Intrinsic value of Global Brass&Copper Holdings - BRSS

Previous Close

$28.55

  Intrinsic Value

$44.71

stock screener

  Rating & Target

str. buy

+57%

  Value-price divergence*

-26%

Previous close

$28.55

 
Intrinsic value

$44.71

 
Up/down potential

+57%

 
Rating

str. buy

 
Value-price divergence*

-26%

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

We calculate the intrinsic value of BRSS 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 0.6

 

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, %
  -11.09
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  1,339
  1,600
  1,889
  2,205
  2,549
  2,918
  3,314
  3,735
  4,181
  4,651
  5,145
  5,663
  6,203
  6,767
  7,355
  7,967
  8,603
  9,265
  9,952
  10,666
  11,408
  12,180
  12,982
  13,816
  14,685
  15,589
  16,531
  17,512
  18,535
  19,603
  20,717
Variable operating expenses, $m
 
  1,510
  1,783
  2,081
  2,406
  2,755
  3,128
  3,525
  3,946
  4,390
  4,856
  5,344
  5,854
  6,386
  6,941
  7,519
  8,119
  8,743
  9,392
  10,066
  10,766
  11,494
  12,251
  13,039
  13,858
  14,711
  15,600
  16,526
  17,492
  18,499
  19,550
Fixed operating expenses, $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
Total operating expenses, $m
  1,263
  1,510
  1,783
  2,081
  2,406
  2,755
  3,128
  3,525
  3,946
  4,390
  4,856
  5,344
  5,854
  6,386
  6,941
  7,519
  8,119
  8,743
  9,392
  10,066
  10,766
  11,494
  12,251
  13,039
  13,858
  14,711
  15,600
  16,526
  17,492
  18,499
  19,550
Operating income, $m
  75
  90
  106
  124
  143
  164
  186
  210
  235
  261
  289
  319
  349
  381
  414
  449
  484
  522
  560
  600
  642
  686
  731
  778
  827
  878
  931
  986
  1,044
  1,104
  1,166
EBITDA, $m
  90
  105
  124
  144
  167
  191
  217
  244
  273
  304
  336
  370
  406
  443
  481
  521
  563
  606
  651
  698
  746
  797
  849
  904
  960
  1,019
  1,081
  1,145
  1,212
  1,282
  1,355
Interest expense (income), $m
  27
  26
  33
  42
  51
  62
  73
  84
  97
  110
  124
  139
  154
  171
  187
  205
  223
  242
  262
  282
  304
  326
  349
  373
  398
  424
  451
  479
  508
  538
  570
Earnings before tax, $m
  49
  64
  73
  82
  92
  102
  114
  125
  138
  151
  165
  180
  195
  210
  227
  244
  261
  279
  298
  318
  339
  360
  382
  405
  429
  454
  480
  507
  536
  565
  596
Tax expense, $m
  16
  17
  20
  22
  25
  28
  31
  34
  37
  41
  45
  49
  53
  57
  61
  66
  71
  75
  81
  86
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  161
Net income, $m
  32
  47
  53
  60
  67
  75
  83
  92
  101
  110
  120
  131
  142
  154
  165
  178
  191
  204
  218
  232
  247
  263
  279
  296
  313
  331
  350
  370
  391
  413
  435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  88
  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
  583
  682
  806
  940
  1,087
  1,245
  1,413
  1,593
  1,783
  1,983
  2,194
  2,415
  2,645
  2,886
  3,137
  3,397
  3,669
  3,951
  4,244
  4,548
  4,865
  5,194
  5,536
  5,892
  6,262
  6,648
  7,049
  7,468
  7,904
  8,359
  8,834
Adjusted assets (=assets-cash), $m
  495
  682
  806
  940
  1,087
  1,245
  1,413
  1,593
  1,783
  1,983
  2,194
  2,415
  2,645
  2,886
  3,137
  3,397
  3,669
  3,951
  4,244
  4,548
  4,865
  5,194
  5,536
  5,892
  6,262
  6,648
  7,049
  7,468
  7,904
  8,359
  8,834
Revenue / Adjusted assets
  2.705
  2.346
  2.344
  2.346
  2.345
  2.344
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
  2.345
Average production assets, $m
  122
  146
  172
  201
  232
  266
  302
  340
  380
  423
  468
  515
  564
  616
  669
  725
  783
  843
  906
  971
  1,038
  1,108
  1,181
  1,257
  1,336
  1,419
  1,504
  1,594
  1,687
  1,784
  1,885
Working capital, $m
  270
  224
  264
  309
  357
  409
  464
  523
  585
  651
  720
  793
  868
  947
  1,030
  1,115
  1,204
  1,297
  1,393
  1,493
  1,597
  1,705
  1,817
  1,934
  2,056
  2,182
