJ061f3gBz/whwwIH374YbuU2gbzsM/gFomqJ9xeBiJx6VOVaEcEREAEikBgwewLHeERsc4TKea2q5O1AjH+/KxaixDSkUWXqkkunzDEK/DwR6HnfkgKTyDWzabw1SWnRJSOVatWees7lumbb7451birrrrKfe1rX3MoOiZRCg0KP3nNKh6V1s7Nnj3bDwywbKJ0ByVKAeJ6sM5getsP50MpX7t2rb/MlmMknM7y27VMHILptF8eAkOGDEmzhFsrWJDn2LFjdpj3tqWlxd1www1eMX/88cf9RMZwYQxUTdhnsmMmCbd3w4YNsekzlaPzIiACIlAIAvigY51HcLU5eKzTGFGIsntSBsrtA8t+4x57aZs70fGRj42ftIFGT/pneeF/zYzOyDwvK+a8YSn4tqCW+YK3rogFonRcd911Kct8sKrnnnvOMZEXv2JzSQgrNBxjtceNJdtwgVjl+WMAEHR1oS2495igAMWtHmvpyBe0snOePuGnzNYkKl3wWiYOlkbb8hHgOeB55JlB7r33Xr/l2UPC5/3JHP7xbCxdutQr8wwOUOyjnj0GociVV17plfNM8yvIy+Rq2kV5c+fOjU2fQ1OVVAREQATyInDt50e71Zve9ZMwsYJ/e/EleZVTqEzEv3/k+VavxFPmV+eM9S4ohSo/aeWgzD//+m4/kGKiL28gJIUlULPKfFDpAKm5mrz88ss+xJpdx4qOFRQJKjS4GKA04z/Mglm45MTJG2+84bZu3eref//9LmmtrqACFFeWXSMfih5tRHH6+7//e3fFFVd4iz5LrpuE09kAhevBujk2DpZX2/ITMH/1cEuizuPqFXT/Ch4H9ykL9y+eYZvvwTmeQZ6JoPCsB8vkWris4HE4bVT6YPnaFwEREIFiE7jpinHuoeVbfcxzfNSZnFlqwQLPYMJCZRJx538snJxasbbU7SlVffjJo8C/1nLAD6qkzBeefK+z/KKXWa5/oMm9cF9jmVuRuXqs37jSRCkpmXOV5woWUyKW4DIhyY3As2t3Ov7i5M6Fk1Oxc+PSVco15lNYmNLzzz/f/fmf/7l/42Ttr6Rn39pcC9tifWdiBMB4EedKVQt81cfqJHDvT9/0kzEvHjPQ/es3ZpS0k1jjf/DSNu+7T8VY43H/wQ2lFoTwlP/w1Ebf1R/+7WzHQEbScwJtbW2urq4uPppNz6tRCaUmgLvOrbfeWupqVV+FEsAKH7bEB7sStLgHz2u/9ghgKNi4caNjwcA5c+akKfxca25u9lDGjRvnQxkT2ri9vd3/0NhaJYQvnjgxWRMQa+9O1m6Pb7t6grvrR/+/Q7EslbvH6Y8+dktXvZ2yxmOlvnvRlFTIxlq5GwygeBvCW5GHl29xgwacW/KuXzzmfDdu+AA/kCjHm5lidrhm3WxygVpJCg0TbSUiIAIiUGgCvXv39nN+Tp486dasWePdEa2OM2fOOFPi7Rzuh6wGu3LlSp+WdQqCq8NaOm1FoFQEUOBw8UCRf/bVXUX33WbQgDW+7dBJ30VWRGWSK6uj1qIQppIJv/AwJqXkYOE/rU5i4POGwBR8i4lv1ytpW5tPevls6gAAE4RJREFUVCXdIbVVBERABBJAIBh6+DOf+UyXFrE+R58+fVLrjeCu09ra6pX8/fv3u/r6zogiXTLqhAiUkMC3rrvYvfnOYW8hfvmNvUUJlYg1/j9f3el+1rzb9wxrPL7x0ycMKWFPk1cVgxnk4PH8IgqNHtIv7zj1LbuPuX2HT/r7bgMJlPuwgs+AzxR8LPkcV8LgS8p88p53tUgEREAEEkuAyfwzZqT7G7MmxqxZsxwW+hUrVrjFixen1rnAkr9kyRI3b9483ydzuUlsB9WwqiaAYs0qqyjyxJ1nv5B+62FrPAo8bjWVoBCW4sabQl+KuoJ1hK3uKPE732t3+46g4Ld71yvS4wbE32vu0yAixP4fM7S/mzT6fP/HftLWA5AyH7zb2hcBESgaAfyqsd7G+egXrXIVXBACuMqgyEdNkEWhjxLC/LKA3ZQpU1IuN1HpdE4ESkVgUcNY78PuF5J6fbe76crCvDXCEs9KswjKOy415VJeS8WyUutBuQ8r+J2KfKeC/3bb+25723HHWxbWJuCPScwm3F+s9knxw5cyb3dGWxEQgTQCWGALOQcDZZ7IOVLm0zBXzAGTV1Hmjx7tXHZ+/vz57tChQ44IOAMGDPCL07HaL0q7CXkId0tUJHO5sWvaikC5CGCdv+mKeh8mkvjnxEHnXL6C2wa+8VjlEazxuNX0pMx826J8+RNAOecvKCjxXsk/0O6273vf7zMIJMxolJsOAwRz0+E5KJUFX8p88K5pXwQSSgBliInYJijGZh0N71sarnPNxNKzNsK5557bJT/nbTEq8vzpn/6pj0Vv+YPbYHvC+YLtCaYL5rf9cFvsvLbJI0AUGtayCArWeLPIjx07NnjJ748ePdrha29puiTQCREoEwHca3Cz8db5dbu9FT2fpmCNxz8eCy7uOt+4eqJjkSpJdRBAGecvGBsfRR4FPxs//J/8zzklGdRJma+O5029qGICLFY2c+ZMv9bBLbfc4rB+Btc9GDRokFe6UZwfeughv5or1lAs4MHjBQsW+EWhuPbee+/5MgcPHuzT4AaBjBw50q+KzOJpCItIUWdQyQ+3hxWQyU+5LGC2adMmvzJyOJ0vMPCPsoNtkcU+AKdKdoOTZqukS+pGlRBA8b6lcbyPrrL61/tc47SRXayycV3FYssqrmaNJ/Qi1njFT4+jVh3XcLGJctMJ+uHztoZnrFRzJaTMV8ezpV5UKQEWdUKRRxE3QWmPE1vczNLZMWWhPFtZCxcudD/84Q+91dRWBe7Vq5cfGFgay2v1RbUHRR4FnrLZchyVztpDWVFteemll6wabUVABESg6ATwZ395Q5u3shKq8tuLL8mqTlZwZSVXLLQobCz+xCJQktomEKXgl4qIlPlSkVY9IpAHgcOHD7v+/ftnnXPChAlpaYPHlLVq1SpvPSfRzTff7NNi2c9WotqDEv/oo496a/zatWv9Fmt9XLsztSXbdiidCIiACBSCwE1XjHMPLd/qY89jZcfCnklwycE33iZCYoW/Z/E0WeMzAdP5khGQMl8y1KpIBHInMGTIED95MJiT+N3Hjh0Lnspqn7Kuu+66lGWeTEFreTaFRLWHfJT7xBNP+C3HmdJZHVFtsWvaioAIiECpCOALbQtJLV213T16x59EVh20xpMASzwWeSzzEhEoNwEp8+W+A6pfBGII4Ef+3HPPeWs6CjwTEM1/HZ9z5N57740p4dNLlEU0GcuHRT3OT/173/teF5/5qPYwsfaKK65wWPiJbIJEpfu0JZ3Xw20x155gOu2LgAiIQLEJYJ1nVVgmNbINT3Zcuupt91pL53cb1nh84+Ms+MVur8oXgTCBXmfPnj0bPlnq4+sfaHIv3NdY6mpVnwikEXh27U7HX5zcuXCy4gZHACKCzT333OMef/zxiKs6VWgCxfrOZDDGmx+LfFTodqs8EUgqASazorCjrH//jpne4o47DW41uNcgRKkhWo2s8Um9i7XXrra2NldXV+dkma+9e68ei0DBCWzbts3deuutBS9XBYqACIhAKQigpGOVJwoJsecPHu/wC0tRN/HiscYTN1wiAkkkIGU+iXdFbRKBCiNQyMWlKqzraq4IiEAVEEBhJ/b8y2/sTXtDS8QbVnItVYjBKkCpLpSBgJT5MkBXlSIgAiIgAiIgAskisKhhrGtuOeDdalDe7140Rdb4ZN0itSYDASnzGcDotAiIgAiIwKcEmBexceNGd+rUKTdnzpwufvXr1q3ziVn1ldVgd+/e7drb270/56hRo/y1HTt2OFaSlYhAEglgnb9n8SXuzd8dcdfMGF2SlTuTyEFtqjwCsco8X8YtLS2pXs2fPz+1z07wy5tjfXGn4dGBCIiACFQNgd69e7vGxkZ38uRJt2bNGhf8PUBJNyV++fLlXpnft2+fa2hocCtXrvRp+b3gWCICSSZAlBpFqknyHVLbogjEBkjFusIXdvBL2wqxL2++nNevX+/44p4yZYpfAZI0fHHLAmO0tBUBERCByibQr1+/VAc+85nPpPbZ2bt3rxs2bJg/x+/AoUOHfFSc1tZWN27cOLd//35XX1+flkcHIiACIiAChSEQa5m3KrDQE5M6KHx526Q3vrx37drl9MUdJKR9ERABEag+Am+88YabMWNGWsdwvQkq+1ycPn26T4Mlf8mSJW7evHn+2Fxu0goIHODOY+sVBE5rVwREQARqggDfpWPGjMmpr12UefNzHDFihBs6dKgvDFebsHU+/OU9a9Ysnz7XL25r7b0/fdN2tRWBshA4+v6Hrn/f3rF1v7h+r2va8l5sGl0UgWolwBtXFPlwHHoUdKzx/GagjAet8Js3b/aKPUYfc7mJ40PZ4fLj0uuaCIiACNQ6gS7KPK41QeELevDgwcFTfj/Tl3euX9wUxvLJJzo+6lKHToiACIiACHQl0P/qCV1PFvkMrpUo80ePHvU1YeDh9wEr+vjx411zc7Mzq7tZ6cnDW909e/ak3twWuZkqXgREQARqjkC3K8A2NTV5dxr7crYvb14B2Jd3R0eHn9jEFzeKP1/c5557roeJNUYiAiIgAiKQfAKFXgGWN7X225H83quFIiACIlBZBGwF2G6V+Vy6pS/uXGgprQiIgAgki0Chlflk9U6tEQEREIHqImDKfGw0m1y7LAtMrsSUXgREQAREQAREQAREQATyJ1BQZT7/ZiinCIiACIiACIiACIiACIhArgSkzOdKTOlFQAREQAREQAREQAREICEEpMwn5EaoGSIgAiIgAiIgAiIgAiKQK4H/55//+Z//OddMSi8CIiACIlB9BE6cOOHOOeccv3pr0npH/HpCY/72t791rIPSt29f30TOsYjhxx9/7AYNGhR5jhVot27d6tNdeOGFWXct3zrJ9/rrrzsivFl4zqwrdc7H6g/3NZt+UsemTZv8irunT59O8cim7qi+5lLnzp07/bNz3nnnZVOdTxNVJxfC9RJFj8XKgusXhNNkW2lP6oxqRzb15ltnpnyFrJOygv2iTp4