Intrinsic value of Colliers International Group Inc. Subord - CIGI

Previous Close

$68.55

  Intrinsic Value

$352.38

stock screener

  Rating & Target

str. buy

+414%

Previous close

$68.55

 
Intrinsic value

$352.38

 
Up/down potential

+414%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CIGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.14
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  2,563
  2,889
  3,233
  3,596
  3,978
  4,378
  4,796
  5,232
  5,686
  6,159
  6,651
  7,162
  7,693
  8,245
  8,819
  9,415
  10,035
  10,680
  11,351
  12,050
  12,777
  13,536
  14,327
  15,152
  16,013
  16,912
  17,851
  18,832
  19,858
  20,931
  22,053
Variable operating expenses, $m
 
  1,805
  2,015
  2,236
  2,468
  2,712
  2,966
  3,232
  3,508
  3,796
  4,095
  4,359
  4,682
  5,018
  5,368
  5,730
  6,108
  6,500
  6,909
  7,334
  7,777
  8,239
  8,720
  9,222
  9,746
  10,294
  10,865
  11,462
  12,087
  12,740
  13,423
Fixed operating expenses, $m
 
  796
  816
  837
  858
  879
  901
  924
  947
  970
  995
  1,019
  1,045
  1,071
  1,098
  1,125
  1,153
  1,182
  1,212
  1,242
  1,273
  1,305
  1,338
  1,371
  1,405
  1,441
  1,477
  1,513
  1,551
  1,590
  1,630
Total operating expenses, $m
  2,365
  2,601
  2,831
  3,073
  3,326
  3,591
  3,867
  4,156
  4,455
  4,766
  5,090
  5,378
  5,727
  6,089
  6,466
  6,855
  7,261
  7,682
  8,121
  8,576
  9,050
  9,544
  10,058
  10,593
  11,151
  11,735
  12,342
  12,975
  13,638
  14,330
  15,053
Operating income, $m
  198
  287
  402
  524
  652
  787
  929
  1,077
  1,232
  1,393
  1,561
  1,783
  1,966
  2,155
  2,353
  2,559
  2,774
  2,997
  3,230
  3,473
  3,727
  3,992
  4,269
  4,558
  4,861
  5,178
  5,509
  5,856
  6,220
  6,601
  7,001
EBITDA, $m
  259
  357
  474
  599
  730
  869
  1,013
  1,165
  1,323
  1,488
  1,660
  1,840
  2,026
  2,220
  2,423
  2,633
  2,853
  3,081
  3,320
  3,568
  3,828
  4,099
  4,382
  4,678
  4,987
  5,311
  5,650
  6,004
  6,376
  6,766
  7,174
Interest expense (income), $m
  11
  12
  18
  24
  30
  37
  44
  52
  59
  68
  76
  85
  94
  103
  113
  124
  134
  145
  157
  169
  181
  194
  208
  222
  237
  252
  268
  285
  303
  321
  340
Earnings before tax, $m
  188
  275
  384
  500
  622
  750
  885
  1,025
  1,172
  1,325
  1,485
  1,698
  1,872
  2,052
  2,240
  2,436
  2,639
  2,852
  3,073
  3,305
  3,546
  3,798
  4,061
  4,336
  4,624
  4,926
  5,241
  5,571
  5,917
  6,280
  6,660
Tax expense, $m
  64
  74
  104
  135
  168
  203
  239
  277
  316
  358
  401
  459
  505
  554
  605
  658
  713
  770
  830
  892
  957
  1,025
  1,096
  1,171
  1,249
  1,330
  1,415
  1,504
  1,598
  1,696
  1,798
Net income, $m
  92
  200
  281
  365
  454
  548
  646
  748
  856
  968
  1,084
  1,240
  1,366
  1,498
  1,635
  1,778
  1,927
  2,082
  2,244
  2,412
  2,588
  2,772
  2,965
  3,166
  3,376
  3,596
  3,826
  4,067
  4,320
  4,585
  4,862

