{"id":1597,"date":"2018-03-12T10:03:29","date_gmt":"2018-03-12T14:03:29","guid":{"rendered":"https:\/\/www.stockcalc.com\/blog\/Reports\/?p=1597"},"modified":"2018-03-12T10:03:29","modified_gmt":"2018-03-12T14:03:29","slug":"extendicare-exetse-fundamental-valuation-report","status":"publish","type":"post","link":"https:\/\/www.stockcalc.com\/blog\/Reports\/2018\/03\/12\/extendicare-exetse-fundamental-valuation-report\/","title":{"rendered":"Extendicare (EXE:TSE) Fundamental Valuation Report"},"content":{"rendered":"
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\n This Report was generated using the tools available on StockCalc.com<\/a>. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all terms and conditions mentioned in the legal disclaimer<\/a>.
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Valuation Summary:<\/h3>\n

Extendicare<\/strong><\/span> $8.78 (CAD) Close Price as of 08\/03\/2018<\/span><\/p>\n

\n Based on the analysis conducted in this report, Extendicare<\/strong>, (EXE:TSE) is found to be  Fairly valued to slightly<\/span> Undervalued<\/span>.\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Company<\/td>\nExtendicare<\/td>\n<\/tr>\n
Symbol:Exchange<\/td>\nEXE:TSE<\/td>\n<\/tr>\n
Industry<\/td>\nHealthcare:Long-Term Care Facilities<\/td>\n<\/tr>\n
Close Price\/Date<\/td>\n$8.78 (CAD) 08\/03\/2018<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Weighted Average Valuation<\/td>\n$8.93 (CAD)<\/strong><\/td>\n<\/tr>\n
Summary<\/td>\nEXE:TSE is found to be  Fairly valued to slightly<\/span> Undervalued<\/span> by 1.7% using the 3 valuation models shown below.<\/td>\n<\/tr>\n
Valuation Models Used<\/td>\nAnalyst Consensus: $9.67 (CAD)<\/td>\n<\/tr>\n
(in order of importance)<\/td>\nComparables: $7.82 (CAD)<\/td>\n<\/tr>\n
<\/td>\nAdjusted Book Value: $8.95 (CAD)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Valuation Methods Analysis<\/td>\nThis company is:<\/td>\n<\/tr>\n
Cash Flow Basis:<\/td>\nOvervalued<\/span> on a Cash Flow Valuation basis<\/td>\n<\/tr>\n
Comparable Company Basis:<\/td>\nOvervalued<\/span> on a Comparable Valuation basis<\/td>\n<\/tr>\n
Asset Basis:<\/td>\nFairly valued<\/span> on an Asset Valuation basis<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n <\/p>\n
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Valuation Details<\/h3>\n<\/p><\/div>\n
\n

\n Extendicare Valuations
\n <\/h4>\n
\"Summary<\/div>\n

 We have up to 6 valuation points for each company. Details are at the bottom of the report.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Discounted Cash Flow and Sensitivity Analysis for EXE:TSE<\/h3>\n<\/p><\/div>\n

\n Using a discounted cash flow model we generated an intrinsic value of $4.13 (CAD)<\/strong> for EXE:TSE<\/strong><\/p>\n

Sensitivity Analysis<\/h4>\n

(showing how changes in the input variables impact the DCF calculation)<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
EXE:TSE<\/th>\nCurrent Values<\/th>\nValuation If Dropped *<\/th>\nValuation If Raised *<\/th>\n<\/tr>\n
Calculated Value:<\/th>\n$4.13<\/th>\n1%<\/th>\n5%<\/th>\n1%<\/th>\n5%<\/th>\n<\/tr>\n<\/thead>\n
WACC (or Ke)<\/td>\n8.23<\/td>\n$6.52<\/td>\n<\/td>\n$2.51<\/td>\n<\/td>\n<\/tr>\n
Terminal Growth Rate<\/td>\n3.00<\/td>\n$2.65<\/td>\n<\/td>\n$6.31<\/td>\n<\/td>\n<\/tr>\n
Tax Rate<\/td>\n0.25<\/td>\n<\/td>\n$5.00<\/td>\n<\/td>\n$3.26<\/td>\n<\/tr>\n
Cash Flow<\/td>\n116,206,345<\/td>\n<\/td>\n$3.28<\/td>\n<\/td>\n$4.99<\/td>\n<\/tr>\n
Capital Expenditures<\/td>\n-39,903,200<\/td>\n<\/td>\n$3.85<\/td>\n<\/td>\n$4.41<\/td>\n<\/tr>\n
Long Term Debt<\/td>\n500,233,000<\/td>\n<\/td>\n$4.41<\/td>\n<\/td>\n$3.85<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* Changes are absolute: ex WACC from 8% to 7%<\/p>\n<\/p><\/div>\n