hntu6urrU5yybOkkT1eaoexWs08qm3lyf257USVt/9atf+b6eOXPGDR8+3JqS1Zb8BA2w7x3W0bDPPFu+pyg/uOhqVL+zqixDovfff9+xIneilPmoh4D2Rz0I4XPdAYoqO1xGuK5evXpF/ngEmeZTLjeefHEfmKhyw+2jnKg+kC7ThyLfcskX99BnW25UH7r7oY0qO6rfwXPk6e7HNJ9y7UMLX9od9cUTVW5Uv4PtDZab6Ucx23KjPgtRddEmJNtySRsuO3zcWeKn/6PKjmpLsJyoPJ+W2LkXlaa7cslJvkJ87oLtDbatp5+7cLm0N+5zF6y7EPtJVuZR1vlRJCzyq6++6vf5wSQc8iWXXOJeeeUVRyjk8DnSb9myxV1xxRUuF0UenvnW+YUvfMG3j/bSnuCPeTb3KVwvv0Xd9dP6PmTIEF+f8cimvqi+ZlsnzzzrC3zuc59zP//5z/09yLdO4xXsKwr8wYMH3fe//3331a9+1Rcdvse5hMAOs822TqL1hdtR7H5GtbWQdcIt3C/q/OM//mM/cAorotnUHW5z1HMUrpNy+e5j0dI+ffrkrFTnW2d7e7vr3bu34/OaqyJPm8nPuhuWl2eJAZCVyfXt27f7PvG5RBiU0tdcnlmfMcM/U+YT5WYDgMbGRjd37lwfw56286EdPXq0j2O/fv16353wOR4MgD755JMZuus83GDZ4TKi6opqT7iCcJpsyqUM8jU0NPj+Eq8/LOFyuR4uO3xsZfCgHDt2zD9ods62+ZbLqHXcuHF+JeCohzCbcqP6gLKybds2zwIeURIuO6rf4XMsfsaiNuGVi4Pl51Ou9YEfL5art2cyrlzLE3yOw+0ljf0owuG1114LFun3w+2NKjfqsxBVV7DwbMolfbjs8HGwTNsPlx3VlnA54TxWVnAbTpNNueQnX08/d+H2Wrt6+rmLKre7z53VXQvbYLQ0LFEIFvlhw4b5fb6XuAfhc4Ruw0LW2trqr+fCKt86aQeCcpKrIk++cL3hPkX1k3N8x9hgdcKE3BYWy7dO1pnhc4X079/fb7P9F66TfOG+8rmYOHFiWpHhNMY7LVGGg3zrJF+4HRmq6HK6J3VaYfbM23F322zqhFu4Xxxzns9LsZ7dcJ30hQH3tGnTuutW5PVwX6Oej6g6KWzXrl1et+I5K4bwvYRCj1AHhrtcPyfZtCtRynz4htCBqJsSPhf1YQ93Plx2uAwe3vC54M3N9EHKp1z7AMV9YMLlRrHgAQn/kJEu7kPRk3LjHvpsyo1inM0Pbbjs8H2KKpdzSNyPab7ldveDGS4323vX3Y9iNuVGfRaieHk4n/zLplx4ki74YxY+DpZp++Gyo9oSLiecx8oKbsNpsimX/OSjL5l+qMLlkidcdhRj0vX0c5ep3LjPXZBJrexj2ZoxY4bv7qlTp9IUX05GneM8Fl4G38Hv9WyZ5VtnS0tL2mcm2/osndUb1aeocwz+sGp/8MEHVkTO21zrNGWFQQQuB/mI1UneqH6Fy8wmTThP+DjXOsP58znOt85gvlzrDebNlhvG0Q8//ND94Q9/yLW6VHqrN5s6+T7OV5FPVfiJ1ZvvhmzqJN/QoUPdrFmz3IABA9yKFSuCRRV0H0MovzubN292n/3sZwtathWWKGXeGmUPAcdRNyXqnOXtbmtlR5URdY7yLE9c2ZYmqoyoc5SVzQfGyiV9VDlB5YM02X4oci0324e+u3Kj+kC7s/mhtbKjyog6R7nZ/JjmWm62P5hWbrb3Ltsfxe7Kpb6gZGITTMN+ruWG88cdW9nZtiXcnkxl51NuIT534fYU6nMXLjfbz104X7Ue40rFj/XAgQN9F3lDZgN33vLxfRg+R0Jefds1Pr+5SD51UhftQrHOV4L1hvtkfQn33QapvDVEYJKL5FMn94K3XdTJG5BcJVgneaP6Gi4zmzThPMHjfOoM5s9nP986w/lyqTucN1tuGG24n2+99VYu1aXSBuvNpk4GDgy0m5qa/DbX55aKc63TGst3LG0spqDfYOzBYMdntxhyTjEK7UmZwRtCOfYgAJwbDJSoc9nUGSw7qoyoc8E8meoIpokqI+ocZZmV86mnnvJfhuHyg+VyLVwOPxR8mQfZ2IcC31f8tfAXtR8+Kz+fcslLPXHSXblR9462ZfNDGyw7zCGqXM5l82OaT7mMrnn9CA+sUTyXhWDMh9xcjfDHj5Jge7kexSKcL5s0+ZQbrifTcbDsbNpCOcE8hSyXsnr6uePZCkshPndR5VJPd5+7cFuq9RhXKp4LBmMILnTjx4/3Lpk8VwifofA5uK5Zs8Z/VkgT/qz6jBn+5Vsn7WCgOXv27Awlx58O1ztnzpxu+0md9BWlAaUaV8ue9DXbOvmuOnLkiLfK2yAivnefXg33M+qekppBim0xeoTvMX3PVvKtkzc6zGcKtqPYdUa1tZB1wi3cL36PrZ9YrXOVcJujnqNwnfbc8JvN251cnlval0+dPEe8uT98+LBXsjnORxiE8PYU63umMuz55LktlvQ6e/bs2WIVnmu53JAXX3zRTZ482