Intrinsic value of Ascent Capital Group Series A - ASCMA

Previous Close

$12.06

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$12.06

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of ASCMA 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 0.2

 

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, %
  1.24
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  570
  581
  595
  610
  627
  646
  667
  690
  714
  741
  769
  800
  832
  867
  904
  942
  984
  1,028
  1,074
  1,123
  1,174
  1,229
  1,286
  1,346
  1,410
  1,477
  1,548
  1,622
  1,701
  1,783
  1,870
Variable operating expenses, $m
 
  498
  508
  519
  532
  547
  563
  580
  599
  619
  640
  607
  632
  658
  686
  715
  747
  780
  815
  852
  891
  933
  976
  1,022
  1,070
  1,121
  1,175
  1,232
  1,291
  1,353
  1,419
Fixed operating expenses, $m
 
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  58
  59
  60
  62
  64
  65
  67
  68
  70
  72
  74
  76
Total operating expenses, $m
  524
  535
  546
  558
  572
  588
  605
  623
  643
  664
  686
  654
  680
  708
  737
  767
  800
  835
  871
  910
  950
  993
  1,038
  1,086
  1,135
  1,188
  1,243
  1,302
  1,363
  1,427
  1,495
Operating income, $m
  46
  47
  49
  52
  55
  59
  63
  67
  72
  77
  83
  145
  152
  159
  167
  175
  184
  193
  203
  213
  224
  236
  248
  261
  275
  289
  305
  321
  338
  356
  375
EBITDA, $m
  301
  291
  298
  306
  314
  324
  335
  347
  360
  373
  388
  404
  421
  440
  459
  480
  502
  525
  550
  576
  604
  633
  664
  697
  731
  767
  806
  846
  888
  933
  980
Interest expense (income), $m
  121
  121
  124
  127
  130
  134
  138
  143
  148
  154
  160
  166
  173
  181
  189
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  328
  344
  361
  379
  397
Earnings before tax, $m
  -84
  -74
  -75
  -75
  -75
  -75
  -76
  -76
  -76
  -77
  -77
  -21
  -21
  -22
  -22
  -22
  -22
  -22
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -22
Tax expense, $m
  7
  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
Net income, $m
  -91
  -74
  -75
  -75
  -75
  -75
  -76
  -76
  -76
  -77
  -77
  -21
  -21
  -22
  -22
  -22
  -22
  -22
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -22

