Intrinsic value of Belmond - BEL

Previous Close

$12.35

  Intrinsic Value

$1.92

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-57%

Previous close

$12.35

 
Intrinsic value

$1.92

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-57%

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

We calculate the intrinsic value of BEL 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 1.4

 

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, %
  -0.18
  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
  550
  561
  574
  589
  605
  624
  644
  666
  689
  715
  742
  772
  803
  836
  872
  909
  949
  991
  1,036
  1,083
  1,133
  1,185
  1,241
  1,299
  1,361
  1,426
  1,494
  1,566
  1,641
  1,721
  1,804
Variable operating expenses, $m
 
  100
  102
  104
  107
  109
  113
  116
  120
  124
  128
  122
  126
  132
  137
  143
  149
  156
  163
  171
  178
  187
  195
  205
  214
  224
  235
  247
  258
  271
  284
Fixed operating expenses, $m
 
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  527
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
  709
  727
  745
  764
  783
  803
  823
  843
Total operating expenses, $m
  490
  512
  524
  537
  551
  564
  579
  594
  610
  626
  643
  649
  667
  686
  705
  725
  746
  768
  790
  814
  837
  862
  887
  914
  941
  969
  999
  1,030
  1,061
  1,094
  1,127
Operating income, $m
  60
  49
  50
  52
  55
  59
  65
  72
  80
  89
  100
  123
  136
  151
  167
  184
  203
  224
  246
  270
  296
  324
  353
  385
  419
  456
  495
  536
  580
  627
  677
EBITDA, $m
  112
  109
  110
  113
  118
  124
  131
  140
  150
  161
  174
  189
  205
  222
  241
  262
  284
  308
  335
  363
  393
  425
  460
  496
  536
  578
  622
  670
  720
  774
  831
Interest expense (income), $m
  41
  41
  42
  44
  45
  47
  49
  51
  53
  56
  59
  61
  65
  68
  71
  75
  79
  83
  88
  93
  98
  103
  109
  114
  121
  127
  134
  141
  149
  157
  165
Earnings before tax, $m
  41
  8
  8
  8
  10
  12
  16
  21
  26
  33
  41
  61
  71
  83
  95
  109
  124
  140
  158
  177
  198
  221
  245
  271
  299
  329
  361
  395
  431
  470
  512
Tax expense, $m
  17
  2
  2
  2
  3
  3
  4
  6
  7
  9
  11
  17
  19
  22
  26
  29
  33
  38
  43
  48
  54
  60
  66
  73
  81
  89
  97
  107
  116
  127
  138
Net income, $m
  36
  6
  6
  6
  7
  9
  12
  15
  19
  24
  30
  45
  52
  60
  69
  79
  90
  102
  115
  129
  145
  161
  179
  198
  218
  240
  263
  288
  315
  343
  373