\n
\n

Comparables Model<\/h3>\n<\/p><\/div>\n

Using similar companies and price based ratios we generated a valuation of $7.82 (CAD)<\/strong> for EXE:TSE<\/strong>. We also generated a valuation of $8.23 (CAD)<\/strong> using other metrics and comparables.
\n The comparable companies were Sienna Senior Living (SIA:TSE)\n <\/p>\n

\n\n\n\n\n\n\n\n
Company EXE:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Earnings\/Share<\/td>\n$0.02 (CAD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$1.46 (CAD)<\/span><\/td>\n<\/tr>\n
Sales\/Share<\/td>\n$10.96 (CAD)<\/span><\/td>\n<\/tr>\n
Cash Flow\/Share<\/td>\n$0.47 (CAD)<\/span><\/td>\n<\/tr>\n
EBITDA\/Share<\/td>\n$1.02 (CAD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor (%)<\/th>\n<\/tr>\n
$0.78 (CAD)<\/span><\/td>\n-38.7<\/span><\/td>\n<\/tr>\n
$4.10 (CAD)<\/span><\/td>\n0.0<\/span><\/td>\n<\/tr>\n
$17.28 (CAD)<\/span><\/td>\n-34.2<\/span><\/td>\n<\/tr>\n
$6.78 (CAD)<\/span><\/td>\n-10.7<\/span><\/td>\n<\/tr>\n
$15.50 (CAD)<\/span><\/td>\n10.2<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
EXE:TSE<\/th>\nRatios Used<\/th>\nAverage Values<\/th>\nSIA:TSE<\/th>\n<\/tr>\n
24.58<\/td>\nPE Ratio<\/td>\n39.04<\/span><\/td>\n39.04<\/td>\n<\/tr>\n
6.08<\/td>\nPB Ratio<\/td>\n2.81<\/span><\/td>\n2.81<\/td>\n<\/tr>\n
0.81<\/td>\nPS Ratio<\/td>\n1.58<\/span><\/td>\n1.58<\/td>\n<\/tr>\n
18.78<\/td>\nPCF Ratio<\/td>\n14.40<\/span><\/td>\n14.40<\/td>\n<\/tr>\n
11.68<\/td>\nEV to EBITDA<\/td>\n20.46<\/span><\/td>\n20.46<\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
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Multiples<\/h3>\n<\/p><\/div>\n

Using a multiples approach we generated a valuation of  $7.85 (CAD)<\/strong> for EXE:TSE<\/strong><\/p>\n

\n\n\n\n\n\n\n\n
Company EXE:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Earnings\/Share<\/td>\n$0.02 (CAD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$1.46 (CAD)<\/span><\/td>\n<\/tr>\n
Sales\/Share<\/td>\n$10.96 (CAD)<\/span><\/td>\n<\/tr>\n
Cash Flow\/Share<\/td>\n$0.47 (CAD)<\/span><\/td>\n<\/tr>\n
EBITDA\/Share<\/td>\n$1.02 (CAD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor<\/th>\n<\/tr>\n
$0.59 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$8.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$9.59 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$8.04 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$13.03 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Ratios<\/th>\nRatio Average<\/th>\n<\/tr>\n
PE Ratio<\/td>\n29.65<\/span><\/td>\n<\/tr>\n
PB Ratio<\/td>\n5.49<\/span><\/td>\n<\/tr>\n
PS Ratio<\/td>\n0.88<\/span><\/td>\n<\/tr>\n
PCF Ratio<\/td>\n17.07<\/span><\/td>\n<\/tr>\n
EV to EBITDA<\/td>\n12.78<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
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Adjusted Book Value versus Historical Price to Book<\/h3>\n<\/p><\/div>\n

The average the Price to Book ratio for  EXE:TSE<\/strong> for the last 10 years was  6.14<\/strong>
\n
We ran the Adjusted Book Value for  EXE:TSE<\/strong> and generated a book value of  $1.46 (CAD)<\/strong>
\n By multiplying these we get an adjusted valuation of  $8.95 (CAD)<\/strong><\/p><\/div>\n

\n
\n

Analyst Data<\/h3>\n<\/p><\/div>\n
\n
\n In the Stockcalc database there are 3 analysts that provide a valuation for EXE:TSE<\/strong>. The 3 analysts have a concensus valuation for EXE:TSE<\/strong> for 2018 of $9.67 (CAD)<\/strong>.<\/p>\n

