Intrinsic value of Energy Recovery - ERII

Previous Close

$6.44

  Intrinsic Value

$0.34

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-2%

Previous close

$6.44

 
Intrinsic value

$0.34

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-2%

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

We calculate the intrinsic value of ERII 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 0.3

 

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, %
  22.22
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
Revenue, $m
  55
  70
  88
  108
  131
  156
  185
  216
  250
  286
  325
  367
  411
  457
  506
  557
  610
  666
  724
  785
  847
  913
  981
  1,051
  1,125
  1,201
  1,280
  1,363
  1,448
  1,538
  1,631
Variable operating expenses, $m
 
  89
  111
  136
  165
  197
  232
  271
  313
  359
  408
  458
  513
  571
  632
  696
  763
  832
  905
  980
  1,059
  1,140
  1,225
  1,313
  1,405
  1,500
  1,599
  1,702
  1,810
  1,921
  2,037
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
  54
  89
  111
  136
  165
  197
  232
  271
  313
  359
  408
  458
  513
  571
  632
  696
  763
  832
  905
  980
  1,059
  1,140
  1,225
  1,313
  1,405
  1,500
  1,599
  1,702
  1,810
  1,921
  2,037
Operating income, $m
  0
  -19
  -23
  -28
  -34
  -40
  -47
  -55
  -64
  -73
  -82
  -91
  -102
  -114
  -126
  -139
  -152
  -166
  -181
  -196
  -211
  -228
  -245
  -262
  -280
  -299
  -319
  -340
  -361
  -383
  -407
EBITDA, $m
  4
  -16
  -20
  -24
  -30
  -35
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -104
  -115
  -126
  -138
  -151
  -164
  -178
  -192
  -207
  -222
  -238
  -255
  -272
  -290
  -309
  -328
  -349
  -370
Interest expense (income), $m
  0
  0
  0
  1
  2
  3
  5
  6
  7
  9
  11
  13
  15
  17
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
Earnings before tax, $m
  1
  -19
  -24
  -29
  -36
  -44
  -52
  -61
  -71
  -82
  -93
  -104
  -117
  -131
  -145
  -160
  -176
  -193
  -210
  -228
  -246
  -265
  -286
  -306
  -328
  -351
  -374
  -398
  -424
  -450
  -478
Tax expense, $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
Net income, $m
  1
  -19
  -24
  -29
  -36
  -44
  -52
  -61
  -71
  -82
  -93
  -104
  -117
  -131
  -145
  -160
  -176
  -193
  -210
  -228
  -246
  -265
  -286
  -306
  -328
  -351
  -374
  -398
  -424
  -450
  -478