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
  1,524
  1,399
  1,431
  1,468
  1,509
  1,555
  1,605
  1,660
  1,719
  1,783
  1,851
  1,924
  2,003
  2,086
  2,174
  2,268
  2,367
  2,472
  2,584
  2,701
  2,825
  2,956
  3,094
  3,240
  3,393
  3,555
  3,725
  3,904
  4,092
  4,291
  4,499
Adjusted assets (=assets-cash), $m
  1,371
  1,399
  1,431
  1,468
  1,509
  1,555
  1,605
  1,660
  1,719
  1,783
  1,851
  1,924
  2,003
  2,086
  2,174
  2,268
  2,367
  2,472
  2,584
  2,701
  2,825
  2,956
  3,094
  3,240
  3,393
  3,555
  3,725
  3,904
  4,092
  4,291
  4,499
Revenue / Adjusted assets
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
Average production assets, $m
  1,091
  1,113
  1,139
  1,168
  1,201
  1,237
  1,277
  1,321
  1,368
  1,418
  1,473
  1,531
  1,593
  1,659
  1,730
  1,804
  1,883
  1,967
  2,056
  2,149
  2,248
  2,352
  2,462
  2,578
  2,700
  2,828
  2,964
  3,106
  3,256
  3,414
  3,579
Working capital, $m
  107
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Total debt, $m
  591
  604
  623
  646
  671
  698
  729
  762
  798
  837
  879
  923
  971
  1,021
  1,075
  1,132
  1,192
  1,256
  1,324
  1,395
  1,471
  1,550
  1,634
  1,723
  1,816
  1,914
  2,018
  2,127
  2,241
  2,362
  2,488
Total liabilities, $m
  838
  851
  870
  893
  918
  945
  976
  1,009
  1,045
  1,084
  1,126
  1,170
  1,218
  1,268
  1,322
  1,379
  1,439
  1,503
  1,571
  1,642
  1,718
  1,797
  1,881
  1,970
  2,063
  2,161
  2,265
  2,374
  2,488
  2,609
  2,735
Total equity, $m
  686
  548
  561
  575
  592
  610
  629
  651
  674
  699
  726
  754
  785
  818
  852
  889
  928
  969
  1,013
  1,059
  1,108
  1,159
  1,213
  1,270
  1,330
  1,394
  1,460
  1,530
  1,604
  1,682
  1,764
Total liabilities and equity, $m
  1,524
  1,399
  1,431
  1,468
  1,510
  1,555
  1,605
  1,660
  1,719
  1,783
  1,852
  1,924
  2,003
  2,086
  2,174
  2,268
  2,367
  2,472
  2,584
  2,701
  2,826
  2,956
  3,094
  3,240
  3,393
  3,555
  3,725
  3,904
  4,092
  4,291
  4,499
Debt-to-equity ratio
  0.862
  1.100
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.200
  1.210
  1.220
  1.240
  1.250
  1.260
  1.270
  1.280
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
Adjusted equity ratio
  0.389
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  36
  6
  6
  6
  7
  9
  12
  15
  19
  24
  30
  45
  52
  60
  69
  79
  90
  102
  115
  129
  145
  161
  179
  198
  218
  240
  263
  288
  315
  343
  373
Depreciation, amort., depletion, $m
  52
  59
  60
  62
  63
  65
  66
  68
  70
  72
  75
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
Funds from operations, $m
  54
  65
  66
  68
  70
  74
  78
  83
  89
  97
  105
  111
  121
  132
  144
  157
  172
  187
  204
  222
  242
  262
  285
  309
  334
  362
  391
  422
  455
  490
  528
Change in working capital, $m
  -8
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  62
  66
  67
  69
  71
  75
  80
  85
  91
  99
  107
  113
  123
  134
  147
  160
  175
  190
  207
  226
  245
  266
  289
  313
  339
  367
  396
  427
  461
  496
  534
Maintenance CAPEX, $m
  0
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
New CAPEX, $m
  -55
  -22
  -26
  -29
  -33
  -36
  -40
  -43
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -135
  -142
  -150
  -158
  -166
Cash from investing activities, $m
  -52
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -115
  -121
  -128
  -135
  -142
  -150
  -157
  -165
  -174
  -183
  -192
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -284
  -298
  -313
Free cash flow, $m
  10
  -3
  -7
  -10
  -12
  -13
  -14
  -14
  -13
  -11
  -9
  -9
  -5
  -1
  5
  11
  18
  25
  34
  43
  54
  65
  78
  91
  106
  122
  139
  157
  177
  198
  221
Issuance/(repayment) of debt, $m
  12
  18
  20
  22
  25
  28
  31
  33
  36
  39
  42
  45
  47
  51
  54
  57
  60
  64
  68
  71
  75
  80
  84
  89
  93
  98
  103
  109
  115
  121
  127
Issuance/(repurchase) of shares, $m
  -2
  4
  7
  8
  9
  9
  8
  6
  4
  1
  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  
  10
  22
  27
  30
  34
  37
  39
  39
  40
  40
  42
  45
  47
  51
  54
  57
  60
  64
  68
  71
  75
  80
  84
  89
  93
  98
  103
  109
  115
  121
  127
Total cash flow (excl. dividends), $m
  18
  19
  20
  21
  22
  24
  25
  26
  27
  28
  33
  36
  42
  50
  58
  68
  78
  89
  102
  115
  129
  145
  162
  180
  199
  220
  242
  266
  292
  319
  348
Retained Cash Flow (-), $m
  -28
  -10
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
Prev. year cash balance distribution, $m
 
