Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
---|---|---|---|---|---|---|
Income Statement | ||||||
Total Revenue | 133.10M | 236.20M | 149.20M | 592.00M | 455.80M | -171.90M |
Gross Profit | 133.10M | 233.80M | 147.80M | 590.50M | 455.80M | -175.20M |
EBITDA | 203.75M | 205.40M | 149.50M | 591.90M | 457.10M | -170.40M |
Net Income | 107.30M | 203.80M | 142.90M | 611.20M | 466.00M | -172.90M |
Balance Sheet | ||||||
Total Assets | 2.95B | 3.00B | 3.10B | 2.81B | 2.27B | 1.82B |
Cash, Cash Equivalents and Short-Term Investments | 134.60M | 227.40M | 221.60M | 341.10M | 14.20M | 114.70M |
Total Debt | 0.00 | 0.00 | 266.00M | 20.30M | 15.00M | 28.60M |
Total Liabilities | 32.50M | 33.60M | 297.40M | 31.90M | 48.30M | 30.00M |
Stockholders Equity | 2.92B | 2.97B | 2.80B | 2.78B | 2.23B | 1.79B |
Cash Flow | ||||||
Free Cash Flow | 54.00M | 58.40M | 142.60M | 612.00M | 24.30M | 28.20M |
Operating Cash Flow | 55.70M | 58.90M | 142.90M | 612.40M | 27.80M | 30.90M |
Investing Cash Flow | 492.20M | 258.40M | -276.30M | 374.90M | -101.00M | 11.40M |
Financing Cash Flow | -157.50M | -311.50M | 129.30M | -84.10M | -27.30M | -39.90M |
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
---|---|---|---|---|---|---|---|
80 Outperform | £2.07B | 23.51 | 47.17% | 1.76% | 18.52% | 9.87% | |
78 Outperform | £5.63B | 13.74 | 9.48% | 8.26% | 0.72% | 7.66% | |
77 Outperform | 29.38 | 2.23% | 2.98% | -20.54% | -15.27% | ||
75 Outperform | 9.36 | 9.65% | 3.74% | 5.43% | -3.82% | ||
67 Neutral | $17.07B | 11.91 | 9.69% | 3.75% | 11.66% | -9.47% | |
62 Neutral | £9.66B | 7.45 | 12.42% | 12.16% | -3.32% | -31.32% |
Caledonia Investments PLC, a prominent investment trust company, announced that as of April 30, 2025, its issued share capital comprises 52,701,841 ordinary shares with voting rights, with no shares held in treasury. This information is crucial for shareholders to determine their reporting obligations under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, potentially impacting their investment strategies and compliance requirements.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC has a strong financial foundation with high profitability and a robust, debt-free balance sheet. The strategic execution of share buybacks further supports shareholder value. However, mixed technical signals and a moderate valuation suggest cautious optimism. Despite some revenue volatility, the company’s financial stability positions it well in the asset management industry.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced that as of April 30, 2025, its issued share capital comprised 52,701,841 ordinary shares with voting rights, with no shares held in treasury. This update is significant for shareholders as it provides the necessary information for determining their notification requirements under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC has a strong financial foundation with high profitability and a robust, debt-free balance sheet. The strategic execution of share buybacks further supports shareholder value. However, mixed technical signals and a moderate valuation suggest cautious optimism. Despite some revenue volatility, the company’s financial stability positions it well in the asset management industry.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 17,135 of its own ordinary shares at an average price of 3750.23 pence per share, which will subsequently be cancelled. This transaction reduces the total number of shares with voting rights to 52,701,841, potentially impacting shareholder value by increasing the ownership percentage of remaining shares.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC has a strong financial foundation with high profitability and a robust, debt-free balance sheet. The strategic execution of share buybacks further supports shareholder value. However, mixed technical signals and a moderate valuation suggest cautious optimism. Despite some revenue volatility, the company’s financial stability positions it well in the asset management industry.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 14,063 of its ordinary shares at an average price of 3738.08 pence per share, which will subsequently be cancelled. This transaction reflects the company’s ongoing strategy to manage its share capital effectively, potentially enhancing shareholder value by reducing the number of shares in circulation.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC exhibits strong financial health with high profitability and a robust, debt-free balance sheet. Strategic share buybacks further enhance shareholder confidence and value. However, mixed technical signals and moderate valuation suggest cautious optimism. Despite revenue volatility, the company remains well-positioned in the asset management industry.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 15,296 of its own ordinary shares at an average price of 3712.21 pence per share, with plans to cancel these shares. This transaction is part of the company’s strategy to manage its share capital and potentially enhance shareholder value by reducing the number of shares in circulation.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC exhibits strong financial health with high profitability and a robust, debt-free balance sheet. While the technical indicators show mixed signals, the stock is moderately valued, presenting cautious optimism. The strategic share buybacks further bolster shareholder confidence and value.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 8,284 of its own ordinary shares at an average price of 3661.68 pence per share, which will be cancelled. This transaction reflects the company’s ongoing strategy to manage its share capital effectively, potentially enhancing shareholder value by reducing the number of shares in circulation.