2025 Q4 -tulosraportti
48 päivää sitten
‧18 min
Tarjoustasot
First North Sweden
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 241 | - | - | ||
| 100 | - | - | ||
| 845 | - | - | ||
| 1 396 | - | - | ||
| 24 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·1 t sitten
·25 min sittenThe price is back at the 3-mark again. It doesn't look like anything so far in 2026 can get the price in this company to establish itself at the 4-5 mark?
·15 t sittenUpdated assessment of Hilbert Group and Syntetika – May 2026: Based on the KPI development through January–April 2026, the latest CEO updates, and the operational progress in Syntetika, I believe Hilbert Group is gradually beginning to move from a speculative crypto-case to an emerging asset manager with significant operating leverage and institutional orientation. On and off chain focused. The most important aspects of the case right now are the combination of: * Rising AUM * Increasing institutional interest * Low and relatively stable cost base * Visible pipeline * Steadily positive Basis+ performance * Syntetika as a new growth engine * Total AUM presented in Q1 The KPI development through 2026 points towards a significantly larger scaling potential than the market has previously priced in, and this is not reflected in the share price. Pipeline development: * January - April 2026: ~230 MUSD -340 MUSD (further growth expected). At the same time, the company has reported: * Five consecutive months of net inflows * Several institutional allocations * 3x sovereign wealth fund-inflows * Continuously new DD processes with larger investors * No customers have exited As of May 2026, I estimate: * Current AUM: ~110 MUSD (Estimate) * Pipeline: ~340 MUSD * Realistic pipeline conversion: ~60 % (Likely to be higher) This corresponds to: * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD (Higher given growing pipe) I estimate: * Annual costs: ~7–9 MUSD If Hilbert manages to operate the platform within this cost level while AUM grows towards 300 MUSD+, the company can achieve very strong operating leverage. This potentially means: * That new capital injections largely fall directly to EBITDA * That the company can become cash flow positive without massive dilution * And that the market gradually begins to price Hilbert as a real alternative asset manager rather than a high-risk crypto-bet. Expect then PE 20–40 Conservative model: If Hilbert primarily earns: * Management fees of 1.75–2 % At ~314 MUSD AUM, this corresponds to: * Approx. 5.5–6.3 MUSD in annual revenues In this scenario, the company is breakeven and profitable given the current cost base. More realistic alternative asset manager model (“2/20” model): In strong markets, I believe it is realistic to assume: * Effective monetization of 3–5 % of AUM At ~314 MUSD AUM, this yields: * Approx. 9–16 MUSD in annual revenues With costs of ~7–9 MUSD, this potentially corresponds to: * Approx. 2–8 MUSD EBITDA Syntetika, however, could become the most important long-term value driver. The company has now confirmed: * Establishment of Cayman Foundation * Incorporation of SYNT (BVI) Ltd * Signed fund administration agreement * NAV-reporting pipeline * Custody workflows * Oracle-linked reporting * Vault infrastructure * Internal testing of profit-distribution mechanics * And further onboarding of counterparties and distribution partners * Ready to receive TVL The most interesting aspect of Syntetika is that the project appears to be moving away from typical retail-oriented crypto and more towards institutional capital infrastructure. If Syntetika functions operationally and regulatorily, the platform could potentially become: * Distribution channel * Tokenization engine * Yield-layer * And capital bridge between TradFi and DeFi This could give Hilbert exposure to: * Recurring protocol fees * Tokenized AUM * Institutional DeFi infrastructure * And higher multiples than traditional asset management Base case: – 1 year: Assumptions: * ~60 % pipeline conversion * Total AUM around 300–350 MUSD * Stable cost base around 7–9 MUSD * Moderate performance fees * Syntetika goes live but is still early stage. Now given zero value in the share price Fair value (Estimated on earnings/AUM potential, without Syntetika): * Approx. 12–18 SEK per share Double case: 1–3 years: Assumptions: * AUM scales towards 750 MUSD–1B USD * Syntetika gains institutional traction * Tokenized yield products grow * Recurring revenues become significant * Operating leverage becomes clear In such a scenario, I believe: * 25–40 SEK per share is realistic Conclusion: As of May 2026, I believe Hilbert appears significantly stronger than 6–12 months ago. The most important aspects are: * Stable net inflows * Stable positive performance * Growing institutional interest * Visible operating leverage * Syntetika as a possible new growth engine In my opinion, we have never seen greater asymmetry in how the company is developing versus the share price. Very good risk/reward in my book.
