Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	-

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	-	-	-
Raen S.A.	-	-	-
Mediana / Raen S.A.	-	-	-

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Pozostałe spółki z branży Renewable Utilities

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Arise AB (publ)	ARISE.ST	160	4.0	12.4	0.8	Stockholm Stock Exchange
Infratil Limited	IFT.NZ	6,722	7.6	-18.0	1.4	NZSE
Atlantica Sustainable Infrastructure plc	AY	2,555	-2.9	85.1	2.0	NASDAQ Global Select
Alupar Investimento S.A.	ALUP11.SA	2,540	0.7	8.5	1.1	São Paulo
Concord New Energy Group Limited	0182.HK	492	-6.2	4.5	0.4	HKSE
Energisa S.A.	ENGI3.SA	2,736	-1.6	28.3	5.8	São Paulo
Light S.A.	LIGT3.SA	417	-2.2	0.9	0.4	São Paulo
Encavis AG	ECV.F	3,279	9.2	-280.4	2.4	Frankfurt Stock Exchange
KPI Green Energy Limited	KPIGREEN.NS	1,255	17.7	34.0	4.2	National Stock Exchange of India
Alupar Investimento S.A.	ALUP3.SA	1,819	0.7	8.5	1.1	São Paulo
TAURON Polska Energia S.A.	TPE.WA	4,208	0.2	13.1	0.8	Warsaw Stock Exchange
Smart Powerr Corp.	CREG	55	-89.7	-8.7	0.2	NASDAQ Capital Market
Gulf Energy Development Public Company Limited	GULF-R.BK	21,538	9.7	26.3	4.6	Thailand
Excelerate Energy, Inc.	EE	3,037	9.6	8.4	0.3	New York Stock Exchange
J&V Energy Technology Co., Ltd.	6869.TW	692	13.7	19.4	3.4	Taiwan
China Longyuan Power Group Corporation Limited	0916.HK	13,901	-2.2	9.0	0.7	HKSE
Earth Tech Environment Public Company Limited	ETC.BK	60	6.2	15.4	0.6	Thailand
Sinoma Energy Conservation Ltd.	603126.SS	556	118.1	-145.3	2.0	Shanghai
Ellomay Capital Ltd.	ELLO	218	-10.8	40.8	1.7	American Stock Exchange
Absolute Clean Energy Public Company Limited	ACE.BK	407	2.9	16.3	0.8	Thailand
Energy Vault Holdings, Inc.	NRGV	128	-0.9	-0.9	1.1	New York Stock Exchange
China Everbright Greentech Limited	1257.HK	224	-7.8	-4.2	0.2	HKSE
Iniziative Bresciane S.p.A.	IB.MI	77	-1.0	15.5	0.9	Milan
China Southern Power Grid Energy Efficiency & Clean Energy Co.,Ltd.	003035.SZ	2,490	19.3	-380.5	3.2	Shenzhen
Algonquin Power & Utilities Corp.	AQN	4,546	-1.5	-3.8	1.0	New York Stock Exchange
LGI Limited	LGI.AX	187	23.6	68.6	5.3	Australian Securities Exchange
Energy Absolute Public Company Limited	EA-R.BK	647	12.6	-3.5	0.5	Thailand
NuScale Power Corporation	SMR	14,925	-120.0	-146.2	27.8	New York Stock Exchange
Ørsted A/S	ORSTED.CO	19,468	1.9	70.5	1.4	Copenhagen
Energy Absolute Public Company Limited	EA.BK	647	12.6	-3.5	0.5	Thailand
CK Power Public Company Limited	CKP.BK	668	-0.1	11.5	0.8	Thailand