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  153
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,608
  1,639
  1,835
  2,041
  2,258
  2,485
  2,722
  2,969
  3,227
  3,495
  3,775
  4,065
  4,366
  4,679
  5,005
  5,343
  5,695
  6,061
  6,442
  6,839
  7,252
  7,682
  8,131
  8,599
  9,088
  9,598
  10,131
  10,688
  11,270
  11,879
  12,516
Adjusted assets (=assets-cash), $m
  1,455
  1,639
  1,835
  2,041
  2,258
  2,485
  2,722
  2,969
  3,227
  3,495
  3,775
  4,065
  4,366
  4,679
  5,005
  5,343
  5,695
  6,061
  6,442
  6,839
  7,252
  7,682
  8,131
  8,599
  9,088
  9,598
  10,131
  10,688
  11,270
  11,879
  12,516
Revenue / Adjusted assets
  1.762
  1.763
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
Average production assets, $m
  218
  246
  275
  306
  338
  372
  408
  445
  483
  524
  565
  609
  654
  701
  750
  800
  853
  908
  965
  1,024
  1,086
  1,151
  1,218
  1,288
  1,361
  1,437
  1,517
  1,601
  1,688
  1,779
  1,875
Working capital, $m
  -5
  -173
  -194
  -216
  -239
  -263
  -288
  -314
  -341
  -370
  -399
  -430
  -462
  -495
  -529
  -565
  -602
  -641
  -681
  -723
  -767
  -812
  -860
  -909
  -961
  -1,015
  -1,071
  -1,130
  -1,191
  -1,256
  -1,323
Total debt, $m
  355
  500
  676
  862
  1,057
  1,261
  1,475
  1,697
  1,929
  2,171
  2,422
  2,683
  2,954
  3,236
  3,529
  3,834
  4,151
  4,480
  4,823
  5,180
  5,551
  5,939
  6,343
  6,764
  7,204
  7,663
  8,143
  8,644
  9,168
  9,716
  10,290
Total liabilities, $m
  1,330
  1,475
  1,651
  1,837
  2,032
  2,236
  2,450
  2,672
  2,904
  3,146
  3,397
  3,658
  3,929
  4,211
  4,504
  4,809
  5,126
  5,455
  5,798
  6,155
  6,526
  6,914
  7,318
  7,739
  8,179
  8,638
  9,118
  9,619
  10,143
  10,691
  11,265
Total equity, $m
  278
  164
  183
  204
  226
  248
  272
  297
  323
  350
  377
  406
  437
  468
  500
  534
  570
  606
  644
  684
  725
  768
  813
  860
  909
  960
  1,013
  1,069
  1,127
  1,188
  1,252
Total liabilities and equity, $m
  1,608
  1,639
  1,834
  2,041
  2,258
  2,484
  2,722
  2,969
  3,227
  3,496
  3,774
  4,064
  4,366
  4,679
  5,004
  5,343
  5,696
  6,061
  6,442
  6,839
  7,251
  7,682
  8,131
  8,599
  9,088
  9,598
  10,131
  10,688
  11,270
  11,879
  12,517
Debt-to-equity ratio
  1.277
  3.050
  3.690
  4.220
  4.680
  5.080
  5.420
  5.720
  5.980
  6.210
  6.420
  6.600
  6.770
  6.920
  7.050
  7.180
  7.290
  7.390
  7.490
  7.570
  7.660
  7.730
  7.800
  7.870
  7.930
  7.980
  8.040
  8.090
  8.130
  8.180
  8.220
Adjusted equity ratio
  0.086
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  200
  281
  365
  454
  548
  646
  748
  856
  968
  1,084
  1,240
  1,366
  1,498
  1,635
  1,778
  1,927
  2,082
  2,244
  2,412
  2,588
  2,772
  2,965
  3,166
  3,376
  3,596
  3,826
  4,067
  4,320
  4,585
  4,862
Depreciation, amort., depletion, $m
  61
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
  56
  61
  65
  69
  74
  79
  84
  89
  95
  101
  107
  113
  119
  126
  133
  140
  148
  156
  165
  174
Funds from operations, $m
  204
  270
  353
  440
  532
  629
  731
  837
  947
  1,063
  1,183
  1,296
  1,427
  1,563
  1,705
  1,852
  2,006
  2,166
  2,333
  2,507
  2,689
  2,879
  3,077
  3,285
  3,502
  3,729
  3,966
  4,215
  4,476
  4,749
  5,036
Change in working capital, $m
  -7
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -64
  -67
Cash from operations, $m
  211
  290
  374
  462
  555
  653
  756
  863
  975
  1,091
  1,213
  1,327
  1,459
  1,596
  1,739
  1,888
  2,043
  2,205
  2,373
  2,549
  2,733
  2,924
  3,125
  3,334
  3,553
  3,783
  4,023
  4,274
  4,538
  4,814
  5,103
Maintenance CAPEX, $m
  0
  -20
  -23
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -48
  -52
  -56
  -61
  -65
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -165
New CAPEX, $m
  -34
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
Cash from investing activities, $m
  -181
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -223
  -235
  -247
  -260
Free cash flow, $m
  30
  242
  322
  406
  494
  588
  686
  788
  895
  1,006
  1,123
  1,231
  1,357
  1,489
  1,625
  1,768
  1,916
  2,071
  2,232
  2,400
  2,576
  2,759
  2,951
  3,151
  3,361
  3,580
  3,810
  4,050
  4,302
  4,566
  4,843
Issuance/(repayment) of debt, $m
  23
  148
  176
  186
  195
  204
  213
  223
  232
  241
  251
  261
  271
  282
  293
  305
  317
  329
  343
  357
  372
  387
  404
  421
  440
  459
  480
  501
  524
  548
  573
Issuance/(repurchase) of shares, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -15
  148
  176
  186
  195
  204
  213
  223
  232
  241
  251
  261
  271
  282
  293
  305
  317
  329
  343
  357
  372
  387
  404
  421
  440
  459
  480
  501
  524
  548
  573
Total cash flow (excl. dividends), $m
  1
  390
  498
  591
  689
  792
  899
  1,011
  1,127
  1,248
  1,374
  1,492
  1,629
  1,770
  1,918
  2,072
  2,233
  2,400
  2,575
  2,757
  2,948
  3,147
  3,355
  3,573
  3,801
  4,039
  4,289
  4,551
  4,826
  5,114
  5,416
Retained Cash Flow (-), $m
  -87
  -36
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
Prev. year cash balance distribution, $m
 
