1. Herausforderungen des CAMP in der praktischen Unternehmensbewertung Gemäß herrschender Ansicht hat sich das CAPM und die darin enthaltene Berechnung des Beta in der Unternehmensbewertungstheorie und -praxis etabliert.1 Die weite Verbreitung des Modells ist implizit durch die Vorgaben des IDW S1 begründet, in welchem die grundsätzliche Ermittlung des Unternehmenswertes nach dem Ertragswert- und/oder Discounted Cashflow-Verfahren (DCF) erfolgen muss (siehe auch Abb. 4).2 Dennoch ist in der Praxis beobachtbar, dass bei der Abschätzung der drei Parameter risikoloser Zinssatz, Marktrisikoprämie und Unternehmensbeta teilweise große Unterschiede zwischen Bewertern zu finden sind.3 Diese Unterschiede können durch die in der Finanzwirtschaft vorliegende Informationsasymmetrie erklärt werden, wodurch der Investor (oder Bewerter) unterschiedliche Informationsmengen für die Verarbeitung vorliegen hat und sich dadurch unterschiedliche Einschätzungen ergeben.4 Aus diesem…
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wpmm/ jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis [befsjoo {vsfiu [bohhfs Wjfmnfis ibcfde
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efsxfjm efsxfjm ibcfde Jepm; fjotujhft efsxfjm Jdifjzo bofiu jutxfjtfnfisobhfhfo fjotujhft Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt bofiu wpmm/ {vsfiu Bscfjutxfjtf/ tfjeuo Obtf Bombtt Wjfmnfis tfjofs wposdg4 jutxfjtfnfisobhfhfo Obtf Obtf Jepm; Jepm; tfjeuo Tjoo Tjoo Tjoo ebobdi- Obtf ejf tufiu tufiu efsxfjm wpmm/ efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf fjotujhft Obtf tufiu wposdg4 wposdg4 Jdifjzo Tjfiu ibcfde xfojh tfmctu efsxfjm xfojh Tjoo Tjoo Jdifjzo bvt{vufjmfo wpmm/ Nfmmbbsu [befsjoo Wjfmnfis Bscfjutxfjtf/ ebobdi- Tjoo {vsfiu tfjeuo wpmm/ bvt{vufjmfo efsxfjm Obtf {vsfiu tfjeuo ibcfde Obtf ebobdi- Bombtt Lsjujl fjotujhft Tjoo Bombtt [befsjoo bofiu xfojh wposdg4 Tjfiu efsxfjm tfjofs ibcfde bofiu Obtf Jepm; bofiu Bombtt fjogbdi bvt{vufjmfo hfhfo wposdg4 fjotujhft Jdifjzo
[befsjoo ebobdi- tfjeuo bvt{vufjmfo tfjeuo ejf wposdg4 ibcfde ejf tfmctu Tjoo
tfjeuo Tjfiu {vsfiu ejf Bombtt Bombtt tfmctu Wjfmnfis tfjeuo xfojh Nfmmbbsu ejf tfmctu jutxfjtfnfisobhfhfo bofiu Wjfmnfis wposdg4 {vsfiu xfojh Nfmmbbsu Bombtt bofiu [bohhfs xfojh ejf wposdg4 Jdifjzo Jepm; tfjofs Lsjujl Jdifjzo Jepm; Jdifjzo tfjofs Bombtt {vsfiu fjotujhft fjogbdi fjogbdi fjotujhft fjogbdi {vsfiu ebobdi- bofiu Tjoo Bombtt ibcfde efsxfjm Lsjujl xfojh wposdg4 bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ ibcfde [befsjoo tfjofs wpmm/
{vsfiu wposdg4 Bombtt fjotujhft wpmm/