EXE:TSE Extendicare<\/h4>\n\n\n\n
Analyst Recommendation<\/td>\n<\/tr>\nBuy<\/td>\nHold<\/td>\nSell<\/td>\nRating
(of 5)<\/td>\n		Guidance<\/td>\nAs Of<\/td>\n<\/tr>\n
1<\/td>\n2<\/td>\n0<\/td>\n3.6667<\/td>\nOutperform<\/td>\n2018-3-7<\/td>\n<\/tr>\n<\/table>\n

Current Price: not available<\/p>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Analyst Consensus<\/td>\n<\/tr>\n
CAD Millions<\/td>\n2018<\/td>\n2019<\/td>\n<\/tr>\n
Mean EPS<\/td>\n0.39<\/td>\n0.42<\/td>\n<\/tr>\n
# EPS Analysts<\/td>\n2<\/td>\n1<\/td>\n<\/tr>\n
Mean Revenue<\/td>\n1,137.70<\/td>\n1,176.80<\/td>\n<\/tr>\n
# Revenue Analysts<\/td>\n3<\/td>\n2<\/td>\n<\/tr>\n
Mean Target Price<\/td>\n9.67<\/td>\n<\/td>\n<\/tr>\n
Mean Cash Flow<\/td>\n0.64<\/td>\n0.69<\/td>\n<\/tr>\n
Mean EBITDA<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Mean Net Income<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Mean Debt Outstanding<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Mean Tax Rate<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Mean Growth Rate<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Mean Capital Expenditure<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/table><\/div>\n
<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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Company Overview (EXE:TSE CAD)<\/h3>\n<\/p><\/div>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Price<\/td>\n8.78<\/td>\n<\/tr>\n
Range<\/td>\n8.76 – 8.90<\/td>\n<\/tr>\n
52 week<\/td>\n8.12 – 10.71<\/td>\n<\/tr>\n
Open<\/td>\n8.90<\/td>\n<\/tr>\n
Vol \/ Avg.<\/td>\n147226\/227046<\/td>\n<\/tr>\n
Mkt cap<\/td>\n777.14M<\/td>\n<\/tr>\n
P\/E<\/td>\n24.58<\/td>\n<\/tr>\n
Div\/yield<\/td>\n0.48\/0.05<\/td>\n<\/tr>\n
EPS<\/td>\n0.02<\/td>\n<\/tr>\n
Shares<\/td>\n88.51M<\/td>\n<\/tr>\n
Beta<\/td>\n1.17<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\"Summary\n <\/div>\n
<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n
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Detailed Company Description<\/h3>\n<\/p><\/div>\n

Extendicare Inc along with its subsidiaries provides long-term care operations, home health care operations, and management and consulting services. It also offers information technology solutions to long-term and post-acute health care provider.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n
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Explanation of Valuation Models<\/h3>\n<\/p><\/div>\n
\n
\n We have up to 6 valuation points for each company in the database.
\n The Discounted Cash Flow (DCF)<\/span> valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).
\n The Price Comparables<\/span> valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
\n We have included the Other Comparables<\/span> as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash\/Share, Book Value\/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
\n Multiples<\/span> are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.
\n With Adjusted Book Value (ABV)<\/span> we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.
\n If we have Analyst coverage<\/span> for the company we use the consensus target price here.\n <\/div>\n<\/p><\/div>\n
\n

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You agree to defend, indemnify, and hold Patchell Brook Equity Analytics Inc., its subsidiaries, affiliates, successors, assigns, and their respective shareholders, directors, officers, employees, and agents harmless from and against any and all claims, damages, costs, and expenses, including attorneys’ fees, arising from or related to your use of the website.<\/p>\n

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Information contained herein is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. Access to the products and services described herein may be subject to restrictions vis-à-vis certain persons or in certain countries. None of the products or services presented herein shall be supplied by Patchell Brook Equity Analytics Inc. to a person in the event that the law of his\/her country of origin, or any other country concerning him\/her, prohibits it. The reader of this message should ensure that he\/she is legally authorized to access this website in the country or territory from where the access is gained. Accordingly, if it is prohibited to make such information available in your jurisdiction or to you (by reason of your nationality, residence, or otherwise), this information is not directed at you. Before reviewing the pages of this website, you must be satisfied that doing so will not result in such a contravention and is not prohibited.
\n These terms and conditions shall be governed and construed in accordance with the laws of the Province of New Brunswick, Canada without giving effect to the conflict of laws principles thereof. The courts of the Province of New Brunswick, Canada, shall have exclusive jurisdiction in respect to any dispute that may arise hereunder.<\/p>\n