China Three Gorges Renewables (Group) Co.,Ltd.	600905.SS	17,097	-2.3	20.1	1.4	Shanghai
BF Utilities Limited	BFUTILITIE.BO	357	6.2	23.9	3.9	Bombay Stock Exchange
Tess Holdings Co.,Ltd.	5074.T	194	-5.6	-48.3	0.7	Tokyo
The Chugoku Electric Power Co., Inc.	9504.T	1,860	-10.5	2.8	0.4	Tokyo
Contact Energy Limited	CEN.NZ	4,362	8.1	32.3	2.7	NZSE
State Grid Information & Communication Co., Ltd.	600131.SS	3,029	32.9	34.3	3.5	Shanghai
Shikoku Electric Power Company, Incorporated	9507.T	1,696	-5.6	3.7	0.6	Tokyo
Invinity Energy Systems plc	IES.L	159	-7.0	-2.9	1.0	London Stock Exchange
Entech SA	ALESE.PA	128	-251.7	-137.4	4.3	Paris
Fortum Oyj	FORTUM.HE	16,393	7.5	13.4	1.5	Helsinki
The Kansai Electric Power Company, Incorporated	9503.T	12,853	-1.8	3.9	0.5	Tokyo
Électricite de Strasbourg Société Anonyme	ELEC.PA	1,171	-2.4	6.9	1.8	Paris
Super Energy Corporation Public Company Limited	SUPER.BK	118	-5.1	2.9	0.2	Thailand
Hokuriku Electric Power Company	9505.T	1,036	-6.7	2.4	0.4	Tokyo
RENOVA, Inc.	9519.T	435	-10.2	24.2	0.7	Tokyo
Sichuan Energy Investment Development Co., Ltd.	1713.HK	375	3.8	6.7	0.7	HKSE
Adani Green Energy Limited	ADANIGREEN.BO	18,945	9.2	130.2	15.5	Bombay Stock Exchange
China Datang Corporation Renewable Power Co., Limited	1798.HK	2,160	-5.2	10.3	0.7	HKSE
The Okinawa Electric Power Company, Incorporated	9511.T	336	-7.9	11.6	0.4	Tokyo
Tokyo Electric Power Company Holdings, Incorporated	9501.T	5,664	-7.6	5.2	0.2	Tokyo
CEZ, a. s.	CEZ.WA	31,128	3.2	22.7	2.6	Warsaw Stock Exchange
BKW AG	BKW.SW	11,847	7.6	15.3	1.8	Swiss Exchange
Fluence Energy, Inc.	FLNC	1,171	-147.8	-48.8	3.0	NASDAQ Global Select
Constellation Energy Corporation	CEG	100,739	14.6	33.7	7.8	NASDAQ Global Select
NHPC Limited	NHPC.NS	10,148	7.5	28.9	2.2	National Stock Exchange of India
Altius Renewable Royalties Corp.	ARR.TO	270	232.5	-480.9	1.3	Toronto Stock Exchange
BF Utilities Limited	BFUTILITIE.NS	357	6.2	23.9	3.9	National Stock Exchange of India
Inox Green Energy Services Limited	INOXGREEN.BO	696	57.2	271.5	2.7	Bombay Stock Exchange
Gulf Energy Development Public Company Limited	GULF.BK	20,760	9.7	26.3	4.6	Thailand
BCPG Public Company Limited	BCPG.BK	652	-0.0	13.8	0.7	Thailand
GCL New Energy Holdings Limited	0451.HK	91	8.3	-1.4	0.3	HKSE
BCPG Public Company Limited	BCPG-R.BK	652	-0.0	13.8	0.7	Thailand
Inox Green Energy Services Limited	INOXGREEN.NS	697	57.2	271.5	2.7	National Stock Exchange of India
BBGI Public Company Limited	BBGI.BK	141	2.8	20.2	0.5	Thailand
Verde Clean Fuels, Inc.	VGAS	143	-27.1	-9.1	0.7	NASDAQ Capital Market