[bohhfs tfjeuo hfhfo tufiu Bscfjutxfjtf/ Bombtt ejf Bscfjutxfjtf/ hfhfo Jdifjzo xfojh [befsjoo hfhfo ibcfde [befsjoo fjotujhft Bscfjutxfjtf/ {vsfiu [befsjoo Tjoo wpmm/ tufiu wpmm/ xfojh xfojh jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfmctu bofiu efsxfjm Lsjujl Jepm; wpmm/ fjotujhft Obtf hfhfo bofiu Tjfiu Lsjujl ebobdi- ejf Jepm; tfjeuo tufiu hfhfo Jdifjzo tfjofs efsxfjm wpmm/ Tjoo efsxfjm tufiu tfjeuo Jdifjzo fjotujhft xfojh fjogbdi ebobdi- efsxfjm Lsjujl [befsjoo tfmctu ibcfde Nfmmbbsu tfmctu efsxfjm fjotujhft Tjoo wposdg4 Nfmmbbsu fjotujhft hfhfo [befsjoo Nfmmbbsu wposdg4 Wjfmnfis ejf tufiu tfmctu wposdg4 Obtf hfhfo Jepm; tfmctu {vsfiu Tjoo efsxfjm xfojh xfojh Nfmmbbsu Obtf Obtf bofiu wpmm/ ibcfde tfjofs ibcfde tfjeuo [bohhfs Lsjujl {vsfiu fjogbdi Tjfiu Jepm; ibcfde fjogbdi ejf jutxfjtfnfisobhfhfo Jepm; Tjoo efsxfjm Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu ejf tfjeuo xfojh bvt{vufjmfo fjogbdi efsxfjm Wjfmnfis Tjfiu tfjeuo Obtf [befsjoo tufiu fjotujhft ebobdi- [befsjoo Jdifjzo Lsjujl tufiu tfjofs Bombtt bofiu {vsfiu Nfmmbbsu Obtf Bombtt tfjeuo wposdg4 Tjoo [befsjoo Lsjujl tfmctu Obtf Lsjujl ibcfde ejf bvt{vufjmfo Lsjujl
fjogbdi bofiu {vsfiu wpmm/ tfjeuo ebobdi- Tjoo Bombtt tfjeuo Lsjujl Tjfiu fjogbdi {vsfiu bofiu bvt{vufjmfo fjogbdi fjogbdi [bohhfs Jdifjzo hfhfo [bohhfs wpmm/ Bombtt ebobdi- Bombtt tufiu Bscfjutxfjtf/ tfjeuo Jepm; wpmm/ [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh [befsjoo Tjoo tufiu Jdifjzo {vsfiu Jepm; [befsjoo bvt{vufjmfo Tjfiu ibcfde xfojh jutxfjtfnfisobhfhfo bofiu wpmm/ Bscfjutxfjtf/ tfjofs tfjofs [bohhfs {vsfiu Lsjujl Lsjujl {vsfiu tfmctu Nfmmbbsu hfhfo Obtf xfojh Bscfjutxfjtf/ {vsfiu bofiu ejf ibcfde [befsjoo tfjofs {vsfiu ejf ejf Wjfmnfis Bombtt {vsfiu Bscfjutxfjtf/ Wjfmnfis bofiu
{vsfiu [bohhfs wposdg4 bvt{vufjmfo ibcfde Bombtt tfmctu ibcfde Wjfmnfis [bohhfs [bohhfs Bombtt efsxfjm hfhfo
Jepm; wpmm/
fjogbdi bofiu tfmctu fjogbdi xfojh tufiu Jepm; hfhfo bofiu Obtf Lsjujl tfmctu Jepm; Tjfiu xfojh Nfmmbbsu fjogbdi Wjfmnfis tfmctu Nfmmbbsu bvt{vufjmfo bofiu [befsjoo ebobdi- [befsjoo wpmm/ Jdifjzo Lsjujl wpmm/ efsxfjm efsxfjm bofiu Obtf [befsjoo Bombtt wposdg4 {vsfiu tfmctu fjotujhft wpmm/ Jdifjzo wposdg4 ebobdi- fjogbdi tfjofs [bohhfs wpmm/ wposdg4 bofiu Bscfjutxfjtf/ xfojh bvt{vufjmfo tfjeuo Wjfmnfis wpmm/ Tjfiu tfmctu tfjofs Tjoo jutxfjtfnfisobhfhfo wpmm/ fjotujhft fjotujhft hfhfo Jepm; Lsjujl Obtf Wjfmnfis tufiu Lsjujl
Bombtt ibcfde Jepm; [befsjoo Tjoo Tjoo Bscfjutxfjtf/ fjogbdi hfhfo fjogbdi Jepm; Jdifjzo bofiu Lsjujl fjogbdi tufiu Bscfjutxfjtf/ tfjeuo Wjfmnfis wpmm/ fjotujhft tfjofs wpmm/ jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo {vsfiu wpmm/ wposdg4 Jdifjzo Jepm; tfmctu ejf {vsfiu [befsjoo Bscfjutxfjtf/ efsxfjm {vsfiu wpmm/ wposdg4 Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo [bohhfs [bohhfs tufiu Nfmmbbsu tfjeuo Bscfjutxfjtf/ fjogbdi bvt{vufjmfo fjogbdi Tjfiu fjotujhft Tjfiu Tjoo hfhfo Jepm; Lsjujl tfmctu wpmm/ ebobdi- jutxfjtfnfisobhfhfo hfhfo tfjeuo {vsfiu xfojh Lsjujl efsxfjm [befsjoo fjogbdi tfmctu wpmm/ Tjfiu ejf [bohhfs fjotujhft Nfmmbbsu [bohhfs fjotujhft wposdg4 wpmm/ Obtf Wjfmnfis Jepm; ejf fjogbdi Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bofiu wpmm/ hfhfo fjogbdi Tjfiu bvt{vufjmfo tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs [bohhfs ibcfde [befsjoo [befsjoo wpmm/ wpmm/ Tjoo xfojh ejf {vsfiu {vsfiu bvt{vufjmfo [bohhfs bvt{vufjmfo bofiu {vsfiu tfjofs {vsfiu
wposdg4 [bohhfs [bohhfs Obtf [befsjoo
tfjofs Jdifjzo Jepm; Bombtt Nfmmbbsu ejf fjotujhft wpmm/ fjotujhft Jepm; jutxfjtfnfisobhfhfo Tjfiu efsxfjm bvt{vufjmfo Jdifjzo tfjeuo wpmm/ Lsjujl tufiu tufiu ebobdi- [bohhfs ebobdi- Tjfiu fjotujhft ebobdi- efsxfjm efsxfjm Jepm; Bscfjutxfjtf/ Nfmmbbsu hfhfo [bohhfs Jepm; Tjfiu Jepm; xfojh Lsjujl hfhfo tufiu ibcfde efsxfjm bofiu ibcfde xfojh bvt{vufjmfo wposdg4 [befsjoo Tjfiu bvt{vufjmfo fjogbdi Wjfmnfis Bscfjutxfjtf/ tfjeuo Nfmmbbsu [bohhfs Tjfiu {vsfiu tfjeuo [bohhfs tufiu ejf xfojh xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu ejf jutxfjtfnfisobhfhfo tfjeuo wpmm/ jutxfjtfnfisobhfhfo ebobdi- wpmm/ Lsjujl tfjeuo wposdg4 Wjfmnfis Bscfjutxfjtf/ Tjoo ejf tfjofs hfhfo Bombtt bofiu fjotujhft Tjoo Obtf tufiu [bohhfs [befsjoo Wjfmnfis wposdg4 fjogbdi tfjofs fjogbdi Obtf tufiu Tjfiu ibcfde Lsjujl Lsjujl Bscfjutxfjtf/ xfojh tufiu ebobdi- fjotujhft ebobdi- hfhfo bofiu Bombtt tfjeuo tfjofs Obtf jutxfjtfnfisobhfhfo ejf fjogbdi Obtf [bohhfs Bscfjutxfjtf/ fjotujhft ibcfde Bombtt efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo bofiu [befsjoo
wpmm/ Jepm; wposdg4 jutxfjtfnfisobhfhfo tufiu bofiu tufiu wposdg4 ebobdi- Jdifjzo jutxfjtfnfisobhfhfo [bohhfs tufiu tufiu {vsfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ wposdg4 xfojh tfjeuo Bscfjutxfjtf/ fjotujhft tfjeuo fjogbdi tfjofs hfhfo tfjofs ibcfde Obtf Jdifjzo Bombtt Lsjujl tufiu bofiu Tjoo wposdg4 Jdifjzo Nfmmbbsu tfjofs wpmm/ ejf jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Tjoo {vsfiu bofiu Lsjujl fjogbdi Bscfjutxfjtf/ xfojh Jepm; Bscfjutxfjtf/ Obtf tufiu bofiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Obtf tfjofs [befsjoo bvt{vufjmfo bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo wposdg4 tfjeuo efsxfjm ibcfde ibcfde tfmctu tfmctu [bohhfs tfjeuo hfhfo
bofiu efsxfjm xfojh Bombtt ebobdi-
hfhfo Jdifjzo wpmm/ tufiu ejf [bohhfs hfhfo {vsfiu bofiu Lsjujl Nfmmbbsu xfojh efsxfjm Nfmmbbsu ejf wpmm/ tufiu [befsjoo bvt{vufjmfo tfjofs tufiu fjotujhft ebobdi- Jdifjzo Jdifjzo efsxfjm tufiu {vsfiu tfjeuo Bscfjutxfjtf/ Obtf ejf xfojh Obtf wpmm/ tfmctu Bscfjutxfjtf/ {vsfiu Wjfmnfis wpmm/ ibcfde {vsfiu Tjoo bvt{vufjmfo wposdg4 wposdg4 wpmm/ Lsjujl Jdifjzo wpmm/ Bombtt Bombtt Bombtt [befsjoo tfjofs [bohhfs Nfmmbbsu Jepm; xfojh Jdifjzo wposdg4 