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  100
  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
  149
  107
  134
  165
  199
  239
  282
  330
  381
  437
  496
  560
  627
  698
  772
  850
  932
  1,017
  1,106
  1,198
  1,294
  1,394
  1,497
  1,605
  1,717
  1,833
  1,954
  2,080
  2,211
  2,348
  2,490
Adjusted assets (=assets-cash), $m
  49
  107
  134
  165
  199
  239
  282
  330
  381
  437
  496
  560
  627
  698
  772
  850
  932
  1,017
  1,106
  1,198
  1,294
  1,394
  1,497
  1,605
  1,717
  1,833
  1,954
  2,080
  2,211
  2,348
  2,490
Revenue / Adjusted assets
  1.122
  0.654
  0.657
  0.655
  0.658
  0.653
  0.656
  0.655
  0.656
  0.654
  0.655
  0.655
  0.656
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
Average production assets, $m
  13
  16
  20
  24
  30
  35
  42
  49
  57
  65
  74
  83
  93
  104
  115
  126
  139
  151
  164
  178
  192
  207
  223
  239
  255
  273
  291
  309
  329
  349
  370
Working capital, $m
  105
  6
  8
  10
  12
  14
  17
  20
  23
  26
  30
  33
  37
  42
  46
  51
  56
  61
  66
  71
  77
  83
  89
  96
  102
  109
  116
  124
  132
  140
  148
Total debt, $m
  0
  12
  36
  64
  96
  131
  170
  213
  259
  309
  363
  420
  480
  544
  611
  681
  755
  831
  911
  994
  1,080
  1,170
  1,264
  1,361
  1,461
  1,566
  1,675
  1,788
  1,906
  2,029
  2,157
Total liabilities, $m
  84
  96
  120
  148
  180
  215
  254
  297
  343
  393
  447
  504
  564
  628
  695
  765
  839
  915
  995
  1,078
  1,164
  1,254
  1,348
  1,445
  1,545
  1,650
  1,759
  1,872
  1,990
  2,113
  2,241
Total equity, $m
  65
  11
  13
  16
  20
  24
  28
  33
  38
  44
  50
  56
  63
  70
  77
  85
  93
  102
  111
  120
  129
  139
  150
  161
  172
  183
  195
  208
  221
  235
  249
Total liabilities and equity, $m
  149
  107
  133
  164
  200
  239
  282
  330
  381
  437
  497
  560
  627
  698
  772
  850
  932
  1,017
  1,106
  1,198
  1,293
  1,393
  1,498
  1,606
  1,717
  1,833
  1,954
  2,080
  2,211
  2,348
  2,490
Debt-to-equity ratio
  0.000
  1.140
  2.720
  3.890
  4.790
  5.480
  6.020
  6.450
  6.800
  7.080
  7.310
  7.500
  7.660
  7.800
  7.910
  8.010
  8.100
  8.170
  8.240
  8.300
  8.350
  8.400
  8.440
  8.480
  8.510
  8.540
  8.570
  8.600
  8.620
  8.640
  8.660
Adjusted equity ratio
  -0.714
  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
  1
  -19
  -24
  -29
  -36
  -44
  -52
  -61
  -71
  -82
  -93
  -104
  -117
  -131
  -145
  -160
  -176
  -193
  -210
  -228
  -246
  -265
  -286
  -306
  -328
  -351
  -374
  -398
  -424
  -450
  -478
Depreciation, amort., depletion, $m
  4
  3
  3
  4
  4
  5
  5
  6
  7
  8
  9
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
Funds from operations, $m
  3
  -16
  -20
  -26
  -32
  -39
  -46
  -55
  -64
  -74
  -85
  -96
  -108
  -120
  -134
  -148
  -162
  -177
  -193
  -210
  -227
  -245
  -263
  -283
  -303
  -323
  -345
  -367
  -391
  -415
  -441
Change in working capital, $m
  -2
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
Cash from operations, $m
  5
  -17
  -22
  -28
  -34
  -41
  -49
  -58
  -67
  -77
  -88
  -100
  -112
  -125
  -138
  -152
  -167
  -182
  -199
  -215
  -233
  -251
  -269
  -289
  -309
  -330
  -352
  -375
  -399
  -423
  -449
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
New CAPEX, $m
  -1
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
Cash from investing activities, $m
  -41
  -4
  -6
  -7
  -7
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
Free cash flow, $m
  -36
  -22
  -27
  -34
  -42
  -50
  -59
  -69
  -80
  -91
  -103
  -116
  -130
  -144
  -160
  -175
  -192
  -209
  -227
  -245
  -265
  -285
  -306
  -327
  -350
  -373
  -397
  -423
  -449
  -477
  -505
Issuance/(repayment) of debt, $m
  0
  12
  24
  28
  31
  35
  39
  43
  46
  50
  54
  57
  60
  64
  67
  70
  73
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
Issuance/(repurchase) of shares, $m
  -3
  29
  26
  33
  40
  48
  56
  66
  76
  87
  99
  110
  124
  138
  153
  168
  184
  201
  219
  237
  256
  275
  296
  317
  339
  362
  386
  411
  437
  464
  492
Cash from financing (excl. dividends), $m  
  -3
  41
  50
  61
  71
  83
  95
  109
  122
  137
  153
  167
  184
  202
  220
  238
  257
  278
  299
  320
  342
  365
  389
  414
  440
  467
  495
  524
  555
  587
  620
Total cash flow (excl. dividends), $m
  -39
  20
  23
  26
  30
  33
  36
  40
  43
  46
  49
  51
  54
  57
  60
  63
  66
  69
  72
  74
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  115
Retained Cash Flow (-), $m
  -1
  -29
  -26
  -33
  -40
  -48
  -56
  -66
  -76
  -87
  -99
  -110
  -124
  -138
  -153
  -168
  -184
  -201
  -219
  -237
  -256
  -275
  -296
  -317
  -339
  -362
  -386
  -411
  -437
  -464
  -492
Prev. year cash balance distribution, $m
 