·13 t sittenNicely summarized - seems plausible, and an exciting time for the company ahead. I thought I'd mention that the pipeline only applies to new investors from what I've gathered - existing investors continue to allocate, so more AUM there + a strong signal. It looks like the flywheel is starting to take effect. Looking forward to the final figures on AUM, and hope they present it by Q1.·12 t sitten1) AUM figures will come in Q1. Have had it confirmed from the company. 2) You are absolutely right. Allocations from clients who are already in the fund are not included in the pipe. Like e.g. ADIA which has entered now x3. Am aware that my AUM estimate is conservative, this is deliberate.
·2 päivää sittenHave fed an extreme amount of info into GPT and asked for several outcomes of HBG's potential given different scenarios. This is the current analysis which includes Syntetika news from today: Most Likely Outcome Highest-confidence range: End 2026 ~10–14 SEK End 2027 ~16–28 SEK End 2030 ~35–60 SEK That assumes: * crypto remains structurally healthy, * Syntetika succeeds moderately, * dilution remains manageable, * and Hilbert survives long enough to compound
·1 päivä sittenYear end 2026: 150 - 250% up, so. That would have been something 😊- ·2 päivää sitten · MuokattuFinally! As I have always said, it is Syntetika that will be able to bring staggering -AUM (TVL) to Hilbert Group, which owns approx 40% of the company. Now everything is ready for TVL on-boarding, so TGE can be done at a more favorable time (ref: Bull market crypto) The fact that TGE has been postponed is a gift to us all, i.e., they have fine-tuned the product and eliminated teething problems. Now we are entering an exciting time for the company. Sad for everyone who sold their shares at the wrong time! Maybe we will see the same development as we saw April - July 2025?
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2025 Q4 -tulosraportti
48 päivää sitten
‧18 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sitten·25 min sittenThe price is back at the 3-mark again. It doesn't look like anything so far in 2026 can get the price in this company to establish itself at the 4-5 mark?
- ·15 t sittenUpdated assessment of Hilbert Group and Syntetika – May 2026: Based on the KPI development through January–April 2026, the latest CEO updates, and the operational progress in Syntetika, I believe Hilbert Group is gradually beginning to move from a speculative crypto-case to an emerging asset manager with significant operating leverage and institutional orientation. On and off chain focused. The most important aspects of the case right now are the combination of: * Rising AUM * Increasing institutional interest * Low and relatively stable cost base * Visible pipeline * Steadily positive Basis+ performance * Syntetika as a new growth engine * Total AUM presented in Q1 The KPI development through 2026 points towards a significantly larger scaling potential than the market has previously priced in, and this is not reflected in the share price. Pipeline development: * January - April 2026: ~230 MUSD -340 MUSD (further growth expected). At the same time, the company has reported: * Five consecutive months of net inflows * Several institutional allocations * 3x sovereign wealth fund-inflows * Continuously new DD processes with larger investors * No customers have exited As of May 2026, I estimate: * Current AUM: ~110 MUSD (Estimate) * Pipeline: ~340 MUSD * Realistic pipeline conversion: ~60 % (Likely to be higher) This corresponds to: * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD (Higher given growing pipe) I estimate: * Annual costs: ~7–9 MUSD If Hilbert manages to operate the platform within this cost level while AUM grows towards 300 MUSD+, the company can achieve very strong operating leverage. This potentially means: * That new capital injections largely fall directly to EBITDA * That the company can become cash flow positive without massive dilution * And that the market gradually begins to price Hilbert as a real alternative asset manager rather than a high-risk crypto-bet. Expect then PE 20–40 Conservative model: If Hilbert primarily earns: * Management fees of 1.75–2 % At ~314 MUSD AUM, this corresponds to: * Approx. 5.5–6.3 MUSD in annual revenues In this scenario, the company is breakeven and profitable given the current cost base. More realistic alternative asset manager model (“2/20” model): In strong markets, I believe it is realistic to assume: * Effective monetization of 3–5 % of AUM At ~314 MUSD AUM, this yields: * Approx. 9–16 MUSD in annual revenues With costs of ~7–9 MUSD, this potentially corresponds to: * Approx. 2–8 MUSD EBITDA Syntetika, however, could become the most important long-term value driver. The company has now confirmed: * Establishment of Cayman Foundation * Incorporation of SYNT (BVI) Ltd * Signed fund administration agreement * NAV-reporting pipeline * Custody workflows * Oracle-linked reporting * Vault infrastructure * Internal testing of profit-distribution mechanics * And further onboarding of counterparties and distribution partners * Ready to receive TVL The most interesting aspect of Syntetika is that the project appears to be moving away from typical retail-oriented crypto and more towards institutional capital infrastructure. If Syntetika functions operationally and regulatorily, the platform could potentially become: * Distribution channel * Tokenization engine * Yield-layer * And capital bridge between TradFi and DeFi This could give Hilbert exposure to: * Recurring protocol fees * Tokenized AUM * Institutional DeFi infrastructure * And higher multiples than traditional asset management Base case: – 1 year: Assumptions: * ~60 % pipeline conversion * Total AUM around 300–350 MUSD * Stable cost base around 7–9 MUSD * Moderate performance fees * Syntetika goes live but is still early stage. Now given zero value in the share price Fair value (Estimated on earnings/AUM potential, without Syntetika): * Approx. 12–18 SEK per share Double case: 1–3 years: Assumptions: * AUM scales towards 750 MUSD–1B USD * Syntetika gains institutional traction * Tokenized yield products grow * Recurring revenues become significant * Operating leverage becomes clear In such a scenario, I believe: * 25–40 SEK per share is realistic Conclusion: As of May 2026, I believe Hilbert appears significantly stronger than 6–12 months ago. The most important aspects are: * Stable net inflows * Stable positive performance * Growing institutional interest * Visible operating leverage * Syntetika as a possible new growth engine In my opinion, we have never seen greater asymmetry in how the company is developing versus the share price. Very good risk/reward in my book.·13 t sittenNicely summarized - seems plausible, and an exciting time for the company ahead. I thought I'd mention that the pipeline only applies to new investors from what I've gathered - existing investors continue to allocate, so more AUM there + a strong signal. It looks like the flywheel is starting to take effect. Looking forward to the final figures on AUM, and hope they present it by Q1.·12 t sitten1) AUM figures will come in Q1. Have had it confirmed from the company. 2) You are absolutely right. Allocations from clients who are already in the fund are not included in the pipe. Like e.g. ADIA which has entered now x3. Am aware that my AUM estimate is conservative, this is deliberate.
- ·2 päivää sittenHave fed an extreme amount of info into GPT and asked for several outcomes of HBG's potential given different scenarios. This is the current analysis which includes Syntetika news from today: Most Likely Outcome Highest-confidence range: End 2026 ~10–14 SEK End 2027 ~16–28 SEK End 2030 ~35–60 SEK That assumes: * crypto remains structurally healthy, * Syntetika succeeds moderately, * dilution remains manageable, * and Hilbert survives long enough to compound·1 päivä sittenYear end 2026: 150 - 250% up, so. That would have been something 😊
- ·2 päivää sitten · MuokattuFinally! As I have always said, it is Syntetika that will be able to bring staggering -AUM (TVL) to Hilbert Group, which owns approx 40% of the company. Now everything is ready for TVL on-boarding, so TGE can be done at a more favorable time (ref: Bull market crypto) The fact that TGE has been postponed is a gift to us all, i.e., they have fine-tuned the product and eliminated teething problems. Now we are entering an exciting time for the company. Sad for everyone who sold their shares at the wrong time! Maybe we will see the same development as we saw April - July 2025?
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
First North Sweden
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 241 | - | - | ||
| 100 | - | - | ||
| 845 | - | - | ||
| 1 396 | - | - | ||
| 24 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
2025 Q4 -tulosraportti
48 päivää sitten
‧18 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sitten·25 min sittenThe price is back at the 3-mark again. It doesn't look like anything so far in 2026 can get the price in this company to establish itself at the 4-5 mark?
