Intrinsic value of FutureFuel - FF

Previous Close

$14.73

  Intrinsic Value

$33.95

stock screener

  Rating & Target

str. buy

+130%

  Value-price divergence*

-54%

Previous close

$14.73

 
Intrinsic value

$33.95

 
Up/down potential

+130%

 
Rating

str. buy

 
Value-price divergence*

-54%

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

We calculate the intrinsic value of FF 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, %
  -15.67
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  253
  291
  331
  374
  420
  468
  519
  572
  628
  686
  747
  810
  876
  944
  1,015
  1,088
  1,165
  1,245
  1,328
  1,414
  1,503
  1,596
  1,694
  1,795
  1,900
  2,010
  2,125
  2,245
  2,370
  2,501
  2,638
Variable operating expenses, $m
 
  223
  254
  287
  322
  359
  398
  439
  482
  526
  573
  621
  672
  724
  778
  835
  894
  955
  1,018
  1,084
  1,153
  1,224
  1,299
  1,377
  1,457
  1,542
  1,630
  1,722
  1,818
  1,918
  2,023
Fixed operating expenses, $m
 
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
  32
  33
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  44
  46
  47
  48
  49
  50
Total operating expenses, $m
  217
  248
  279
  313
  348
  386
  426
  468
  511
  556
  604
  652
  704
  757
  812
  870
  930
  992
  1,055
  1,122
  1,192
  1,264
  1,340
  1,419
  1,500
  1,586
  1,676
  1,769
  1,866
  1,967
  2,073
Operating income, $m
  37
  43
  52
  61
  71
  82
  93
  105
  117
  130
  143
  157
  172
  187
  203
  219
  236
  254
  272
  291
  311
  332
  353
  376
  399
  424
  450
  476
  504
  534
  564
EBITDA, $m
  48
  56
  66
  78
  90
  102
  116
  130
  144
  160
  176
  193
  210
  228
  247
  266
  287
  308
  330
  353
  376
  401
  427
  454
  482
  512
  542
  574
  608
  643
  679
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  57
  61
Earnings before tax, $m
  41
  43
  51
  59
  68
  77
  87
  98
  108
  120
  132
  144
  157
  170
  184
  198
  213
  229
  245
  262
  279
  298
  317
  337
  358
  379
  402
  426
  450
  476
  503
Tax expense, $m
  -15
  12
  14
  16
  18
  21
  24
  26
  29
  32
  36
  39
  42
  46
  50
  54
  58
  62
  66
  71
  75
  80
  86
  91
  97
  102
  109
  115
  122
  129
  136
Net income, $m
  56
  31
  37
  43
  50
  57
  64
  71
  79
  87
  96
  105
  114
  124
  134
  145
  156
  167
  179
  191
  204
  217
  231
  246
  261
  277
  293
  311
  329
  348
  367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  305
  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
  529
  257
  293
  331
  372
  415
  460
  507
  556
  608
  661
  717
  776
  836
  899
  964
  1,032
  1,102
  1,176
  1,252
  1,331
  1,414
  1,500
  1,590
  1,683
  1,781
  1,882
  1,988
  2,099
  2,215
  2,336
Adjusted assets (=assets-cash), $m
  224
  257
  293
  331
  372
  415
  460
  507
  556
  608
  661
  717
  776
  836
  899
  964
  1,032
  1,102
  1,176
  1,252
  1,331
  1,414
  1,500
  1,590
  1,683
  1,781
  1,882
  1,988
  2,099
  2,215
  2,336
Revenue / Adjusted assets
  1.129
  1.132
  1.130
  1.130
  1.129
  1.128
  1.128
  1.128
  1.129
  1.128
  1.130
  1.130
  1.129
  1.129
  1.129
  1.129
  1.129
  1.130
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
  1.129
Average production assets, $m
  123
  141
  160
  181
  203
  227
  251
  277
  304
  332
  361
  392
  424
  457
  491
  527
  564
  602
  643