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC maintains a strong financial foundation with high profitability and a robust balance sheet, supported by effective cash flow management. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with a moderate valuation. Despite revenue volatility, the company’s proactive capital management through share buybacks reflects confidence in its future prospects.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 25,780 of its own ordinary shares at an average price of 3605.60 pence per share, which will subsequently be cancelled. This transaction reflects the company’s ongoing strategy to manage its capital structure and potentially enhance shareholder value by reducing the number of shares in circulation, thereby increasing the value of remaining shares.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC’s strong financial performance and strategic share buybacks are key strengths, reflecting a robust financial position and shareholder value enhancement. However, mixed technical signals and moderate valuation suggest cautious optimism. The stock is well-positioned in the asset management industry, but revenue volatility and market conditions warrant attention.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 7,260 of its own ordinary shares at an average price of 3623.25 pence per share, with the intention to cancel these shares. This transaction reduces the number of shares with voting rights to 52,782,399, potentially enhancing shareholder value by increasing the ownership percentage of remaining shares.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC displays a strong financial foundation with high profitability and a robust balance sheet. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with moderate valuation.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC’s recent update highlights the success of its private capital pool, which has achieved a 12.4% annual NAV total return over the past decade. This performance underscores the effectiveness of Caledonia’s patient and consistent investment strategy, reinforcing its strong position in the investment industry.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC displays a strong financial foundation with high profitability and a robust balance sheet. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with moderate valuation.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC, a prominent investment trust, has announced the purchase and subsequent cancellation of 2,680 of its own ordinary shares at an average price of 3621.57 pence per share. This transaction, executed through J.P. Morgan Securities plc, reflects Caledonia’s ongoing strategy to manage its share capital effectively, potentially impacting its share value and market perception.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC displays a strong financial foundation with high profitability and a robust balance sheet. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with moderate valuation.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 4,974 of its own ordinary shares at an average price of 3374.37 pence per share, which will subsequently be cancelled. This transaction adjusts the company’s issued share capital to 52,792,339 ordinary shares with voting rights, reflecting Caledonia’s ongoing strategy to manage its share capital effectively.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC displays a strong financial foundation with high profitability and a robust balance sheet. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with moderate valuation.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC, a prominent investment trust, announced the repurchase of 16,206 of its own ordinary shares at an average price of 3461.36 pence per share. This transaction, executed through J.P. Morgan Securities plc, will result in the cancellation of the purchased shares, impacting the company’s share capital and potentially influencing its market positioning by reducing the number of shares with voting rights to 52,797,313.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC displays a strong financial foundation with high profitability and a robust balance sheet. Strategic share buybacks further enhance shareholder value. However, technical indicators provide mixed signals, necessitating cautious optimism. Overall, the stock is well-positioned in the asset management industry with moderate valuation.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 27,630 of its own ordinary shares at an average price of 3310.25 pence per share, which will subsequently be cancelled. This transaction adjusts Caledonia’s issued share capital to 52,813,519 ordinary shares with voting rights, potentially impacting shareholder value and market perception.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC exhibits a strong financial position with high profitability and a stable balance sheet. The absence of debt and effective cash flow management further bolster its financial health. While the technical indicators show mixed signals, the company is moderately valued. The strategic share buyback program indicates confidence in the company’s future prospects and enhances shareholder value.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC, a prominent investment trust, announced the repurchase of 27,630 of its own ordinary shares at an average price of 3310.25 pence per share. This transaction, executed through J.P. Morgan Securities plc, will result in the cancellation of these shares, adjusting the company’s issued share capital to 52,813,519 ordinary shares with voting rights. The move is part of Caledonia’s ongoing strategy to manage its capital structure and potentially enhance shareholder value.