  2,314
  2,452
  2,595
  2,744
  2,900
Total debt, $m
  316
  406
  511
  626
  751
  886
  1,030
  1,183
  1,345
  1,516
  1,696
  1,884
  2,080
  2,286
  2,500
  2,722
  2,953
  3,194
  3,444
  3,704
  3,974
  4,254
  4,546
  4,850
  5,166
  5,495
  5,837
  6,194
  6,566
  6,955
  7,360
Total liabilities, $m
  492
  582
  687
  802
  927
  1,062
  1,206
  1,359
  1,521
  1,692
  1,872
  2,060
  2,256
  2,462
  2,676
  2,898
  3,129
  3,370
  3,620
  3,880
  4,150
  4,430
  4,722
  5,026
  5,342
  5,671
  6,013
  6,370
  6,742
  7,131
  7,536
Total equity, $m
  91
  100
  118
  138
  160
  183
  208
  234
  262
  292
  323
  355
  389
  424
  461
  499
  539
  581
  624
  669
  715
  764
  814
  866
  921
  977
  1,036
  1,098
  1,162
  1,229
  1,299
Total liabilities and equity, $m
  583
  682
  805
  940
  1,087
  1,245
  1,414
  1,593
  1,783
  1,984
  2,195
  2,415
  2,645
  2,886
  3,137
  3,397
  3,668
  3,951
  4,244
  4,549
  4,865
  5,194
  5,536
  5,892
  6,263
  6,648
  7,049
  7,468
  7,904
  8,360
  8,835
Debt-to-equity ratio
  3.473
  4.050
  4.320
  4.530
  4.700
  4.840
  4.960
  5.050
  5.130
  5.200
  5.260
  5.310
  5.350
  5.390
  5.420
  5.450
  5.480
  5.500
  5.520
  5.540
  5.560
  5.570
  5.590
  5.600
  5.610
  5.620
  5.630
  5.640
  5.650
  5.660
  5.670
Adjusted equity ratio
  0.006
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  47
  53
  60
  67
  75
  83
  92
  101
  110
  120
  131
  142
  154
  165
  178
  191
  204
  218
  232
  247
  263
  279
  296
  313
  331
  350
  370
  391
  413
  435
Depreciation, amort., depletion, $m
  15
  15
  18
  20
  24
  27
  31
  34
  38
  43
  47
  52
  56
  62
  67
  73
  78
  84
  91
  97
  104
  111
  118
  126
  134
  142
  150
  159
  169
  178
  189
Funds from operations, $m
  111
  62
  71
  80
  91
  102
  113
  126
  139
  153
  168
  183
  199
  215
  232
  250
  269
  288
  308
  329
  351
  374
  397
  421
  447
  473
  501
  530
  560
  591
  624
Change in working capital, $m
  16
  37
  40
  44
  48
  52
  55
  59
  62
  66
  69
  72
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  149
  156
Cash from operations, $m
  95
  25
  30
  36
  42
  50
  58
  67
  77
  87
  99
  110
  123
  136
  150
  165
  180
  196
  212
  229
  247
  266
  285
  305
  325
  347
  369
  392
  416
  442
  468
Maintenance CAPEX, $m
  0
  -12
  -15
  -17
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -47
  -52
  -56
  -62
  -67
  -73
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -169
  -178
New CAPEX, $m
  -34
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
Cash from investing activities, $m
  -34
  -36
  -41
  -46
  -51
  -57
  -63
  -68
  -75
  -81
  -87
  -94
  -101
  -107
  -115
  -123
  -131
  -138
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -239
  -252
  -266
  -279
Free cash flow, $m
  61
  -11
  -11
  -10
  -9
  -7
  -5
  -1
  2
  6
  11
  16
  22
  28
  35
  42
  49
  57
  65
  74
  82
  91
  101
  111
  121
  131
  142
  153
  164
  176
  188
Issuance/(repayment) of debt, $m
  315
  95
  105
  115
  125
  135
  144
  153
  162
  171
  180
  188
  197
  205
  214
  223
  231
  241
  250
  260
  270
  281
  292
  304
  316
  329
  343
  357
  372
  388
  405
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -53
  95
  105
  115
  125
  135
  144
  153
  162
  171
  180
  188
  197
  205
  214
  223
  231
  241
  250
  260
  270
  281
  292
  304
  316
  329
  343
  357
  372
  388
  405
Total cash flow (excl. dividends), $m
  8
  84
  94
  105
  116
  128
  139
  152
  164
  177
  191
  205
  219
  234
  249
  265
  281
  298
  315
  334
  352
  372
  393
  414
  436
  460
  484
  510
  536
  564
  593
Retained Cash Flow (-), $m
  -35
  -16
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
Prev. year cash balance distribution, $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
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
 