  65
  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
 
  55
  -3
  -6
  -10
  -15
  -20
  -26
  -33
  -41
  -50
  -59
  -70
  -81
  -93
  -105
  -118
  -132
  -147
  -162
  -178
  -195
  -212
  -230
  -249
  -268
  -289
  -309
  -331
  -354
  -377
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
 
  53
  -3
  -6
  -8
  -11
  -15
  -18
  -21
  -24
  -26
  -28
  -30
  -31
  -31
  -31
  -30
  -29
  -27
  -25
  -23
  -20
  -18
  -15
  -13
  -10
  -8
  -7
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  50.0
  33.6
  22.7
  15.3
  10.4
  7.1
  4.8
  3.3
  2.3
  1.6
  1.1
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Energy Recovery, Inc. provides energy solutions to industrial fluid flow markets worldwide. The company offers PX energy recovery devices and turbochargers for water desalination; AT and Halo turbochargers for low-pressure brackish, and high-pressure seawater reverse osmosis systems; and high-efficiency and high-pressure pumps. It also offers VorTeq hydraulic fracturing system; IsoBoost energy recovery systems comprising hydraulic turbo chargers, and related controls and automation systems; and IsoGen energy recovery systems consisting of hydraulic turbines, generators, and related controls and automation systems. In addition, the company provides engineering, technical support, and training services; and preventive maintenance and support services, as well as reinstallation services. It serves engineering, procurement, and construction (EPC) firms that design and build large desalination plants; original equipment manufacturers; oil companies; exploration and production companies; oilfield service companies; and EPC firms that design and build oil and gas processing plants. The company markets its products directly to customers through its direct sales organization, as well as through authorized independent sales agents. Energy Recovery, Inc. was founded in 1992 and is headquartered in San Leandro, California.

FINANCIAL RATIOS  of  Energy Recovery (ERII)

Valuation Ratios
P/E Ratio 342.4
Price to Sales 6.2
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 68.5
Price to Free Cash Flow 85.6
Growth Rates
Sales Growth Rate 22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. -9.9%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. -13.5%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. -13.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 67.3%
Gross Margin - 3 Yr. Avg. 60.6%
EBITDA Margin 9.1%
EBITDA Margin - 3 Yr. Avg. -18.5%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. -29.4%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. -28.3%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. -29.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1.9%
Payout Ratio 0%

ERII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERII stock intrinsic value calculation we used $55 million for the last fiscal year's total revenue generated by Energy Recovery. The default revenue input number comes from 2016 income statement of Energy Recovery. 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 ERII stock valuation model: a) initial revenue growth rate of 27.3% 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 ERII is calculated based on our internal credit rating of Energy Recovery, 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 Energy Recovery.
    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 ERII stock the variable cost ratio is equal to 127.3%.

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 ERII 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 Energy Recovery.

Corporate tax rate of 27% is the nominal tax rate for Energy Recovery. 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 ERII 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 ERII are equal to 22.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Energy Recovery 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 ERII is equal to 9.1%. 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 - $65 million for Energy Recovery - 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 50.84 million for Energy Recovery 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 Energy Recovery at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
SLB Schlumberger 63.35 34.01  sell
FLS Flowserve 38.73 25.50  sell
FLOW SPX FLOW 32.01 27.16  sell
GE General Electr 24.60 16.08  sell
WWD Woodward 68.08 40.75  sell
BWEN Broadwind Ener 3.06 1.09  str.sell

COMPANY NEWS

▶ Energy Recovery reports 2Q loss   [Aug-02-17 10:59PM  Associated Press]
▶ Energy Recovery reports 1Q loss   [May-03-17 05:24PM  Associated Press]
▶ Energy Recovery Announces Share Repurchase Program   [Mar-30-17 08:00AM  PR Newswire]
▶ Energy Recovery, Inc. (ERII) Hedge Funds Are Snapping Up   [Dec-09-16 08:59AM  at Insider Monkey]
▶ Why Energy Recovery, Inc. Stock Dropped 15%   [12:27PM  at Motley Fool]
▶ Trades Setting Up in These Volatile Stocks   [Oct-24-16 01:00PM  at Investopedia]
▶ 3 Stocks That Quadrupled in a Single Year   [09:24AM  at Motley Fool]
▶ 10 Analyst Stock Picks Under $10 for Massive Upside   [Sep-18-16 10:15AM  at 24/7 Wall St.]
Stock chart of ERII Financial statements of ERII
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.