Spark’s Take on GB:CLDN Stock
According to Spark, TipRanks’ AI Analyst, GB:CLDN is a Outperform.
Caledonia Investments PLC exhibits a strong financial position with high profitability and a stable balance sheet. The absence of debt and effective cash flow management further bolster its financial health. While the technical indicators show mixed signals, the company is moderately valued. The strategic share buyback program indicates confidence in the company’s future prospects and enhances shareholder value.
To see Spark’s full report on GB:CLDN stock, click here.
Caledonia Investments PLC announced the repurchase of 26,517 of its own ordinary shares at an average price of 3417.53 pence per share, which will subsequently be cancelled. This transaction reduces the company’s issued share capital to 52,841,149 ordinary shares with voting rights, potentially impacting shareholder value and market perception by demonstrating confidence in the company’s financial health.
Caledonia Investments PLC announced the repurchase of 6,887 of its own ordinary shares at an average price of 3683.33 pence per share, with the transaction executed through J.P. Morgan Securities plc. This move will result in the cancellation of the purchased shares, leaving Caledonia with a total of 52,867,666 ordinary shares with voting rights. The repurchase of shares may indicate a strategic effort to consolidate ownership and potentially enhance shareholder value by reducing the number of shares outstanding.
Caledonia Investments PLC, a prominent investment trust company, announced the repurchase of 8,145 of its own ordinary shares at an average price of 3661.77 pence per share. This transaction, executed through J.P. Morgan Securities plc, will result in the cancellation of the purchased shares, thereby slightly reducing the company’s issued share capital to 52,874,553 ordinary shares with voting rights. The buyback reflects Caledonia’s strategic approach to managing its capital structure, potentially enhancing shareholder value and signaling confidence in its market position.
Caledonia Investments PLC announced that as of March 31, 2025, its issued share capital consisted of 52,882,698 ordinary shares with voting rights, with none held in treasury. This update is relevant for shareholders to determine their notification requirements under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, impacting how stakeholders manage their interests in the company.
Caledonia Investments PLC announced the purchase and cancellation of 11,215 of its own ordinary shares at an average price of 3659.77 pence per share. This transaction reduces the company’s issued share capital to 52,882,698 shares with voting rights, potentially impacting shareholder value and market perception.
Caledonia Investments PLC announced the repurchase of 19,570 of its own ordinary shares at an average price of 3747.43 pence per share, which will subsequently be cancelled. This transaction affects the company’s share capital, leaving 52,893,913 ordinary shares with voting rights, potentially impacting shareholder value and market perception.
Caledonia Investments PLC, a prominent investment trust company, has announced the repurchase of 63,480 of its own ordinary shares at an average price of 3823.54 pence per share. This strategic move to cancel the repurchased shares is likely aimed at consolidating shareholder value and optimizing the company’s capital structure, reflecting a proactive approach to managing its equity base.
Caledonia Investments PLC has announced the repurchase of 5,816 of its own ordinary shares at an average price of 3852.10 pence per share, with the transaction executed through J.P. Morgan Securities PLC. The repurchased shares will be cancelled, adjusting the company’s issued share capital to 52,976,963 ordinary shares with voting rights. This move is part of Caledonia’s ongoing strategy to manage its share capital effectively, potentially enhancing shareholder value and reflecting confidence in its financial position.
Caledonia Investments PLC has announced the repurchase of 17,790 of its own ordinary shares at an average price of 3768.23 pence per share, which will be subsequently cancelled. This transaction reflects a strategic move to manage its share capital, potentially enhancing shareholder value by reducing the number of shares in circulation, thereby possibly increasing the earnings per share.
Caledonia Investments PLC announced transactions involving its director, Mathew Masters, and a closely associated person, Clair Masters, under the UK Market Abuse Regulation. Both individuals executed ‘Bed and ISA’ transactions, selling and repurchasing shares at the same price to transfer them into Individual Savings Accounts. These transactions indicate a strategic move to optimize tax efficiency for the involved parties.