  75
  76
  85
  95
  104
  115
  125
  136
  148
  160
  172
  185
  198
  212
  226
  241
  256
  272
  289
  306
  324
  342
  362
  382
  403
  425
  448
  472
  497
  523
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  70
  66
  68
  68
  68
  67
  65
  62
  59
  55
  50
  45
  40
  35
  30
  25
  21
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
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

Global Brass and Copper Holdings, Inc. operates as a converter, fabricator, processor, and distributor of copper and brass products in the United States, the Asia Pacific, and Mexico. It operates in three segments: Olin Brass, Chase Brass, and A.J. Oster. The Olin Brass segment manufactures, fabricates, and converts specialized copper and brass sheets, strips, foils, tubes, and fabricated products, as well as rerolls and forms other alloys, such as stainless steel, carbon steel, and aluminum. Its products are used in building and housing, munitions, automotive, electronics/electrical components, and coinage markets. The Chase Brass segment primarily manufactures and sells brass rods, including round, hexagonal, and other shapes for use in building and housing, transportation, electronics/electrical components, and industrial machinery and equipment markets. The A.J. Oster segment processes and distributes primarily copper and copper-alloy sheets, strips, and foils for building and housing, automotive, and electronics/electrical components markets. Global Brass and Copper Holdings, Inc. sells its products under the Olin Brass, Chase Brass, A.J. Oster, Green Dot, and Eco Brass brands through its distribution network, direct mill sales, and third-party distributors. The company was founded in 2007 and is headquartered in Schaumburg, Illinois.

FINANCIAL RATIOS  of  Global Brass&Copper Holdings (BRSS)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 0.5
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.9%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 341.8%
Total Debt to Equity 347.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 43.5%
Return On Equity - 3 Yr. Avg. 187.5%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 13.6%
Gross Margin - 3 Yr. Avg. 11.5%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.4%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio 9.4%

BRSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRSS stock intrinsic value calculation we used $1339 million for the last fiscal year's total revenue generated by Global Brass&Copper Holdings. The default revenue input number comes from 2016 income statement of Global Brass&Copper Holdings. 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 BRSS stock valuation model: a) initial revenue growth rate of 19.5% 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 7.3%, whose default value for BRSS is calculated based on our internal credit rating of Global Brass&Copper Holdings, 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 Global Brass&Copper Holdings.
    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 BRSS stock the variable cost ratio is equal to 94.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BRSS 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 8.2% for Global Brass&Copper Holdings.

Corporate tax rate of 27% is the nominal tax rate for Global Brass&Copper Holdings. 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 BRSS 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 BRSS are equal to 9.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Global Brass&Copper Holdings 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 BRSS is equal to 14%. 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 - $91 million for Global Brass&Copper Holdings - 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 21.487 million for Global Brass&Copper Holdings 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 Global Brass&Copper Holdings at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
MLI Mueller Indust 28.69 27.00  hold
MTRN Materion 37.10 5.14  str.sell
OLN Olin 30.02 18.25  sell
OA Orbital ATK 105.11 170.90  str.buy

COMPANY NEWS

▶ Global Brass and Copper posts 2Q profit   [02:34AM  Associated Press]
▶ Global Brass and Copper posts 1Q profit   [May-04-17 07:06PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 21st   [Apr-21-17 10:16AM  Zacks]
▶ Spoiler Alert: Super Bug MRSA Has No Chance against Copper   [Apr-20-17 08:20AM  Business Wire]
▶ Top Ranked Value Stocks to Buy for April 10th   [Apr-10-17 10:14AM  Zacks]
▶ Sixth man helps keep Bellarmine athletes healthy   [Mar-21-17 08:20AM  Business Wire]
▶ Olin Brass Announces Complex Alloy Price Increase   [Feb-17-17 04:05PM  Business Wire]
Stock chart of BRSS Financial statements of BRSS
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.