Intrinsic value of Care Capital Properties - CCP

Previous Close

$24.21

  Intrinsic Value

$4.17

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

-51%

Previous close

$24.21

 
Intrinsic value

$4.17

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

-51%

Our model is not good at valuating stocks of financial companies, such as CCP.

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

We calculate the intrinsic value of CCP 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 2.1

 

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, %
  6.10
  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
  348
  355
  363
  372
  383
  395
  407
  421
  436
  452
  470
  488
  508
  529
  552
  575
  601
  627
  656
  685
  717
  750
  785
  822
  861
  902
  945
  991
  1,038
  1,089
  1,142
Variable operating expenses, $m
 
  88
  90
  92
  94
  97
  100
  103
  106
  109
  113
  105
  109
  113
  118
  123
  129
  134
  141
  147
  154
  161
  168
  176
  185
  193
  203
  212
  223
  233
  245
Fixed operating expenses, $m
 
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  137
  140
  143
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
Total operating expenses, $m
  177
  182
  187
  191
  196
  201
  207
  212
  218
  224
  231
  226
  233
  240
  248
  256
  266
  274
  284
  294
  305
  316
  326
  338
  351
  364
  378
  391
  407
  421
  438
Operating income, $m
  171
  172
  176
  181
  187
  193
  201
  209
  218
  228
  239
  263
  275
  289
  303
  319
  335
  353
  372
  391
  412
  435
  458
  483
  510
  538
  568
  599
  632
  667
  704
EBITDA, $m
  301
  311
  317
  326
  335
  346
  358
  371
  385
  401
  418
  436
  456
  477
  499
  523
  548
  575
  604
  635
  667
  701
  737
  775
  816
  858
  903
  950
  1,001
  1,053
  1,109
Interest expense (income), $m
  0
  50
  51
  52
  54
  56
  57
  60
  62
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  117
  122
  129
  135
  142
  149
  157
  164
  173
Earnings before tax, $m
  124
  123
  125
  129
  133
  138
  143
  150
  156
  164
  172
  193
  202
  213
  224
  235
  248
  261
  275
  291
  307
  324
  342
  361
  382
  403
  426
  450
  476
  503
  531
Tax expense, $m
  1
  33
  34
  35
  36
  37
  39
  40
  42
  44
  46
  52
  55
  57
  60
  64
  67
  71
  74
  78
  83
  87
  92
  98
  103
  109
  115
  122
  128
  136
  143
Net income, $m
  123
  90
  92
  94
  97
  101
  105
  109
  114
  120
  125
  141
  148
  155
  163
  172
  181
  191
  201
  212
  224
  236
  250
  264
  278
  294
  311
  329
  347
  367
  388