Green Impact Partners Inc.	GIP.V	51	-6.6	56.6	0.7	Toronto Stock Exchange Ventures
SJVN Limited	SJVN.BO	4,511	6.1	47.4	2.7	Bombay Stock Exchange
CECEP Solar Energy Co.,Ltd.	000591.SZ	2,472	-0.3	15.2	0.7	Shenzhen
Hokkaido Electric Power Company, Incorporated	9509.T	1,105	-6.8	3.0	0.5	Tokyo
Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro	HYDR.ME	2,501	-2.0	-3.6	0.3	Moscow Stock Exchange
Shandong Hi-Speed New Energy Group Limited	1250.HK	515	-5.8	14.1	0.3	HKSE
Magnora ASA	MGN.OL	147	2.7	4.6	3.5	Oslo Stock Exchange
Energisa S.A.	ENGI4.SA	2,775	-1.6	28.3	5.8	São Paulo
HD Renewable Energy Co., Ltd.	6873.TW	869	11.8	20.4	2.7	Taiwan
CECEP Wind-power Corporation Co.,Ltd.	601016.SS	2,707	-0.6	15.0	1.1	Shanghai
Tohoku Electric Power Company, Incorporated	9506.T	3,531	-4.8	2.9	0.5	Tokyo
eREX Co.,Ltd.	9517.T	387	4.4	26.0	0.9	Tokyo
Meridian Energy Limited	MEL.NZ	8,892	21.0	126.5	1.9	NZSE
Xinyi Energy Holdings Limited	3868.HK	1,377	1.0	12.7	0.8	HKSE
Clearway Energy, Inc.	CWEN-A	6,582	-1.3	41.4	0.7	New York Stock Exchange
SJVN Limited	SJVN.NS	4,510	6.1	47.4	2.7	National Stock Exchange of India
Brookfield Renewable Partners L.P.	BEP-UN.TO	7,728	-6.8	-30.8	0.0	Toronto Stock Exchange
SPCG Public Company Limited	SPCG.BK	264	7.0	17.5	0.5	Thailand
Scatec ASA	SCATC.OL	1,560	-1.1	7.3	1.6	Oslo Stock Exchange
ERG S.p.A.	ERG.MI	3,175	-0.9	28.2	1.3	Milan
Minesto AB (publ)	MINEST.ST	74	-20.4	-17.8	1.1	Stockholm Stock Exchange
Alerion Clean Power S.p.A.	ARN.MI	1,357	1.9	10.4	3.2	Milan
Corporación Acciona Energías Renovables, S.A.	ANE.MC	9,104	4.2	63.1	1.3	Madrid Stock Exchange
Public Power Corporation S.A.	PPC.AT	5,941	-0.2	34.9	1.0	Athens
Esenboga Elektrik Üretim A.S.	ESEN.IS	568	-98.5	-41.2	2.3	Istanbul Stock Exchange
Brookfield Renewable Corporation	BEPC	5,265	-2.0	-21.1	3.7	New York Stock Exchange
Shinfox Energy Co., Ltd.	6806.TW	805	4.7	23.6	1.2	Taiwan
Brookfield Renewable Corporation	BEPC.TO	5,265	-2.7	-21.1	3.7	Toronto Stock Exchange
Ormat Technologies, Inc.	ORA	5,448	5.9	43.3	2.2	New York Stock Exchange
Raízen S.A.	RAIZ4.SA	2,892	-2.4	-3.7	0.9	São Paulo
Hengsheng Energy Co., Ltd	605580.SS	567	15.2	25.8	4.1	Shanghai
Infratil Limited	IFT.AX	6,730	7.6	-18.0	1.4	Australian Securities Exchange
Adani Green Energy Limited	ADANIGREEN.NS	18,943	9.2	130.2	15.5	National Stock Exchange of India
Guangdong Electric Power Development Co., Ltd.	000539.SZ	3,286	-12.3	56.0	1.1	Shenzhen
Algonquin Power & Utilities Corp.	AQN.TO	4,544	-1.8	-3.8	1.0	Toronto Stock Exchange
Brookfield Renewable Partners L.P.	BEP-PM.TO	11,961	-5.7	-46.9	0.0	Toronto Stock Exchange