  148
  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
 
  157
  7
  7
  6
  6
  5
  5
  4
  3
  6
  7
  12
  17
  24
  31
  39
  48
  58
  69
  81
  94
  108
  123
  139
  157
  176
  196
  218
  241
  266
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  146
  6
  5
  5
  4
  3
  2
  2
  1
  2
  2
  3
  4
  4
  4
  4
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.6
  99.0
  98.3
  97.5
  96.8
  96.2
  95.7
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4

Belmond Ltd., together with its subsidiaries, engages in hotel and travel businesses. As of December 31, 2015, the company owned, invested in, or managed 34 deluxe hotels and resorts in the United States, Mexico, Caribbean, Europe, Southern Africa, South America, and Southeast Asia; 1 stand-alone restaurant in New York; 6 tourist trains in Europe, Southeast Asia, and Peru; 2 river cruises in Myanmar, Burma; and 1 canal boat in France. Its portfolio of hotels includes 3,010 individual guest rooms and multiple-room suites. The company was formerly known as Orient-Express Hotels Ltd. and changed its name to Belmond Ltd. in June 2014. Belmond Ltd. was founded in 1971 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Belmond (BEL)

Valuation Ratios
P/E Ratio 41.1
Price to Sales 2.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 211.4
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.8%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 85.4%
Total Debt to Equity 86.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 2.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 55.8%
EBITDA Margin 24.4%
EBITDA Margin - 3 Yr. Avg. 19.5%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 99%
Payout Ratio 0%

BEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEL stock intrinsic value calculation we used $550 million for the last fiscal year's total revenue generated by Belmond. The default revenue input number comes from 2016 income statement of Belmond. 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 BEL 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 7.1%, whose default value for BEL is calculated based on our internal credit rating of Belmond, 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 Belmond.
    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 BEL stock the variable cost ratio is equal to 17.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $402 million in the base year in the intrinsic value calculation for BEL 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 7% for Belmond.

Corporate tax rate of 27% is the nominal tax rate for Belmond. 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 BEL 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 BEL are equal to 198.4%.

Life of production assets of 23.2 years is the average useful life of capital assets used in Belmond 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 BEL is equal to -7.5%. 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 - $686 million for Belmond - 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 114.397 million for Belmond 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 Belmond at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
RCL Royal Caribbea 118.81 11.61  str.sell
CUK Carnival ADR 68.08 29.76  str.sell
CCL Carnival 67.46 44.09  sell
FUN Cedar Fair Dep 66.40 18.92  str.sell
NCLH Norwegian Crui 55.78 17.52  str.sell

COMPANY NEWS

▶ Investor Network: Belmond Ltd. to Host Earnings Call   [Aug-08-17 07:00AM  ACCESSWIRE]
▶ Belmond reports 2Q loss   [12:09AM  Associated Press]
▶ Belmond Ltd. Reports Second Quarter 2017 Results   [Aug-07-17 05:00PM  Business Wire]
▶ ETFs with exposure to Belmond Ltd. : May 23, 2017   [May-23-17 12:28PM  Capital Cube]
▶ New Strong Sell Stocks for May 12th   [May-12-17 11:02AM  Zacks]
▶ Belmond reports 1Q loss   [May-08-17 06:24PM  Associated Press]
▶ Belmond Ltd. Value Analysis (NYSE:BEL) : April 28, 2017   [Apr-28-17 04:39PM  Capital Cube]
▶ Belmond posts 4Q profit   [Feb-27-17 07:32PM  Associated Press]
▶ 7 Stocks with Exciting Interest Coverage Ratio   [Feb-21-17 07:44AM  Zacks]
▶ Is Belmond Ltd (BEL) Going to Burn These Hedge Funds?   [Dec-09-16 05:25AM  at Insider Monkey]
▶ Belmond Ltd. Reports Third Quarter 2016 Results   [Nov-02-16 05:13PM  Business Wire]
▶ [$$] Onboard Ireland's most luxurious sleeper train   [Oct-21-16 05:37AM  at Financial Times]
▶ A Preview of This Weekend's Barron's   [Sep-10-16 12:01AM  at Barrons.com]
Stock chart of BEL Financial statements of BEL
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.