Wflg42ihE85X9aMalB2wucuu+wy//B997vfdf/4j/8YCTRcdvABy1QuLizh9oT7lE+59IEvQPvA8OCGH4JwuVEsyBNmY+2zD0Whyg0+9Pm2N9O9C/7Q2ofa+sE2zCKbe0ddjPL5MbUPUrDMnpTLvcPPnx9MvniYixGUcHuzvXfBH0U+A6agWNnZlBv1WQh/XmATlGzKJY99AdvnDMWBZ9iOw88adYTLjrp34XKZAFWIz124XNpXiM9dFGPj2ZPPXVS53X3urN5CbXmeiRKT649poepXOSIgAiIgAtkTwFWZAViilPnsm6+UIiACIiAChSYgZb7QRFWeCIiACBSPgCnzifSZL163VbIIiIAIiIAIiIAIiIAIVA8BKfPVcy/VExEQAREQAREQAREQgRojIGW+xm64uisCIiACIiACIiACIlA9BKTMV8+9VE9EQAREQAREQAREQARqjICU+Rq74equCIiACIiACIiACIhA9RCQMl8991I9EQEREAEREAEREAERqDECiVs0qsb4q7siIAIikCgCLMr0wQcfJKpNaowIiIAIiEBXAqyThCjOfFc2OiMCIiACNUngo48+cqdPn67JvqvTIiACIlCJBFgY8/8CIPc7e5L+Oa0AAAAASUVORK5CYII=)
Like so many other retailers, the reason for BGFV’s decline is competition from Amazon and other e-commerce platforms. While all of Big 5’s product categories are subject to online competition, hard goods seem particularly vulnerable given that these are standardized products where it is simple to compare prices and that these items can ship easily. Indeed, hard goods have declined from 54.9% of total sales in 2010 to 52.2% in 2015 and sales of hard good per square foot have been falling for the last 10 years.
Figure 2: Hard Goods Sales Per Sq Ft
BGFV is Benefiting from the Liquidation of Competitors
Earlier this year both Sports Authority and Sports Chalet declared bankruptcy and closed all their locations. Management estimates that about 250 of their stores were impacted by about competitor closings. This sudden decrease in competition has clearly benefited BGFV. As shown in Figure 3 below same store sales were slightly negative prior to the exit of these competitors but suddenly turned strongly positive last quarter. This caused the stock price to rally 45% from the end of 3Q. However, this benefit is one time in nature and next year when these closures anniversary the business should continue its decline. Longer-term, the liquidation of competitors with a very similar business model in a strong economy suggests that BGFV’s model is itself vulnerable.
Figure 3: Near-Term Same Store Sales
![](data:image/png;base64,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)
Fair Value is Much Lower than the Current Stock Price
Let’s assume we are wrong about Big 5 being a declining business. In that case we could view next year’s earnings as representative of the mid-cycle earnings power in the business. If you capitalize these earnings at 8% you get a fair value of approximately $12.80 or 35% below the current price (calculations shown below). Given significant evidence that BGFV is secularly declining as well as over-earning due to the overall all business cycle this valuation would represent a best case scenario.