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  2,132
  2,161
  2,211
  2,268
  2,332
  2,402
  2,480
  2,564
  2,656
  2,754
  2,860
  2,973
  3,094
  3,222
  3,359
  3,504
  3,657
  3,820
  3,992
  4,173
  4,365
  4,567
  4,781
  5,006
  5,243
  5,492
  5,755
  6,031
  6,323
  6,629
  6,951
Adjusted assets (=assets-cash), $m
  2,120
  2,161
  2,211
  2,268
  2,332
  2,402
  2,480
  2,564
  2,656
  2,754
  2,860
  2,973
  3,094
  3,222
  3,359
  3,504
  3,657
  3,820
  3,992
  4,173
  4,365
  4,567
  4,781
  5,006
  5,243
  5,492
  5,755
  6,031
  6,323
  6,629
  6,951
Revenue / Adjusted assets
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
Average production assets, $m
  1,458
  1,487
  1,521
  1,560
  1,604
  1,652
  1,706
  1,764
  1,827
  1,894
  1,967
  2,045
  2,128
  2,216
  2,310
  2,410
  2,516
  2,627
  2,746
  2,870
  3,002
  3,142
  3,288
  3,443
  3,606
  3,778
  3,958
  4,149
  4,349
  4,559
  4,781
Working capital, $m
  30
  30
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
Total debt, $m
  1,765
  1,791
  1,835
  1,886
  1,943
  2,005
  2,074
  2,149
  2,230
  2,318
  2,412
  2,512
  2,619
  2,733
  2,855
  2,983
  3,120
  3,264
  3,417
  3,578
  3,748
  3,928
  4,117
  4,317
  4,527
  4,749
  4,982
  5,228
  5,486
  5,758
  6,044
Total liabilities, $m
  1,894
  1,919
  1,963
  2,014
  2,071
  2,133
  2,202
  2,277
  2,358
  2,446
  2,540
  2,640
  2,747
  2,861
  2,983
  3,111
  3,248
  3,392
  3,545
  3,706
  3,876
  4,056
  4,245
  4,445
  4,655
  4,877
  5,110
  5,356
  5,614
  5,886
  6,172
Total equity, $m
  239
  242
  248
  254
  261
  269
  278
  287
  297
  308
  320
  333
  346
  361
  376
  392
  410
  428
  447
  467
  489
  512
  535
  561
  587
  615
  645
  676
  708
  742
  778
Total liabilities and equity, $m
  2,133
  2,161
  2,211
  2,268
  2,332
  2,402
  2,480
  2,564
  2,655
  2,754
  2,860
  2,973
  3,093
  3,222
  3,359
  3,503
  3,658
  3,820
  3,992
  4,173
  4,365
  4,568
  4,780
  5,006
  5,242
  5,492
  5,755
  6,032
  6,322
  6,628
  6,950
Debt-to-equity ratio
  7.385
  7.400
  7.410
  7.420
  7.440
  7.450
  7.470
  7.480
  7.500
  7.510
  7.530
  7.540
  7.560
  7.570
  7.590
  7.600
  7.620
  7.630
  7.640
  7.650
  7.670
  7.680
  7.690
  7.700
  7.710
  7.720
  7.730
  7.740
  7.750
  7.760
  7.760
Adjusted equity ratio
  0.107
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -91
  -74
  -75
  -75
  -75
  -75
  -76
  -76
  -76
  -77
  -77
  -21
  -21
  -22
  -22
  -22
  -22
  -22
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -23
  -22
Depreciation, amort., depletion, $m
  255
  245
  249
  254
  259
  266
  272
  280
  288
  296
  305
  259
  269
  281
  292
  305
  318
  333
  348
  363
  380
  398
  416
  436
  456
  478
  501
  525
  550
  577
  605
Funds from operations, $m
  175
  170
  174
  179
  184
  190
  197
  204
  211
  219
  228
  238
  248
  259
  271
  283
  296
  310
  325
  341
  357
  375
  393
  413
  433
  455
  478
  502
  528
  555
  583
Change in working capital, $m
  -14
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  189
  170
  174
  178
  183
  189
  195
  202
  210
  218
  227
  236
  246
  257
  269
  281
  294
  308
  323
  338
  354
  372
  390
  410
  430
  452
  474
  498
  524
  550
  578
Maintenance CAPEX, $m
  0
  -184
  -188
  -193
  -197
  -203
  -209
  -216
  -223
  -231
  -240
  -249
  -259
  -269
  -281
  -292
  -305
  -318
  -333
  -348
  -363
  -380
  -398
  -416
  -436
  -456
  -478
  -501
  -525
  -550
  -577
New CAPEX, $m
  -211
  -29
  -34
  -39
  -44
  -49
  -53
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -222
Cash from investing activities, $m
  -200
  -213
  -222
  -232
  -241
  -252
  -262
  -274
  -286
  -299
  -313
  -327
  -342
  -357
  -375
  -392
  -411
  -430
  -451
  -473
  -495
  -519
  -545
  -571
  -599
  -628
  -659
  -691
  -725
  -761
  -799
Free cash flow, $m
  -11
  -44
  -49
  -53
  -58
  -62
  -67
  -72
  -76
  -81
  -86
  -90
  -95
  -100
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -193
  -202
  -211
  -220
Issuance/(repayment) of debt, $m
  43
  37
  44
  50
  57
  63
  69
  75
  81
  87
  94
  100
  107
  114
  121
  129
  136
  144
  153
  161
  170
  180
  189
  200
  210
  222
  233
  246
  258
  272
  286
Issuance/(repurchase) of shares, $m
  -7
  78
  80
  81
  82
  83
  84
  86
  87
  88
  89
  34
  35
  36
  37
  38
  39
  41
  42
  43
  44
  46
  47
  48
  50
  51
  53
  54
  55
  57
  58
Cash from financing (excl. dividends), $m  
  18
  115
  124
  131
  139
  146
  153
  161
  168
  175
  183
  134
  142
  150
  158
  167
  175
  185
  195
  204
  214
  226
  236
  248
  260
  273
  286
  300
  313
  329
  344
Total cash flow (excl. dividends), $m
  7
  72
  76
  78
  81
  84
  86
  89
  92
  94
  97
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
Retained Cash Flow (-), $m
  86
  -78
  -80
  -81
  -82
  -83
  -84
  -86
  -87
  -88
  -89
  -34
  -35
  -36
  -37
  -38
  -39
  -41
  -42
  -43
  -44
  -46
  -47
  -48
  -50
  -51
  -53
  -54
  -55
  -57
  -58
Prev. year cash balance distribution, $m
 
  1
  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
 
  -6
  -5
  -3
  -1
  0
  2
  3
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  24
  27
  30
  32
  35
  38
  42
  45
  49
  53
  57
  61
  66
Discount rate, %
 