PT Pertamina Geothermal Energy Tbk	PGEO.JK	4,208	16.9	29.2	2.1	Jakarta Stock Exchange
Clearway Energy, Inc.	CWEN	6,602	-1.3	41.4	0.7	New York Stock Exchange
ReNew Energy Global Plc	RNW	2,774	-6.5	181.1	2.2	NASDAQ Global Select
Homenema Technology Incorporation	8087.TWO	53	42.4	-270.8	1.8	Taipei Exchange
MAST Energy Developments PLC	MAST.L	448	-537.6	-142.4	94.4	London Stock Exchange
SPCG Public Company Limited	SPCG-R.BK	264	7.0	17.5	0.5	Thailand
Brookfield Renewable Partners L.P.	BEP	7,725	-6.8	-30.8	0.0	New York Stock Exchange
Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd.	600116.SS	1,483	4.1	50.4	1.3	Shanghai
Cloudberry Clean Energy ASA	CLOUD.OL	417	7.6	55.0	0.8	Oslo Stock Exchange
CEZ, a. s.	CEZ.PR	31,201	3.3	22.7	2.6	Prague
Galata Wind Enerji A.S.	GWIND.IS	337	6.7	19.3	1.2	Istanbul Stock Exchange
NuScale Power Corporation	SMR-WT	2,526	-120.0	-146.2	27.8	New York Stock Exchange
Hubei Energy Group Co., Ltd.	000883.SZ	4,152	-2.6	19.6	0.8	Shenzhen
Puxing Energy Limited	0090.HK	124	0.8	14.9	1.0	HKSE
TPI Polene Power Public Company Limited	TPIPP.BK	586	-1.0	5.3	0.5	Thailand
Energisa S.A.	ENGI11.SA	3,709	-1.6	28.3	5.8	São Paulo
Sunview Group Bhd	0262.KL	54	6.7	34.5	1.3	Kuala Lumpur
Good Energy Group PLC	GOOD.L	121	-71.1	-12.7	1.7	London Stock Exchange
SAAM Development Public Company Limited	SAAM.BK	59	53.8	102.1	3.5	Thailand
Tunghsu Azure Renewable Energy Co.,Ltd.	000040.SZ	178	331.8	-3.6	0.1	Shenzhen
KPI Green Energy Limited	KPIGREEN.BO	1,254	17.7	34.0	4.2	Bombay Stock Exchange
Encavis AG	ECV.DE	3,296	9.2	-280.4	2.4	Frankfurt Stock Exchange
Seri Industrial S.p.A.	SERI.MI	139	1.2	5.2	0.8	Milan
Orrön Energy AB (publ)	ORRON.ST	142	-129.1	-8.1	0.4	Stockholm Stock Exchange
EDP Renováveis, S.A.	EDPR.LS	11,101	1.1	-18.7	1.0	Lisbon
RattanIndia Power Limited	RTNPOWER.BO	947	5.8	37.4	1.8	Bombay Stock Exchange
Drax Group plc	DRX.L	3,220	1.3	4.9	1.2	London Stock Exchange
Audax Renovables, S.A.	ADX.MC	791	2.0	9.4	3.2	Madrid Stock Exchange
Renewable Japan Co., Ltd.	9522.T	255	-9.0	24.2	3.0	Tokyo
clearvise AG	ABO.DE	125	-6.0	-235.3	0.7	Frankfurt Stock Exchange
Huaneng Lancang River Hydropower Inc.	600025.SS	23,586	4.0	20.3	2.4	Shanghai
Ariston Holding N.V.	E0E.F	1,799	2.4	17.9	1.2	Frankfurt
Electric Power Development Co., Ltd.	9513.T	3,101	-4.4	5.0	0.3	Tokyo
NHPC Limited	NHPC.BO	10,131	7.5	28.9	2.2	Bombay Stock Exchange
Neoen S.A.	NEOEN.PA	7,348	4.3	554.2	4.0	Paris
PNE AG	PNE3.DE	1,341	13.8	-86.1	5.8	Frankfurt Stock Exchange
Mercury NZ Limited	MCY.NZ	5,140	15.3	174.6	1.8	NZSE