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  2,812
  2,863
  2,928
  3,004
  3,088
  3,182
  3,285
  3,396
  3,517
  3,648
  3,788
  3,938
  4,098
  4,268
  4,448
  4,640
  4,844
  5,059
  5,287
  5,527
  5,781
  6,049
  6,332
  6,630
  6,943
  7,274
  7,622
  7,988
  8,374
  8,779
  9,206
Adjusted assets (=assets-cash), $m
  2,796
  2,863
  2,928
  3,004
  3,088
  3,182
  3,285
  3,396
  3,517
  3,648
  3,788
  3,938
  4,098
  4,268
  4,448
  4,640
  4,844
  5,059
  5,287
  5,527
  5,781
  6,049
  6,332
  6,630
  6,943
  7,274
  7,622
  7,988
  8,374
  8,779
  9,206
Revenue / Adjusted assets
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
Average production assets, $m
  2,593
  2,645
  2,706
  2,775
  2,853
  2,940
  3,035
  3,138
  3,250
  3,370
  3,500
  3,638
  3,786
  3,943
  4,110
  4,287
  4,475
  4,674
  4,884
  5,107
  5,341
  5,589
  5,850
  6,125
  6,415
  6,721
  7,042
  7,381
  7,737
  8,111
  8,506
Working capital, $m
  0
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -53
Total debt, $m
  1,415
  1,453
  1,492
  1,536
  1,586
  1,641
  1,702
  1,767
  1,839
  1,916
  1,998
  2,086
  2,180
  2,281
  2,387
  2,500
  2,620
  2,747
  2,881
  3,023
  3,172
  3,330
  3,496
  3,672
  3,857
  4,051
  4,256
  4,472
  4,699
  4,938
  5,189
Total liabilities, $m
  1,648
  1,686
  1,725
  1,769
  1,819
  1,874
  1,935
  2,000
  2,072
  2,149
  2,231
  2,319
  2,413
  2,514
  2,620
  2,733
  2,853
  2,980
  3,114
  3,256
  3,405
  3,563
  3,729
  3,905
  4,090
  4,284
  4,489
  4,705
  4,932
  5,171
  5,422
Total equity, $m
  1,164
  1,177
  1,204
  1,235
  1,269
  1,308
  1,350
  1,396
  1,446
  1,499
  1,557
  1,618
  1,684
  1,754
  1,828
  1,907
  1,991
  2,079
  2,173
  2,272
  2,376
  2,486
  2,602
  2,725
  2,854
  2,990
  3,133
  3,283
  3,442
  3,608
  3,784
Total liabilities and equity, $m
  2,812
  2,863
  2,929
  3,004
  3,088
  3,182
  3,285
  3,396
  3,518
  3,648
  3,788
  3,937
  4,097
  4,268
  4,448
  4,640
  4,844
  5,059
  5,287
  5,528
  5,781
  6,049
  6,331
  6,630
  6,944
  7,274
  7,622
  7,988
  8,374
  8,779
  9,206
Debt-to-equity ratio
  1.216
  1.240
  1.240
  1.240
  1.250
  1.250
  1.260
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
Adjusted equity ratio
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  123
  90
  92
  94
  97
  101
  105
  109
  114
  120
  125
  141
  148
  155
  163
  172
  181
  191
  201
  212
  224
  236
  250
  264
  278
  294
  311
  329
  347
  367
  388
Depreciation, amort., depletion, $m
  130
  138
  141
  145
  148
  152
  157
  162
  167
  173
  179
  173
  180
  188
  196
  204
  213
  223
  233
  243
  254
  266
  279
  292
  305
  320
  335
  351
  368
  386
  405
Funds from operations, $m
  246
  228
  233
  239
  245
  253
  262
  271
  281
  292
  304
  314
  328
  343
  359
  376
  394
  413
  434
  455
  478
  502
  528
  555
  584
  614
  646
  680
  716
  753
  793
Change in working capital, $m
  -3
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  249
  228
  233
  239
  246
  254
  262
  272
  282
  293
  305
  315
  329
  344
  360
  377
  395
  414
  435
  457
  480
  504
  530
  557
  586
  616
  648
  682
  718
  755
  795
Maintenance CAPEX, $m
  0
  -123
  -126
  -129
  -132
  -136
  -140
  -145
  -149
  -155
  -160
  -167
  -173
  -180
  -188
  -196
  -204
  -213
  -223
  -233
  -243
  -254
  -266
  -279
  -292
  -305
  -320
  -335
  -351
  -368
  -386
New CAPEX, $m
  -78
  -52
  -61
  -70
  -78
  -87
  -95
  -103
  -112
  -121
  -129
  -138
  -148
  -157
  -167
  -177
  -188
  -199
  -210
  -222
  -235
  -248
  -261
  -275
  -290
  -305
  -322
  -338
  -356
  -375
  -394
Cash from investing activities, $m
  15
  -175
  -187
  -199
  -210
  -223
  -235
  -248
  -261
  -276
  -289
  -305
  -321
  -337
  -355
  -373
  -392
  -412
  -433
  -455
  -478
  -502
  -527
  -554
  -582
  -610
  -642
  -673
  -707
  -743
  -780
Free cash flow, $m
  264
  53
  46
  41
  36
  31
  27
  24
  21
  18
  15
  10
  8
  6
  5
  4
  3
  2
  2
  2
  2
  2
  3
  3
  4
  5
  7
  8
  10
  12
  15
Issuance/(repayment) of debt, $m
  -110
  38
  39
  44
  50
  55
  61
  66
  71
  77
  82
  88
  94
  100
  107
  113
  120
  127
  134
  142
  150
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -121
  38
  39
  44
  50
  55
  61
  66
  71
  77
  82
  88
  94
  100
  107
  113
  120
  127
  134
  142
  150
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
Total cash flow (excl. dividends), $m
  143
  91
  85
  85
  85
  86
  88
  90
  92
  95
  98
  98
  102
  107
  112
  117
  123
  129
  136
  143
  151
  160
  169
  179
  189
  200
  212
  224
  237
  251
  266
Retained Cash Flow (-), $m
  50
  -29
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -74
  -79
  -84
  -88
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
Prev. year cash balance distribution, $m
 
  16
  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
 
  78
  58
  54
  51
  48
  46
  44
  42
  41
  40
  37
  37
  37
  37
  38
  39
  41
  43
  45
  47
  50
  53
  56
  60
  64
  69
  73
  79
  84
  91
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  72
  49
  41
  35
  29
  25
  21
  17
  14
  12
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  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

Care Capital Properties, Inc. focuses on owning, acquiring, and leasing skilled nursing facilities and other healthcare assets operated by private regional and local care providers in the United States. The company was incorporated in 2015 and is based in Chicago, Illinois. Care Capital Properties, Inc. operates independently of Ventas, Inc. as of August 18, 2015.