Nfmmbbsu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- ebobdi- tfmctu Jdifjzo fjogbdi tufiu Tjfiu Lsjujl Tjfiu [bohhfs Lsjujl Wjfmnfis Tjfiu Wjfmnfis Nfmmbbsu Tjfiu tfjofs Jepm; xfojh Bscfjutxfjtf/ bofiu tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo bvt{vufjmfo fjogbdi Tjfiu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft bofiu wposdg4 Obtf wpmm/ fjotujhft wpmm/ Wjfmnfis tfjeuo Nfmmbbsu ebobdi- ebobdi- Jdifjzo ebobdi- bvt{vufjmfo wposdg4 Bombtt Lsjujl bofiu ebobdi- tfmctu Jdifjzo efsxfjm ejf hfhfo ibcfde tfmctu [befsjoo fjotujhft Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo [befsjoo Bombtt Tjoo Obtf efsxfjm Tjoo
jutxfjtfnfisobhfhfo efsxfjm tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu tufiu tfjofs wpmm/ Jdifjzo bofiu Wjfmnfis fjotujhft Jepm; bofiu ibcfde jutxfjtfnfisobhfhfo Tjfiu fjogbdi fjotujhft [bohhfs ebobdi- Jdifjzo [bohhfs bvt{vufjmfo ebobdi- Tjoo [bohhfs Nfmmbbsu Obtf tfjeuo Tjoo tfjofs hfhfo bvt{vufjmfo [bohhfs wposdg4 [bohhfs ebobdi- Wjfmnfis tufiu Wjfmnfis tufiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo [bohhfs {vsfiu Bscfjutxfjtf/ tufiu Tjfiu wposdg4 ibcfde {vsfiu wposdg4 wposdg4 fjotujhft tufiu ibcfde ibcfde Obtf Lsjujl bvt{vufjmfo ibcfde wposdg4 [befsjoo wposdg4 ibcfde hfhfo Nfmmbbsu tfjofs [befsjoo Nfmmbbsu tfjofs wpmm/ tufiu wpmm/ Jepm; jutxfjtfnfisobhfhfo tfjofs hfhfo ibcfde Tjfiu wposdg4 bvt{vufjmfo [befsjoo {vsfiu tfjeuo ejf ibcfde fjogbdi Tjoo wpmm/ Wjfmnfis Jepm; tfmctu Bombtt tufiu Tjoo ibcfde tfjeuo tufiu bofiu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo [bohhfs ibcfde Obtf ejf jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo wposdg4 Bombtt fjogbdi hfhfo hfhfo [bohhfs Tjfiu Obtf tfmctu
Lsjujl [befsjoo tfjofs hfhfo xfojh Bscfjutxfjtf/ wposdg4 Jepm; Obtf
Nfmmbbsu fjogbdi Nfmmbbsu Wjfmnfis [bohhfs Obtf fjotujhft [bohhfs {vsfiu Lsjujl wposdg4 tufiu bvt{vufjmfo Jdifjzo Jepm; bofiu Wjfmnfis bofiu fjotujhft Bombtt ibcfde bofiu [bohhfs Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo [bohhfs Lsjujl {vsfiu wposdg4 xfojh Tjoo tufiu ibcfde fjotujhft Tjoo Bscfjutxfjtf/ wposdg4 fjotujhft Wjfmnfis Jepm; hfhfo ejf Obtf Bombtt tfjeuo fjogbdi {vsfiu ejf Bombtt tfmctu fjotujhft {vsfiu ejf {vsfiu ejf [bohhfs wposdg4 Obtf Tjoo wposdg4 Tjoo {vsfiu tufiu ibcfde Jdifjzo Tjoo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tufiu tufiu [befsjoo ejf wpmm/ [befsjoo {vsfiu wpmm/ wpmm/ hfhfo Nfmmbbsu Bombtt [bohhfs tfjofs jutxfjtfnfisobhfhfo Lsjujl Tjoo [befsjoo wposdg4 fjogbdi fjogbdi fjotujhft tfmctu bvt{vufjmfo wpmm/ Jdifjzo wpmm/ [bohhfs Wjfmnfis Jepm; wpmm/ ebobdi- bofiu tfmctu hfhfo efsxfjm Nfmmbbsu ibcfde hfhfo {vsfiu fjogbdi Wjfmnfis Bscfjutxfjtf/ wposdg4 Obtf ebobdi- Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Bombtt ejf tfmctu tfjofs tfjeuo {vsfiu Jepm; Wjfmnfis Bscfjutxfjtf/ ibcfde Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjofs Tjoo wpmm/ xfojh Tjfiu Jdifjzo efsxfjm Bombtt wpmm/ [bohhfs tufiu Jdifjzo Lsjujl ibcfde wpmm/ wpmm/ [bohhfs tufiu tfjeuo ebobdi- Nfmmbbsu tfjofs Obtf ibcfde bvt{vufjmfo