Jiangsu New Energy Development Co., Ltd.	603693.SS	1,768	9.9	39.2	1.9	Shanghai
Pixel Companyz Inc.	2743.T	63	-4.2	-4.3	146.1	Tokyo
HLB Life Science Co., Ltd.	067630.KQ	486	87.4	-3.4	2.0	KOSDAQ
RattanIndia Power Limited	RTNPOWER.NS	946	5.8	37.4	1.8	National Stock Exchange of India
Centrais Elétricas Brasileiras S.A. - Eletrobrás	XELTB.MC	16,567	2.1	10.4	0.8	Madrid Stock Exchange
Tidewater Renewables Ltd.	LCFS.TO	74	0.2	-0.3	0.6	Toronto Stock Exchange
Ningxia Jiaze Renewables Corporation Limited	601619.SS	1,278	2.2	13.4	1.3	Shanghai
Innergex Renewable Energy Inc.	INE.TO	2,033	-5.2	61.1	2.5	Toronto Stock Exchange
Verbund AG	VER.VI	25,708	6.6	12.5	2.1	Vienna
Edisun Power Europe AG	ESUN.SW	71	-11.0	18.0	0.5	Swiss Exchange
Energiekontor AG	0E9V.L	762	5.0	30.3	3.7	London Stock Exchange
Jiangsu Guoxin Corp. Ltd.	002608.SZ	3,956	1.2	8.5	0.9	Shenzhen
Fujian Mindong Electric Power Limited Company	000993.SZ	716	18.9	31.3	2.5	Shenzhen
Beijing Jingneng Clean Energy Co., Limited	0579.HK	2,616	-3.2	5.9	0.5	HKSE
Polaris Renewable Energy Inc.	PIF.TO	189	1.4	-16.0	0.8	Toronto Stock Exchange
Super Energy Corporation Public Company Limited	SUPER-R.BK	118	-5.1	2.9	0.2	Thailand
GEPIC Energy Development Co., Ltd.	000791.SZ	3,126	2.5	10.8	1.6	Shenzhen
ReNew Energy Global plc	RNWWW	2,682	-6.5	0.0	0.0	NASDAQ Global Select
Guangxi Guidong Electric Power Co., Ltd.	600310.SS	857	-2.8	-69.7	2.2	Shanghai
Hangzhou Cogeneration Group Co., Ltd.	605011.SS	1,309	29.6	47.2	4.1	Shanghai
NextEra Energy Partners, LP	NEP	986	49.9	-5.2	0.1	New York Stock Exchange
Mercury NZ Limited	MCY.AX	5,223	11.4	177.4	1.9	Australian Securities Exchange
Enlight Renewable Energy Ltd	ENLT	3,014	0.3	24.6	2.3	NASDAQ Global Select
Altus Power, Inc.	AMPS	801	7.9	603.5	1.5	New York Stock Exchange
Jinko Power Technology Co.,Ltd.	601778.SS	1,621	-2.8	29.9	0.7	Shanghai
Northland Power Inc.	NPI.TO	4,391	-0.3	22.8	1.4	Toronto Stock Exchange
Boralex Inc.	BLX.TO	2,376	-1.5	296.4	2.0	Toronto Stock Exchange
PT Barito Renewables Energy Tbk	BREN.JK	65,566	123.2	514.5	119.6	Jakarta Stock Exchange
Cypark Resources Berhad	5184.KL	178	-4.1	-125.3	0.6	Kuala Lumpur
Westbridge Renewable Energy Corp.	WEB.V	51	3.6	3.5	1.4	Toronto Stock Exchange Ventures
Zhejiang Provincial New Energy Investment Group Co., Ltd.	600032.SS	2,585	-4.4	38.9	1.5	Shanghai
Shanghai Electric Wind Power Group Co., Ltd.	688660.SS	1,879	-21.1	-17.8	2.7	Shanghai
Aksa Enerji Üretim A.S.	AKSEN.IS	1,106	1.8	30.1	1.0	Istanbul Stock Exchange
Greencoat Renewables PLC	GRP.L	1,010	-1.4	15.1	0.7	London Stock Exchange