Caledonia Investments PLC, a prominent investment trust company, has announced the repurchase of 16,076 of its own ordinary shares at an average price of 3879.49 pence per share. This strategic move, executed through J.P. Morgan Securities plc, will result in the cancellation of these shares, potentially enhancing shareholder value by reducing the number of shares in circulation and increasing earnings per share.
Caledonia Investments PLC, a prominent investment trust, has executed a share buyback, purchasing 11,848 of its own ordinary shares at an average price of 3878.02 pence per share. This transaction, facilitated through J.P. Morgan Securities PLC, results in the cancellation of the purchased shares, adjusting the company’s issued share capital to 53,016,645 ordinary shares with voting rights. The buyback reflects Caledonia’s strategic capital management approach, potentially enhancing shareholder value and signaling confidence in the company’s financial health.
Caledonia Investments PLC, a prominent investment trust, has announced the repurchase of 5,867 of its own ordinary shares at an average price of 3879.56 pence per share. This transaction, executed through J.P. Morgan Securities plc, results in the cancellation of these shares, thereby reducing the company’s issued share capital to 53,028,493 ordinary shares with voting rights. This move is part of Caledonia’s ongoing strategy to manage its share capital effectively, potentially enhancing shareholder value and reflecting confidence in the company’s financial health.
Caledonia Investments PLC announced the repurchase of 4,652 of its own ordinary shares at a price of 3885.00 pence per share, which will subsequently be cancelled. This transaction reflects Caledonia’s ongoing strategy to manage its share capital and potentially enhance shareholder value by reducing the number of shares in circulation, thereby increasing the ownership percentage of remaining shareholders.
Caledonia Investments PLC has announced the purchase and subsequent cancellation of 24,176 of its own ordinary shares at an average price of 3879.31 pence per share. This transaction, executed through J.P. Morgan Securities, reflects Caledonia’s ongoing strategy to manage its share capital effectively, potentially enhancing shareholder value by reducing the number of shares in circulation.
Caledonia Investments PLC announced that as of 28 February 2025, its issued share capital consisted of 53,070,188 ordinary shares with voting rights, with none held in treasury. This update is crucial for shareholders to calculate their interests under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, impacting how they manage their investments in the company.
Caledonia Investments PLC has announced the repurchase of 24,336 of its own ordinary shares at an average price of 3847.53 pence per share, with the shares set to be cancelled. This transaction reduces the company’s issued share capital to 53,070,188 ordinary shares with voting rights, potentially impacting shareholder value and market perception.
Caledonia Investments PLC has announced the repurchase and cancellation of 31,576 of its own ordinary shares at an average price of 3836.45 pence per share. This transaction reduces the company’s issued share capital to 53,094,524 ordinary shares with voting rights, potentially enhancing shareholder value and reflecting confidence in the company’s financial health.
Caledonia Investments PLC announced the repurchase of 39,045 of its own ordinary shares at an average price of 3839.47 pence per share, with plans to cancel these shares. This transaction reflects the company’s strategy to manage its share capital effectively, potentially enhancing shareholder value and maintaining a stable share price.
Caledonia Investments PLC has announced the repurchase of 26,441 of its own ordinary shares at an average price of 3855.83 pence per share. This transaction, conducted through J.P. Morgan Securities plc, will result in the cancellation of the purchased shares, leaving the company with a total of 53,165,145 ordinary shares with voting rights. This move could potentially impact the company’s stock value and shareholder equity, reflecting a strategic decision to manage its share capital.
Caledonia Investments PLC announced the repurchase of 36,441 of its own ordinary shares at an average price of 3854.89 pence per share, which will be subsequently canceled. This transaction reflects the company’s strategic approach to managing its share capital, potentially enhancing shareholder value and indicating confidence in its market positioning.
Caledonia Investments PLC has repurchased 6,603 of its own ordinary shares at an average price of 3876.50 pence per share, which will subsequently be cancelled. This transaction reflects the company’s ongoing strategy to manage its share capital, potentially enhancing shareholder value and optimizing its market positioning.
