Intrinsic value of Foresight Energy - FELP

Previous Close

$3.80

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$3.80

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of FELP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -11.07
  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
  876
  894
  914
  938
  964
  993
  1,025
  1,060
  1,098
  1,139
  1,182
  1,229
  1,279
  1,332
  1,389
  1,448
  1,512
  1,579
  1,650
  1,725
  1,805
  1,888
  1,976
  2,069
  2,167
  2,270
  2,379
  2,493
  2,614
  2,740
  2,874
Variable operating expenses, $m
 
  860
  880
  903
  928
  956
  987
  1,021
  1,057
  1,097
  1,139
  1,184
  1,232
  1,283
  1,337
  1,395
  1,456
  1,521
  1,589
  1,661
  1,738
  1,818
  1,903
  1,993
  2,087
  2,186
  2,291
  2,401
  2,517
  2,639
  2,767
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
  866
  860
  880
  903
  928
  956
  987
  1,021
  1,057
  1,097
  1,139
  1,184
  1,232
  1,283
  1,337
  1,395
  1,456
  1,521
  1,589
  1,661
  1,738
  1,818
  1,903
  1,993
  2,087
  2,186
  2,291
  2,401
  2,517
  2,639
  2,767
Operating income, $m
  10
  33
  34
  35
  36
  37
  38
  39
  41
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
EBITDA, $m
  174
  173
  177
  182
  187
  193
  199
  206
  213
  221
  229
  239
  248
  259
  270
  281
  293
  307
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
  507
  532
  558
Interest expense (income), $m
  81
  147
  134
  138
  141
  146
  150
  155
  161
  167
  174
  181
  188
  196
  205
  214
  224
  234
  245
  256
  268
  281
  295
  309
  324
  340
  356
  374
  392
  412
  432
Earnings before tax, $m
  -179
  -114
  -100
  -103
  -106
  -109
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -160
  -168
  -176
  -184
  -192
  -202
  -211
  -222
  -232
  -244
  -256
  -268
  -282
  -296
  -310
  -326
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
  -179
  -114
  -100
  -103
  -106
  -109
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -160
  -168
  -176
  -184
  -192
  -202
  -211
  -222
  -232
  -244
  -256
  -268
  -282
  -296
  -310
  -326