Voltalia SA	VLTSA.PA	1,380	-1.5	-51.0	1.0	Paris
China Ruifeng Renewable Energy Holdings Limited	0527.HK	96	-7.3	-3.9	-5.0	HKSE
TPI Polene Power Public Company Limited	TPIPP-R.BK	586	-1.0	5.3	0.5	Thailand
Zhongmin Energy Co., Ltd.	600163.SS	1,407	9.8	14.7	1.4	Shanghai
GE Vernova Inc.	GEV	156,836	84.9	81.6	18.4	New York Stock Exchange
Contact Energy Limited	CEN.AX	4,313	7.4	31.9	2.7	Australian Securities Exchange
Auren Energia S.A.	AURE3.SA	1,684	-3.6	1,614.6	0.7	São Paulo
Ecoener, S.A.	ENER.MC	320	-3.5	28.4	2.0	Madrid Stock Exchange
Guangdong Meiyan Jixiang Hydropower Co.,Ltd.	600868.SS	709	-35.1	-59.5	2.7	Shanghai
Fusion Fuel Green PLC	HTOO	117	-14.1	-3.8	33.7	NASDAQ Global Market
Brookfield Renewable Partners L.P.	BEP-PA	7,799	-6.8	-30.8	0.0	New York Stock Exchange
Zhejiang Xinzhonggang Thermal Power Co., LTD.	605162.SS	557	18.8	28.2	2.9	Shanghai
Thachang Green Energy Public Company Limited	TGE.BK	107	7.8	13.5	1.1	Thailand
Ningbo Shimao Energy Co.,Ltd	605028.SS	434	16.2	18.2	2.4	Shanghai
West Holdings Corporation	1407.T	374	0.2	10.0	1.8	Tokyo
Lhyfe SA	LHYFE.PA	179	-5.1	-5.5	2.2	Paris
EnviTec Biogas AG	ETG.DE	342	2.4	10.3	1.7	Frankfurt Stock Exchange
Greenvolt - Energias Renováveis, S.A.	GVOLT.LS	1,560	1.8	-49.5	2.2	Lisbon
MOGAN ENERJI	MOGAN.IS	550	-2.1	-6.6	0.4	Istanbul Stock Exchange
Solaria Energía y Medio Ambiente, S.A.	SLR.MC	1,510	0.7	11.0	1.9	Madrid Stock Exchange
SGC Energy Co.,Ltd.	005090.KS	274	-7.5	10.5	0.5	KSE
Absolute Clean Energy Public Company Limited	ACE-R.BK	407	2.9	16.3	0.8	Thailand
Manawa Energy Limited	MNW.NZ	1,189	13.7	-55.4	1.8	NZSE
Beijing Energy International Holding Co., Ltd.	0686.HK	362	-13.8	309.4	1.7	HKSE
GD Power Development Co.,Ltd	600795.SS	11,673	-5.0	8.5	1.4	Shanghai
Integrated Wind Solutions ASA	IWS.OL	182	4.2	16.8	1.0	Oslo Stock Exchange
Sermsang Power Corporation Public Company Limited	SSP.BK	161	-3.2	6.7	0.7	Thailand
Energiekontor AG	EKT.DE	784	5.0	30.3	3.7	Frankfurt Stock Exchange
Meridian Energy Limited	MEZ.AX	9,027	21.2	128.4	1.9	Australian Securities Exchange
Greencoat Renewables PLC	GRP.IR	959	-6.0	18.9	0.7	Irish
Guangdong Electric Power Development Co., Ltd.	200539.SZ	3,315	-17.6	19.6	0.4	Shenzhen
Energy Solar Tech, S.A.	ETC.MC	85	15.2	0.0	0.0	Madrid Stock Exchange
SDIC Power Holdings Co., Ltd.	600886.SS	16,530	-0.9	17.2	1.6	Shanghai
Hydrogène de France Société anonyme	HDF.PA	87	-8.5	-6.7	0.8	Paris
Shanghai Electric Power Co., Ltd.	600021.SS	3,569	-4.8	12.6	0.9	Shanghai
PT. Arkora Hydro Tbk	ARKO.JK	152	16.0	52.6	5.3	Jakarta Stock Exchange