iQSTEL Inc

IQST
About the company

iQSTEL Inc. provides telecommunication services as a wholesale carrier of voice, short message service (SMS), and data for other telecom companies. The company provides VoIP, SMS, proprietary Internet of Things, and international fiber-optic communication services; international long-distance voice services for telecommunications operators; submarine fiber optic network capacity for internet, such as 4G and 5G; and network infrastructure services to the retail end users.

Country: United StatesPrice: $0.73Market Cap: $7.9M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 12 pass — Buffett, Dreman, Marks +2 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2822 (Top 91.1%)PASSFAILPASSFAILFAILFAILFAILPASSFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-06

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 vs 2025-06-30 · TTM ended 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

TTM ended 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-06

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-06-30 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-06

Score computed: 2026-11-14

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-18

Score computed: 2026-11-14

TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage58% pass✓ 10✗ 5▾

    7 of 12 pass — Buffett, Dreman, Marks +2 more object

    LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $2.7M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.25, IC: -8.0x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.15
    ✓Lynch< 0.33
    Cash - Long-term Debt$2.1M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change3.11% -> 0.06%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.09
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.15
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.15
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-8.0x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.15
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1485; #1498/4210 (top 35.6%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 9✗ 19▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.2x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-60.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-60.3%, ROC=-139.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.2x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-235.3%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-49.8%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.73)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-110.81%; #5436/6340 (top 85.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+2.1612; #630/6449 (top 9.8%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.96x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+49.5754; #121/5247 (top 2.3%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-48.86%; #3845/4519 (top 85.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-59.78%; #5394/6202 (top 87.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-8.0M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-3.9M
    ✗LynchPositive and growing
    Operating Cash Flow$-3.8M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-7.53%, ROA=-16.66%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-49.8%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/9 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-114.3%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/14 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-3.9M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-48.86%; #3845/4519 (top 85.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 3✗ 10▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 0.0% vs Rev: 39.3%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/15 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth55.0%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 3.2% -> 3.0%, operating margin -0.2% -> -1.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR37.4%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag IQST's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/16 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/16 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-49.1%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-1.3% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-8.0M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-51.3%
    ✗Lynch> 15%
    EBIT / Enterprise Value-60.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-60.3%, ROC=-139.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-16.66%
    ✗PiotroskiROA > 0
    ROA Change YoY-6.56% -> -16.66% (delta: -10.10%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-7.53%, ROA=-16.66%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY2.9% -> 3.0%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-2.2%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-51.3%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-35.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/15 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-1.3%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-51.3%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-0.2% (2023) -> -1.3% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 3.2% -> 3.0%, operating margin -0.2% -> -1.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-110.81%; #5436/6340 (top 85.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+21.74%; #1941/3702 (top 52.4%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-51.27%; #4219/5226 (top 80.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1828; #4131/5884 (top 70.2%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag IQST's efficiency — Graham, Buffett, Greenblatt +4 more

    Current Ratio1.09
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-24.9%
    ✗Buffett> 10%
    ROIC - WACC-34.9%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-139.2%
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.99 -> 1.04
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY3.58x -> 6.20x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.09
    ✗Dreman> 1.5
    Return on Invested Capital-20.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-3.0%; FY2024: ROIC=-4.6%; FY2025: ROIC=-16.5%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -16.5%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts19% pass✓ 3✗ 13▾

    Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2822✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2011/2370 (Top 84.9%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Communication
SIC Sector: Communications
Size: Micro Cap($7.9M)
Revenue: $316.9M+11.9% YoY
Net Income: $8.5M-64.3% YoY

Financial Snapshot

Operating Margin-1.3%
Return on Equity-52.3%
Debt / Equity0.25
Current Ratio1.04
EPS (Diluted)$-2.86