It would be more realistic to assume normalized earnings are below current earnings and will likely decline over the long-term. In this realistic valuation scenario we first assume mid-cycle sales are 4% lower than 2017E sales. This appears conservative given that sporting good are a highly discretionary purchase and the average sales per square foot this cycle is 15% below the prior cycle peak. Next we’ve assume that continued online competition causes profits to fall 2% over the long run. This too seems conservative since due to the operative leverage in this business a 2% long-run earnings decline implies a long-term sales decline of <1%. Under these assumptions the fair value of the stock is about $6.35 or 70% below the current price.
Figure 4: Valuation
![](data:image/png;base64,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)
Key Risks
Near-Term Results Could be Stronger than Expected – BGFV has only reported one quarter of results since Sports Authority and Sports Chalet closed their locations. Even though these closures weren’t fully completed until the end of July, analyst models I’ve seen have comps decelerating for the next 3 quarters. As such, it is possible that the impact of store closures is greater than the market expects. However, some of the positive impact should be offset by lower firearm / ammunition sales post-election and by Dick’s reopening 15 of the closed locations. We are comfortable with this risk because even if these store closures increase sales 50% more than expectations fair value is still at least 50% below the current price.
General Consumer Strength – We’ve assumed that general levels of consumer spending look similar to previous business cycles. However if consumer spending in this cycle or the next cycle is much stronger than the past our short may not work. Given that consumer spending cycles have been fairly constant over many cycles and there is no reason to expect this to change, we are comfortable with this risk.
Lower Corporate Tax Rate – Currently BGFV is a full tax payer with about a 37% cash tax rate. If corporate taxes fall, this would benefit the company. However, as shown in the appendix, shares are still significantly over-valued even if the tax rate falls to 20%. As such we are comfortable with this risk.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Lower sales and earnings over time