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
 
  -5
  -4
  -2
  -1
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  68.0
  46.2
  31.5
  21.5
  14.8
  10.2
  7.1
  4.9
  3.5
  2.5
  2.1
  1.9
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.7
  0.6
  0.6
  0.5
  0.4
  0.4
  0.4
  0.3
  0.3
  0.3
  0.2
  0.2

Ascent Capital Group, Inc. is a holding company. The Company's subsidiaries include Monitronics International, Inc. (MONI) and LiveWatch Security, LLC (LiveWatch). The Company's segments include MONI, LiveWatch and Other Activities. The MONI segment is primarily engaged in the business of providing security alarm monitoring services: monitoring signals arising from burglaries, fires, medical alerts and other events through security systems at subscribers' premises, as well as providing customer service and technical support. LiveWatch is a do-it-yourself home security provider offering professionally monitored security services through a direct-to-consumer sales channel. LiveWatch offers a differentiated go-to-market strategy through direct response television, Internet and radio advertising. When a customer initiates the process to obtain monitoring services, LiveWatch pre-configures the alarm monitoring system based on customer specifications.

FINANCIAL RATIOS  of  Ascent Capital Group Series A (ASCMA)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 0.8
Price to Free Cash Flow -6.8
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.9
LT Debt to Equity 733.9%
Total Debt to Equity 738.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital -4.5%
Ret/ On T. Cap. - 3 Yr. Avg. -3.5%
Return On Equity -32.3%
Return On Equity - 3 Yr. Avg. -20.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 76.7%
Gross Margin - 3 Yr. Avg. 79.1%
EBITDA Margin 51.2%
EBITDA Margin - 3 Yr. Avg. 49.1%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin -14.7%
Pre-Tax Margin - 3 Yr. Avg. -11.8%
Net Profit Margin -16%
Net Profit Margin - 3 Yr. Avg. -12.6%
Effective Tax Rate -8.3%
Eff/ Tax Rate - 3 Yr. Avg. -8.2%
Payout Ratio 0%

ASCMA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASCMA stock intrinsic value calculation we used $570 million for the last fiscal year's total revenue generated by Ascent Capital Group Series A. The default revenue input number comes from 2016 income statement of Ascent Capital Group Series A. 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 ASCMA stock valuation model: a) initial revenue growth rate of 2% 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 12.8%, whose default value for ASCMA is calculated based on our internal credit rating of Ascent Capital Group Series A, 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 Ascent Capital Group Series A.
    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 ASCMA stock the variable cost ratio is equal to 85.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $36 million in the base year in the intrinsic value calculation for ASCMA 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 6.9% for Ascent Capital Group Series A.

Corporate tax rate of 27% is the nominal tax rate for Ascent Capital Group Series A. 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 ASCMA 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 ASCMA are equal to 255.7%.

Life of production assets of 7.9 years is the average useful life of capital assets used in Ascent Capital Group Series A 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 ASCMA is equal to 5.1%. 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 - $239 million for Ascent Capital Group Series A - 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 12.816 million for Ascent Capital Group Series A 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 Ascent Capital Group Series A at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
BCO Brink's 78.75 28.71  str.sell
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COMPANY NEWS

▶ Ascent Capital reports 3Q loss   [Nov-02-17 07:03PM  Associated Press]
▶ Ascent Capital reports 2Q loss   [Aug-09-17 10:23PM  Associated Press]
▶ Ascent Capital reports 1Q loss   [May-09-17 06:06PM  Associated Press]
▶ MONI Receives A+ Rating From Better Business Bureau   [Feb-06-17 12:15PM  PR Newswire]
▶ MONI Smart Security Introduces Customer Bill Of Rights   [Jan-24-17 06:00AM  PR Newswire]
▶ Hedge Funds Are Piling Into Ascent Capital Group Inc (ASCMA)   [Dec-04-16 03:31PM  at Insider Monkey]
▶ MONI Rebranding Campaign Wins Gold MarCom Award   [Nov-01-16 07:00AM  PR Newswire]
▶ Monitronics Announces RISE Sub-Dealer Program   [Aug-16-16 09:00AM  PR Newswire]
▶ Monitronics Expands Information Technology Department   [Jul-15-16 12:00PM  PR Newswire]
▶ Monitronics Announces Two New Directors of Marketing   [Jul-12-16 03:21PM  PR Newswire]
▶ Monitronics Announces Exclusive Benefits for AARP Members   [Jun-30-16 03:53PM  GlobeNewswire]
Financial statements of ASCMA
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.

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