FINANCIAL RATIOS  of  Care Capital Properties (CCP)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 5.8
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 11.9
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -84.2%
Cap. Spend. - 3 Yr. Gr. Rate 28.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 121.6%
Total Debt to Equity 121.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 98.9%
Gross Margin - 3 Yr. Avg. 97.9%
EBITDA Margin 73%
EBITDA Margin - 3 Yr. Avg. 81.8%
Operating Margin 49.1%
Oper. Margin - 3 Yr. Avg. 50%
Pre-Tax Margin 35.6%
Pre-Tax Margin - 3 Yr. Avg. 44.4%
Net Profit Margin 35.3%
Net Profit Margin - 3 Yr. Avg. 44.2%
Effective Tax Rate 0.8%
Eff/ Tax Rate - 3 Yr. Avg. 0.5%
Payout Ratio 117.1%

CCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCP stock intrinsic value calculation we used $348 million for the last fiscal year's total revenue generated by Care Capital Properties. The default revenue input number comes from 2016 income statement of Care Capital Properties. 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 CCP 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 8.5%, whose default value for CCP is calculated based on our internal credit rating of Care Capital Properties, 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 Care Capital Properties.
    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 CCP stock the variable cost ratio is equal to 25%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $92 million in the base year in the intrinsic value calculation for CCP 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 Care Capital Properties.

Corporate tax rate of 27% is the nominal tax rate for Care Capital Properties. 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 CCP 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 CCP are equal to 745.1%.

Life of production assets of 21 years is the average useful life of capital assets used in Care Capital Properties 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 CCP is equal to -4.6%. 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 - $1164 million for Care Capital Properties - 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 85.473 million for Care Capital Properties 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 Care Capital Properties at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
VTR Ventas 66.59 6.82  str.sell
OHI Omega Healthca 31.65 4.11  str.sell
LTC LTC Properties 48.21 4.66  str.sell
CTRE CareTrust REIT 18.93 1.71  str.sell
HCN Welltower 72.00 10.12  str.sell
HR Healthcare Rea 32.57 3.57  str.sell
HTA Healthcare Tru 30.50 2.98  str.sell
ARE Alexandria Rea 121.90 13.91  str.sell
DOC Physicians Rea 18.11 3.22  str.sell

COMPANY NEWS

▶ [$$] Sabra Health Care Shareholders OK Deal With Care Capital Properties   [Aug-15-17 06:20PM  The Wall Street Journal]
▶ Sabra Health Care REIT Files Investor Presentation   [Jul-28-17 06:00AM  GlobeNewswire]
▶ 3 Value Stocks for Wise Investors   [Jul-27-17 07:32PM  Motley Fool]
▶ [$$] Hedge Funds Take Aim at Health Care REIT Merger   [Jul-25-17 12:22PM  The Wall Street Journal]
▶ Activists Can Be Deal-Breakers, Too   [07:30AM  Bloomberg]
▶ 3 Top Dividend Stocks in Assisted Living   [Jun-01-17 10:41AM  Motley Fool]
▶ Care Capital Properties reports 1Q results   [08:15AM  Associated Press]
▶ Sabra Health Care, Care Capital Properties merge in $7.4 billion deal   [03:55PM  American City Business Journals]
▶ [$$] Property Investors Venture Into Behavioral Health Facilities   [Apr-11-17 12:52PM  The Wall Street Journal]
▶ Care Capital Properties reports 4Q results   [07:51AM  Associated Press]
▶ REIT Pivots That Paid Off   [Jan-16-17 07:00AM  at Forbes]
▶ 3 High-Yield Dividend Stocks With Plenty Left To Give   [Dec-24-16 08:14AM  at Forbes]
▶ How Care Capital Properties Inc (CCP) Stacks Up Against Its Peers   [Dec-10-16 03:59PM  at Insider Monkey]
Stock chart of CCP Financial statements of CCP
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.