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  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
  1,689
  1,722
  1,761
  1,806
  1,857
  1,914
  1,975
  2,043
  2,115
  2,194
  2,278
  2,368
  2,464
  2,567
  2,675
  2,791
  2,913
  3,043
  3,180
  3,324
  3,477
  3,638
  3,808
  3,987
  4,176
  4,375
  4,584
  4,804
  5,036
  5,280
  5,537
Adjusted assets (=assets-cash), $m
  1,585
  1,722
  1,761
  1,806
  1,857
  1,914
  1,975
  2,043
  2,115
  2,194
  2,278
  2,368
  2,464
  2,567
  2,675
  2,791
  2,913
  3,043
  3,180
  3,324
  3,477
  3,638
  3,808
  3,987
  4,176
  4,375
  4,584
  4,804
  5,036
  5,280
  5,537
Revenue / Adjusted assets
  0.553
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
Average production assets, $m
  1,376
  1,404
  1,436
  1,473
  1,514
  1,560
  1,611
  1,665
  1,725
  1,789
  1,857
  1,931
  2,009
  2,093
  2,181
  2,276
  2,375
  2,481
  2,592
  2,710
  2,835
  2,966
  3,105
  3,251
  3,405
  3,567
  3,738
  3,917
  4,106
  4,305
  4,514
Working capital, $m
  -266
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -126
Total debt, $m
  1,583
  1,443
  1,479
  1,520
  1,565
  1,616
  1,672
  1,732
  1,798
  1,868
  1,944
  2,025
  2,112
  2,204
  2,302
  2,406
  2,516
  2,632
  2,755
  2,886
  3,023
  3,168
  3,321
  3,482
  3,652
  3,831
  4,020
  4,218
  4,427
  4,646
  4,877
Total liabilities, $m
  1,844
  1,549
  1,585
  1,626
  1,672
  1,722
  1,778
  1,838
  1,904
  1,975
  2,050
  2,131
  2,218
  2,310
  2,408
  2,512
  2,622
  2,738
  2,862
  2,992
  3,129
  3,274
  3,427
  3,588
  3,758
  3,937
  4,126
  4,324
  4,533
  4,752
  4,983
Total equity, $m
  -155
  172
  176
  181
  186
  191
  198
  204
  212
  219
  228
  237
  246
  257
  268
  279
  291
  304
  318
  332
  348
  364
  381
  399
  418
  437
  458
  480
  504
  528
  554
Total liabilities and equity, $m
  1,689
  1,721
  1,761
  1,807
  1,858
  1,913
  1,976
  2,042
  2,116
  2,194
  2,278
  2,368
  2,464
  2,567
  2,676
  2,791
  2,913
  3,042
  3,180
  3,324
  3,477
  3,638
  3,808
  3,987
  4,176
  4,374
  4,584
  4,804
  5,037
  5,280
  5,537
Debt-to-equity ratio
  -10.213
  8.380
  8.400
  8.410
  8.430
  8.450
  8.460
  8.480
  8.500
  8.520
  8.530
  8.550
  8.570
  8.590
  8.600
  8.620
  8.640
  8.650
  8.670
  8.680
  8.690
  8.710
  8.720
  8.730
  8.750
  8.760
  8.770
  8.780
  8.790
  8.800
  8.810
Adjusted equity ratio
  -0.163
  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
  -179
  -114
  -100
  -103
  -106
  -109
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -160
  -168
  -176
  -184
  -192
  -202
  -211
  -222
  -232
  -244
  -256
  -268
  -282
  -296
  -310
  -326
Depreciation, amort., depletion, $m
  164
  140
  144
  147
  151
  156
  161
  167
  172
  179
  186
  193
  201
  209
  218
  228
  238
  248
  259
  271
  283
  297
  310
  325
  340
  357
  374
  392
  411
  431
  451
Funds from operations, $m
  269
  26
  43
  44
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
Change in working capital, $m
  44
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  225
  27
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
  120
  126
  132
Maintenance CAPEX, $m
  0
  -138
  -140
  -144
  -147
  -151
  -156
  -161
  -167
  -172
  -179
  -186
  -193
  -201
  -209
  -218
  -228
  -238
  -248
  -259
  -271
  -283
  -297
  -310
  -325
  -340
  -357
  -374
  -392
  -411
  -431
New CAPEX, $m
  -55
  -28
  -32
  -37
  -41
  -46
  -50
  -55
  -59
  -64
  -69
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -131
  -139
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -209
Cash from investing activities, $m
  -48
  -166
  -172
  -181
  -188
  -197
  -206
  -216
  -226
  -236
  -248
  -259
  -271
  -284
  -298
  -312
  -328
  -344
  -360
  -377
  -396
  -414
  -436
  -456
  -479
  -502
  -528
  -554
  -581
  -610
  -640
Free cash flow, $m
  177
  -138
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -310
  -326
  -342
  -360
  -378
  -397
  -417
  -438
  -460
  -484
  -508
Issuance/(repayment) of debt, $m
  -73
  -140
  36
  41
  46
  51
  56
  61
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  209
  220
  231
Issuance/(repurchase) of shares, $m
  0
  286
  104
  107
  111
  114
  119
  123
  128
  133
  138
  144
  151
  157
  164
  172
  180
  188
  197
  207
  217
  227
  239
  250
  263
  276
  289
  304
  319
  335
  351
Cash from financing (excl. dividends), $m  
  -91
  146
  140
  148
  157
  165
  175
  184
  194
  204
  214
  225
  238
  249
  262
  276
  290
  305
  320
  337
  354
  372
  392
  411
  433
  455
  477
  502
  528
  555
  582
Total cash flow (excl. dividends), $m
  86
  8
  11
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
  74
Retained Cash Flow (-), $m
  176
  -286
  -104
  -107
  -111
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -151
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -239
  -250
  -263
  -276
  -289
  -304
  -319
  -335
  -351
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
Cash available for distribution, $m
 