- ·15 t sittenUpdated assessment of Hilbert Group and Syntetika – May 2026: Based on the KPI development through January–April 2026, the latest CEO updates, and the operational progress in Syntetika, I believe Hilbert Group is gradually beginning to move from a speculative crypto-case to an emerging asset manager with significant operating leverage and institutional orientation. On and off chain focused. The most important aspects of the case right now are the combination of: * Rising AUM * Increasing institutional interest * Low and relatively stable cost base * Visible pipeline * Steadily positive Basis+ performance * Syntetika as a new growth engine * Total AUM presented in Q1 The KPI development through 2026 points towards a significantly larger scaling potential than the market has previously priced in, and this is not reflected in the share price. Pipeline development: * January - April 2026: ~230 MUSD -340 MUSD (further growth expected). At the same time, the company has reported: * Five consecutive months of net inflows * Several institutional allocations * 3x sovereign wealth fund-inflows * Continuously new DD processes with larger investors * No customers have exited As of May 2026, I estimate: * Current AUM: ~110 MUSD (Estimate) * Pipeline: ~340 MUSD * Realistic pipeline conversion: ~60 % (Likely to be higher) This corresponds to: * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD (Higher given growing pipe) I estimate: * Annual costs: ~7–9 MUSD If Hilbert manages to operate the platform within this cost level while AUM grows towards 300 MUSD+, the company can achieve very strong operating leverage. This potentially means: * That new capital injections largely fall directly to EBITDA * That the company can become cash flow positive without massive dilution * And that the market gradually begins to price Hilbert as a real alternative asset manager rather than a high-risk crypto-bet. Expect then PE 20–40 Conservative model: If Hilbert primarily earns: * Management fees of 1.75–2 % At ~314 MUSD AUM, this corresponds to: * Approx. 5.5–6.3 MUSD in annual revenues In this scenario, the company is breakeven and profitable given the current cost base. More realistic alternative asset manager model (“2/20” model): In strong markets, I believe it is realistic to assume: * Effective monetization of 3–5 % of AUM At ~314 MUSD AUM, this yields: * Approx. 9–16 MUSD in annual revenues With costs of ~7–9 MUSD, this potentially corresponds to: * Approx. 2–8 MUSD EBITDA Syntetika, however, could become the most important long-term value driver. The company has now confirmed: * Establishment of Cayman Foundation * Incorporation of SYNT (BVI) Ltd * Signed fund administration agreement * NAV-reporting pipeline * Custody workflows * Oracle-linked reporting * Vault infrastructure * Internal testing of profit-distribution mechanics * And further onboarding of counterparties and distribution partners * Ready to receive TVL The most interesting aspect of Syntetika is that the project appears to be moving away from typical retail-oriented crypto and more towards institutional capital infrastructure. If Syntetika functions operationally and regulatorily, the platform could potentially become: * Distribution channel * Tokenization engine * Yield-layer * And capital bridge between TradFi and DeFi This could give Hilbert exposure to: * Recurring protocol fees * Tokenized AUM * Institutional DeFi infrastructure * And higher multiples than traditional asset management Base case: – 1 year: Assumptions: * ~60 % pipeline conversion * Total AUM around 300–350 MUSD * Stable cost base around 7–9 MUSD * Moderate performance fees * Syntetika goes live but is still early stage. Now given zero value in the share price Fair value (Estimated on earnings/AUM potential, without Syntetika): * Approx. 12–18 SEK per share Double case: 1–3 years: Assumptions: * AUM scales towards 750 MUSD–1B USD * Syntetika gains institutional traction * Tokenized yield products grow * Recurring revenues become significant * Operating leverage becomes clear In such a scenario, I believe: * 25–40 SEK per share is realistic Conclusion: As of May 2026, I believe Hilbert appears significantly stronger than 6–12 months ago. The most important aspects are: * Stable net inflows * Stable positive performance * Growing institutional interest * Visible operating leverage * Syntetika as a possible new growth engine In my opinion, we have never seen greater asymmetry in how the company is developing versus the share price. Very good risk/reward in my book.·13 t sittenNicely summarized - seems plausible, and an exciting time for the company ahead. I thought I'd mention that the pipeline only applies to new investors from what I've gathered - existing investors continue to allocate, so more AUM there + a strong signal. It looks like the flywheel is starting to take effect. Looking forward to the final figures on AUM, and hope they present it by Q1.·12 t sitten1) AUM figures will come in Q1. Have had it confirmed from the company. 2) You are absolutely right. Allocations from clients who are already in the fund are not included in the pipe. Like e.g. ADIA which has entered now x3. Am aware that my AUM estimate is conservative, this is deliberate.
- ·2 päivää sittenHave fed an extreme amount of info into GPT and asked for several outcomes of HBG's potential given different scenarios. This is the current analysis which includes Syntetika news from today: Most Likely Outcome Highest-confidence range: End 2026 ~10–14 SEK End 2027 ~16–28 SEK End 2030 ~35–60 SEK That assumes: * crypto remains structurally healthy, * Syntetika succeeds moderately, * dilution remains manageable, * and Hilbert survives long enough to compound·1 päivä sittenYear end 2026: 150 - 250% up, so. That would have been something 😊
- ·2 päivää sitten · MuokattuFinally! As I have always said, it is Syntetika that will be able to bring staggering -AUM (TVL) to Hilbert Group, which owns approx 40% of the company. Now everything is ready for TVL on-boarding, so TGE can be done at a more favorable time (ref: Bull market crypto) The fact that TGE has been postponed is a gift to us all, i.e., they have fine-tuned the product and eliminated teething problems. Now we are entering an exciting time for the company. Sad for everyone who sold their shares at the wrong time! Maybe we will see the same development as we saw April - July 2025?
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
First North Sweden
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 241 | - | - | ||
| 100 | - | - | ||
| 845 | - | - | ||
| 1 396 | - | - | ||
| 24 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 223 470 | 223 470 | 0 | 0 |