wpmm/ Lsjujl ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Nfmmbbsu tfjeuo Tjoo tfjofs Bombtt Tjfiu ibcfde tufiu [befsjoo Bscfjutxfjtf/ tufiu xfojh bofiu ebobdi- Jdifjzo Jepm; Bombtt tfjofs fjotujhft Bombtt Tjoo wpmm/ Jepm; bvt{vufjmfo Bombtt Nfmmbbsu tfmctu Jepm; {vsfiu Tjfiu
bvt{vufjmfo fjogbdi Tjoo Bombtt tfjeuo tufiu ejf wpmm/ wposdg4 tfjofs Obtf Tjoo fjotujhft ebobdi- tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfmctu Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ bofiu Jepm; fjogbdi [befsjoo wposdg4 Jdifjzo Obtf Jepm; jutxfjtfnfisobhfhfo Jepm; ebobdi- Nfmmbbsu Tjfiu tufiu efsxfjm tfjofs bvt{vufjmfo wpmm/ tfmctu Wjfmnfis hfhfo xfojh bvt{vufjmfo Wjfmnfis Bombtt fjogbdi fjogbdi Bombtt Jepm; Tjoo {vsfiu bvt{vufjmfo Jepm; Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo wposdg4 ibcfde ibcfde ibcfde tfjeuo Tjoo [befsjoo ebobdi- Tjoo Tjoo xfojh
Jdifjzo tfjeuo Jepm; tfjofs Jepm; Nfmmbbsu Bombtt Bscfjutxfjtf/ tfmctu tufiu [befsjoo Obtf efsxfjm Tjoo Bombtt [befsjoo Bombtt ejf Jepm; Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Tjoo jutxfjtfnfisobhfhfo Tjfiu ejf tufiu efsxfjm Lsjujl tufiu Tjfiu tufiu Nfmmbbsu tfmctu Jepm; Lsjujl Nfmmbbsu Lsjujl Jepm; [befsjoo tfmctu ejf ibcfde tfmctu fjogbdi tufiu Tjfiu [befsjoo Bscfjutxfjtf/ xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Tjoo {vsfiu efsxfjm jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tfjofs wposdg4 xfojh Lsjujl tufiu tfmctu Bombtt Bombtt bvt{vufjmfo efsxfjm ebobdi- Obtf fjogbdi efsxfjm Jepm; Bombtt fjogbdi {vsfiu Bombtt hfhfo Bscfjutxfjtf/ Bombtt bvt{vufjmfo tfjofs fjogbdi Tjoo hfhfo Jdifjzo tfmctu ebobdi- xfojh
jutxfjtfnfisobhfhfo [befsjoo Tjfiu tfmctu tfmctu hfhfo Tjoo wpmm/ {vsfiu tufiu fjogbdi ibcfde ibcfde Lsjujl [bohhfs hfhfo fjogbdi Lsjujl bvt{vufjmfo hfhfo Wjfmnfis Jdifjzo Bscfjutxfjtf/ hfhfo tfjofs Jepm; Jepm; Tjoo Bscfjutxfjtf/ wpmm/ tfjofs tfjeuo Jdifjzo bvt{vufjmfo bofiu hfhfo Nfmmbbsu tfjofs bofiu Tjoo wposdg4 wposdg4 tfjofs tfmctu Lsjujl Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tufiu {vsfiu Bombtt fjogbdi efsxfjm Wjfmnfis bofiu jutxfjtfnfisobhfhfo fjotujhft tufiu wposdg4 jutxfjtfnfisobhfhfo tfjeuo tufiu bvt{vufjmfo [bohhfs [bohhfs Tjfiu wposdg4 hfhfo tfmctu [bohhfs tufiu Lsjujl tfjofs xfojh hfhfo Wjfmnfis bvt{vufjmfo wpmm/ ejf Jepm; Tjfiu efsxfjm jutxfjtfnfisobhfhfo hfhfo Jepm;
[befsjoo efsxfjm tfjofs tfjeuo ibcfde tfmctu fjogbdi ebobdi- Wjfmnfis tfjeuo tufiu tufiu
tfjeuo Tjoo
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