  -278
  -93
  -94
  -96
  -98
  -101
  -104
  -107
  -110
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -229
  -240
  -252
  -264
  -277
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  -247
  -73
  -64
  -56
  -48
  -41
  -35
  -29
  -24
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  31.1
  19.3
  12.0
  7.4
  4.6
  2.8
  1.7
  1.1
  0.7
  0.4
  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
  0.0
  0.0
  0.0
  0.0

Foresight Energy LP is engaged in the mining and marketing of coal from reserves and operations located in the Illinois Basin. As of December 31, 2016, the Company controlled 2.1 billion tons of coal in the state of Illinois. Its reserves consist principally of three contiguous blocks of uniform, thick, high heat content (high Btu) thermal coal, which are used for longwall operations. The Company operates four underground mining complexes in the Illinois Basin, including Williamson, Sugar Camp, Hillsboro and Macoupin. Its mining complexes operate in the Illinois Basin with approximately two located in Southern Illinois and over two located in Central Illinois. Williamson, Sugar Camp and Hillsboro are longwall operations, and Macoupin is a continuous miner operation. The Company markets and sells its coal to electric utility and industrial companies in the eastern half of the United States as well as internationally (primarily into Europe).

FINANCIAL RATIOS  of  Foresight Energy (FELP)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 0.6
Price to Book -3.2
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 2.9
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.3%
Cap. Spend. - 3 Yr. Gr. Rate -23.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -782.6%
Total Debt to Equity -1021.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -5.6%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital -11.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity 267.2%
Return On Equity - 3 Yr. Avg. 514.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 34.1%
Gross Margin - 3 Yr. Avg. 33.7%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 24.2%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin -20.4%
Pre-Tax Margin - 3 Yr. Avg. -3.9%
Net Profit Margin -20.4%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FELP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FELP stock intrinsic value calculation we used $876 million for the last fiscal year's total revenue generated by Foresight Energy. The default revenue input number comes from 2016 income statement of Foresight Energy. 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 FELP 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 12.5%, whose default value for FELP is calculated based on our internal credit rating of Foresight Energy, 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 Foresight Energy.
    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 FELP stock the variable cost ratio is equal to 96.3%.

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 FELP 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 9.3% for Foresight Energy.

Corporate tax rate of 27% is the nominal tax rate for Foresight Energy. 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 FELP stock is equal to 0.6%.

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 FELP are equal to 157.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Foresight Energy 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 FELP is equal to -4.4%. 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 - $0 million for Foresight Energy - 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 131 million for Foresight Energy 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 Foresight Energy at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
WMLP Westmoreland R 1.75 0.55  str.sell
ARLP Alliance Resou 19.10 32.99  str.buy
AHGP Alliance Holdi 28.37 53.96  str.buy
HNRG Hallador Energ 6.58 2.08  str.sell
CLD Cloud Peak Ene 3.18 3.45  hold
NRP Natural Resour 31.95 98.78  str.buy

COMPANY NEWS

▶ Foresight Energy: 1Q Earnings Snapshot   [May-08-18 10:19AM  Associated Press]
▶ Foresight Energy LP to Host Earnings Call   [Mar-07-18 08:00AM  ACCESSWIRE]
▶ Foresight Energy reports 4Q loss   [07:09AM  Associated Press]
▶ Top MLP Losers in Week Ended January 5   [Jan-08-18 12:50PM  Market Realist]
▶ Is It Time To Buy Foresight Energy LP (FELP)?   [Nov-09-17 09:55AM  Simply Wall St.]
▶ Foresight Energy reports 3Q loss   [06:15AM  Associated Press]
▶ Foresight Energy reports 2Q loss   [Aug-11-17 09:47PM  Associated Press]
▶ Foresight Energy reports 1Q loss   [06:54AM  Associated Press]
▶ 3 Terrible Stocks I'd Avoid   [Apr-20-17 11:27AM  Motley Fool]
▶ 3 Reasons Deregulation Won't Save Coal Stocks   [Feb-21-17 09:52AM  at Motley Fool]
▶ Foresight Energy working with Goldman Sachs on debt refinancing   [Feb-14-17 09:00AM  at bizjournals.com]
Financial statements of FELP
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

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.