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underlying
/ˌʌndəˈlaɪɪŋ/ adjective [before noun] Definition
› FINANCE, STOCK MARKET used to describe the shares, etc. to which something such as an option (= the right to buy or sell something in the future) relates:
The option was sold requiring payment against delivery of the underlying security.
› ACCOUNTING, FINANCE used to describe the basic level or amount of something before anything else is added or taken away:
Underlying conditions are favourable.
They underestimated their underlying costs and ended up losing a lot of money.
Last year the company had underlying earnings of $10.6m on $34m sales.
(Definition of underlying adjective from the Cambridge Business English Dictionary © Cambridge University Press)
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