Links:<\/h4>\n

Patchell Brook Equity Analytics Inc. has no control or liability regarding any links or the creation of any links to other sites external to Patchell Brook Equity Analytics Inc. and regarding the content of said sites. Therefore, you accept that your choice to access another site through a hypertext link is made under your own responsibility, and Patchell Brook Equity Analytics Inc. shall not be liable for any damages that result, directly or indirectly, from your access to another site connected by a hypertext link. Because the materials made available on these sites are not under the control of Patchell Brook Equity Analytics Inc., we make no representation about these sites or the materials that may be included therein. The fact that Patchell Brook Equity Analytics Inc. has linked to these sites does not constitute an endorsement or recommendation of any kind. These links are provided only as a convenience.<\/p>\n

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Patchell Brook Equity Analytics Inc. and any other names, images, and logos identifying Patchell Brook Equity Analytics Inc. and its products and services are proprietary trademarks of Patchell Brook Equity Analytics Inc.. Patchell Brook Equity Analytics Inc. does not permit the use of its name in advertising, as an endorsement of any product or service, or for any other commercial purpose, except where expressly permitted by written agreement between parties. This website and the copyright in the materials on this website (including all text, information, graphics, animation, and images) is owned by or licensed to Patchell Brook Equity Analytics Inc. All other trademarks, service marks, registered trademarks, or registered service marks mentioned in this website are the property of their respective owners.<\/p>\n

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Patchell Brook Equity Analytics Inc. endeavours to keep the rates and fees posted on this website current. However, rates, fees and related information are subject to change at any time with prior notice to users and the posted rates and fees at this website may not reflect such changes. Some of the services on this website are provided free of charge, but Patchell Brook Equity Analytics Inc. reserves the right to charge for these services in the future.<\/p>\n

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This website is not a secure medium for e-mail or other electronic communications. Any confidential, proprietary or sensitive information transmitted by a user by means of this website through e-mail or other electronic communications may be read and\/or copied by unauthorized persons.<\/p>\n

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Right to Suspend:<\/h4>\n

Patchell Brook Equity Analytics Inc. may restrict, suspend or terminate your access to, and use of, all or any part of the Patchell Brook Equity Analytics Inc. website for any reason at any time in Patchell Brook Equity Analytics Inc. absolute discretion and without prior notice or liability
\n YOU ACKNOWLEDGE, BY YOUR USE OF THE WEBSITE, THAT YOUR USE OF THE WEBSITE IS AT YOUR SOLE RISK, THAT YOU ASSUME FULL RESPONSIBILITY FOR ALL COSTS ASSOCIATED WITH YOUR USE OF THE PATCHELL BROOK EQUITY ANALYTICS INC. WEBSITE, AND THAT PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND RELATED TO YOUR USE OF THIS WEBSITE.<\/strong>
\n PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, RELIANCE OR SPECIAL DAMAGES FOR HARM TO BUSINESS, LOST PROFITS, LOST SAVINGS, OR LOST REVENUES, WHETHER OR NOT PATCHELL BROOK EQUITY ANALYTICS INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR ANY DAMAGE THAT ANY USER MAY SUFFER ARISING OUT OF THE USE OF; OR THE INABILITY TO USE, SERVICES OR CONTENT PROVIDED HEREUNDER. THESE LIMITATIONS OF LIABILITY SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT OR TORT, AND SHALL SURVIVE FAILURE OF AN EXCLUSIVE REMEDY.<\/strong>
\n © 2017 Patchell Brook Equity Analytics Inc.\n <\/div>\n<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Print This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all …<\/p>\n

Extendicare (EXE:TSE) Fundamental Valuation Report<\/span> Read More »<\/a><\/p>\nRead More<\/i><\/a>","protected":false},"author":288,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[3],"tags":[12,10,29,30,2334,2333,8,9,2336,2335,33,6],"class_list":["post-1597","post","type-post","status-publish","format-standard","hentry","category-fundamental-valuation-report","tag-adjusted-book-value","tag-comps","tag-dcf","tag-discounted-cash-flow","tag-exe","tag-extendicare","tag-fundamental-analysis","tag-intrinsic-value","tag-sia","tag-sienna-senior-living","tag-undervalued","tag-valuation"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9s44y-pL","_links":{"self":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/users\/288"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/comments?post=1597"}],"version-history":[{"count":2,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1597\/revisions"}],"predecessor-version":[{"id":1632,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1597\/revisions\/1632"}],"wp:attachment":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/media?parent=1597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/categories?post=1597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/tags?post=1597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}