  150
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  505
  478
  571
  668
  769
  875
  986
  1,101
  1,221
  1,346
  1,463
  1,598
  1,739
  1,886
  2,038
  2,198
  2,364
  2,537
  2,718
  2,906
  3,104
  3,310
  3,526
  3,752
  3,988
  4,236
  4,496
  4,768
  5,053
  5,353
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  484
  438
  497
  550
  596
  635
  666
  688
  701
  706
  695
  682
  661
  633
  598
  558
  514
  467
  418
  369
  321
  275
  231
  191
  155
  124
  96
  74
  55
  40
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Colliers International Group Inc. is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate. It is engaged in the transaction brokerage business, which provides services in sales and leasing for commercial clients. The Sales and Lease Brokerage Division executes transactions across a client base, including corporations, financial institutions, governments and individuals. It provides services for sales, leases and mortgages in various areas, such as landlord representation, tenant representation, and capital markets and investment services. The Outsourcing and Advisory Services Division provides appraisal and valuation services; facility, property and asset management services; project management services, and research for commercial real estate clients.

FINANCIAL RATIOS  of  Colliers International Group Inc. Subord (CIGI)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 1
Price to Book 9.5
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 15
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.3%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 126.6%
Total Debt to Equity 127.7%
Interest Coverage 18
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 15.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 39.2%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 5.4%

CIGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIGI stock intrinsic value calculation we used $2563 million for the last fiscal year's total revenue generated by Colliers International Group Inc. Subord. The default revenue input number comes from 2016 income statement of Colliers International Group Inc. Subord. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CIGI stock valuation model: a) initial revenue growth rate of 12.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CIGI is calculated based on our internal credit rating of Colliers International Group Inc. Subord, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Colliers International Group Inc. Subord.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CIGI stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $777 million in the base year in the intrinsic value calculation for CIGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Colliers International Group Inc. Subord.

Corporate tax rate of 27% is the nominal tax rate for Colliers International Group Inc. Subord. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CIGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CIGI are equal to 8.5%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Colliers International Group Inc. Subord operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CIGI is equal to -6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $278 million for Colliers International Group Inc. Subord - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.476 million for Colliers International Group Inc. Subord is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Colliers International Group Inc. Subord at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
AIF Altus Group Li 34.38 30.70  hold
Financial statements of CIGI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.