Caledonia Investments PLC has announced a share buyback, purchasing 555 of its own ordinary shares at a price of 3885.00 pence each. This transaction, executed through J.P. Morgan Securities plc, will result in the cancellation of these shares, affecting the company’s overall share capital and potentially impacting shareholder value.
Caledonia Investments PLC announced the repurchase of 21,279 of its own ordinary shares at an average price of 3876.48 pence per share, with plans to cancel these shares. This transaction reduces the total number of shares with voting rights to 53,269,307, potentially enhancing shareholder value and consolidating ownership.
Caledonia Investments PLC has repurchased 9,723 of its ordinary shares at an average price of 3837.73 pence per share, with plans to cancel them, which will adjust its share capital to 53,290,586 ordinary shares with voting rights. This move indicates Caledonia’s strategy to manage its capital structure and could potentially enhance shareholder value through a reduction in the number of shares available in the market.
Caledonia Investments PLC, a British investment trust company, announced the repurchase of 35,708 of its own ordinary shares, which were acquired at an average price of 3814.57 pence per share through J.P. Morgan Securities. The purchased shares will be cancelled, reducing the total number of shares with voting rights to 53,300,309. This buyback could be seen as a move to consolidate the company’s share capital and potentially enhance shareholder value.
Caledonia Investments PLC recently executed a buyback of 32,000 ordinary shares, purchasing them at an average price of 3814.61 pence each. This transaction will result in the cancellation of these shares, adjusting the company’s issued share capital to 53,336,017 ordinary shares with voting rights. This move might signal a strategic effort to consolidate ownership and potentially enhance shareholder value by reducing the number of shares outstanding.
Caledonia Investments PLC announced the repurchase of 16,297 of its own ordinary shares at an average price of 3797.02 pence per share. This transaction is part of its ongoing capital management strategy and will result in the cancellation of these shares, slightly reducing the total issued share capital to 53,368,017 shares with voting rights.
Caledonia Investments PLC has announced the repurchase of 10,640 of its own ordinary shares at an average price of 3760.70 pence per share, as facilitated by J.P. Morgan Securities PLC. This share buyback will lead to the cancellation of the repurchased shares, thereby reducing the total number of ordinary shares with voting rights to 53,384,314. The move is part of Caledonia’s ongoing capital management strategy, potentially enhancing shareholder value by consolidating ownership and improving earnings per share.
Caledonia Investments PLC, a prominent investment trust company, has announced the buyback of 21,500 of its own ordinary shares at an average price of 3809.92 pence per share. This transaction, executed through J.P. Morgan Securities plc, will see the purchased shares cancelled, thereby slightly reducing the number of shares with voting rights and potentially increasing the value of the remaining shares. This strategic move might reflect the company’s confidence in its current valuation and market positioning, albeit no explicit implications for stakeholders were mentioned.
Caledonia Investments PLC recently reported a transaction involving Knossington Holdings Company, which is controlled by William Wyatt, a director of Caledonia. Knossington acquired 135 ordinary shares, representing a minor portion of Caledonia’s share capital, from a member of the Cayzer family concert party. This transaction, conducted off-market in London, slightly increased Mr. Wyatt’s beneficial holdings in the company, potentially reflecting a strategic move to strengthen his stake in Caledonia.
Caledonia Investments PLC, a prominent investment trust, has repurchased 15,051 of its own ordinary shares at an average price of 3798.25 pence per share, with plans to cancel these shares. This transaction, executed through J.P. Morgan Securities plc, brings Caledonia’s total issued share capital with voting rights to 53,416,454 Ordinary Shares, potentially impacting the market perception of its stock value and shareholder equity.
Caledonia Investments PLC announced it has repurchased 3,575 of its own ordinary shares at an average price of 3,762.73 pence per share, with J.P. Morgan Securities PLC facilitating the transaction. This move will result in the cancellation of the repurchased shares, affecting the company’s issued share capital, which now stands at 53,431,505 ordinary shares with voting rights.
Caledonia Investments PLC announced the repurchase of 6,790 ordinary shares at an average price of 3763.29 pence per share, which will subsequently be canceled. This transaction slightly reduces the company’s overall share capital, potentially enhancing the value of remaining shares and indicating a strategic move to manage shareholder value.