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-06-30

2025-07-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, revenue, net income, operating income, gross profit, ebit, pre tax income.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-04-06
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-04-01
FY 2022
Sources
  • 10-K · 2023-04-14
FY 2021
Sources
  • 10-K · 2022-04-15
Market Cap$7.9Mcurrent----$13.3Mest.$3.0Best.$2.6Best.$2.4Best.$8.0Best.
Revenue$394.1M↑39%$109.1M↑51%$97.9M↑70%$316.9M↑12%$283.2M↑96%$144.5M↑55%$93.2M↑44%$64.7M
Operating Income-$5.1M↓214%-$1.1M↓71%-$958.0K↓59%-$4.3M↓410%-$834.1K↓164%-$315.5K↑90%-$3.2M↓7%-$3.0M
Net Income-$8.8M↓27%-$2.4M↓2%-$1.4M↓21%-$8.5M↓64%-$5.2M↓579%-$763.3K↑87%-$6.0M↓55%-$3.8M
EPS (Diluted)--$-0.38↑54%$-0.29↑34%$-2.86↓7050%$-0.04↓300%$-0.01↑75%$-0.04↓33%$-0.03
Gross Margin2.7%↓11%2.5%↓3%2.1%↓37%3.0%↑2%2.9%↓10%3.2%↑68%1.9%↓19%2.4%
Operating Margin-1.3%↓125%-1.0%↓13%-1.0%↑7%-1.3%↓356%-0.3%↓35%-0.2%↑94%-3.4%↑26%-4.6%
ROE-51.3%↓6%——-52.3%↓20%-43.5%↓359%-9.5%↑89%-88.3%↓71%-51.7%
Total Debt$2.6M↓43%$2.6M↓43%$4.9M↑38%$4.1M↑65%$2.5M↑574%$364.1K↑80%$202.5K↓53%$434.7K
Shareholders' Equity$17.2M↑20%$17.2M↑20%$14.3M↑24%$16.3M↑37%$11.9M↑48%$8.0M↑19%$6.8M↓9%$7.4M
Current Ratio1.09↑13%1.09↑13%0.99↑15%1.04↑6%0.99↓13%1.14↑14%1.00↓64%2.78
Debt / Equity0.15↓52%0.15↓52%0.34↑12%0.25↑21%0.21↑356%0.05↑51%0.03↓49%0.06
Operating Cash Flow-$3.9M↓171%-$1.5M↓679%-$175.4K↑91%-$3.8M↓31%-$2.9M↓97%-$1.5M↑16%-$1.8M↑44%-$3.2M
Free Cash Flow-$3.9M↓147%-$1.5M↓806%-$176.8K↑91%-$4.0M↓28%-$3.1M↓81%-$1.7M↑9%-$1.9M↑43%-$3.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Communication

IQST vs Peers — Financial Grading

Revenue$316.9MBottom 25%
Net Income$8.5MBottom 25%
ROE-52.3%Bottom 25%
D/E0.25Top 25%
Op. Margin-1.3%Bottom 25%
Curr. Ratio1.04Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
VERIZON COMMUNICATIONS INCVZ$192.1B$46.36$138.2B$17.2B16.2%1.5021.2%0.914/93/92/71/3F-Score 56/11
AT&T INC.T$149.4B$22.18$125.6B$22.0B17.4%1.0819.2%0.915/92/93/70/3F-Score 66/11
NIPPON TELEGRAPH & TELEPHONE CORPNTTYY$85.0B$26.32——————2/91/92/71/3F-Score 76/11
AMERICA MOVIL SAB DE CV/AMX$76.0B$25.47$42.1B$1.1B6.2%1.5420.7%0.721/95/91/71/3F-Score 62/11
VODAFONE GROUP PUBLIC LTD COVOD$35.6B$15.37$40.5B$4.5B-7.9%1.01-1.1%—1/92/90/70/3F-Score 52/11
CHARTER COMMUNICATIONS, INC. /MO/CHTR$24.8B$138.39$54.8B$5.0B31.1%5.9023.6%0.394/93/93/70/3F-Score 65/11
BCE INCBCE$20.0B$21.43$17.9B$4.8B28.3%1.52—0.584/91/95/71/3F-Score 69/11
ROGERS COMMUNICATIONS INCRCI$18.0B$33.24$15.9B$5.0B38.8%2.2545.2%0.615/95/95/71/3F-Score 48/11