  684
  728
  773
  820
  869
  920
  973
  1,029
  1,087
  1,147
  1,210
  1,277
Working capital, $m
  261
  -29
  -33
  -37
  -42
  -47
  -52
  -57
  -63
  -69
  -75
  -81
  -88
  -94
  -101
  -109
  -117
  -124
  -133
  -141
  -150
  -160
  -169
  -179
  -190
  -201
  -213
  -224
  -237
  -250
  -264
Total debt, $m
  0
  29
  61
  94
  129
  167
  206
  248
  291
  336
  383
  432
  483
  535
  590
  648
  707
  769
  833
  900
  969
  1,041
  1,117
  1,195
  1,277
  1,362
  1,451
  1,544
  1,641
  1,742
  1,848
Total liabilities, $m
  196
  225
  257
  290
  325
  363
  402
  444
  487
  532
  579
  628
  679
  731
  786
  844
  903
  965
  1,029
  1,096
  1,165
  1,237
  1,313
  1,391
  1,473
  1,558
  1,647
  1,740
  1,837
  1,938
  2,044
Total equity, $m
  333
  32
  37
  41
  46
  52
  57
  63
  70
  76
  83
  90
  97
  104
  112
  121
  129
  138
  147
  157
  166
  177
  188
  199
  210
  223
  235
  249
  262
  277
  292
Total liabilities and equity, $m
  529
  257
  294
  331
  371
  415
  459
  507
  557
  608
  662
  718
  776
  835
  898
  965
  1,032
  1,103
  1,176
  1,253
  1,331
  1,414
  1,501
  1,590
  1,683
  1,781
  1,882
  1,989
  2,099
  2,215
  2,336
Debt-to-equity ratio
  0.000
  0.910
  1.650
  2.270
  2.780
  3.220
  3.590
  3.910
  4.180
  4.420
  4.630
  4.810
  4.980
  5.120
  5.260
  5.370
  5.480
  5.580
  5.670
  5.750
  5.820
  5.890
  5.950
  6.010
  6.070
  6.120
  6.170
  6.210
  6.250
  6.290
  6.330
Adjusted equity ratio
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  31
  37
  43
  50
  57
  64
  71
  79
  87
  96
  105
  114
  124
  134
  145
  156
  167
  179
  191
  204
  217
  231
  246
  261
  277
  293
  311
  329
  348
  367
Depreciation, amort., depletion, $m
  11
  13
  14
  16
  18
  20
  23
  25
  27
  30
  33
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
Funds from operations, $m
  113
  44
  52
  60
  68
  77
  86
  96
  107
  117
  129
  140
  153
  165
  178
  192
  206
  221
  237
  253
  270
  287
  305
  324
  344
  364
  386
  409
  432
  457
  482
Change in working capital, $m
  22
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
Cash from operations, $m
  91
  48
  56
  64
  73
  82
  91
  102
  112
  123
  135
  147
  159
  172
  186
  200
  214
  229
  245
  261
  278
  296
  315
  334
  354
  375
  397
  421
  445
  470
  496
Maintenance CAPEX, $m
  0
  -11
  -13
  -14
  -16
  -18
  -20
  -23
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
New CAPEX, $m
  -5
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
Cash from investing activities, $m
  -35
  -29
  -33
  -35
  -38
  -41
  -45
  -49
  -52
  -55
  -59
  -64
  -67
  -71
  -75
  -80
  -84
  -90
  -94
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -144
  -151
  -159
  -166
  -175
Free cash flow, $m
  56
  19
  23
  29
  34
  40
  46
  53
  60
  68
  75
  84
  92
  101
  110
  120
  130
  140
  151
  162
  173
  186
  198
  211
  225
  239
  254
  270
  286
  303
  321
Issuance/(repayment) of debt, $m
  0
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
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  
  -1
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
Total cash flow (excl. dividends), $m
  55
  48
  55
  62
  70
  77
  86
  94
  103
  113
  122
  132
  143
  154
  165
  177
  189
  202
  215
  229
  243
  258
  274
  290
  307
  325
  343
  363
  383
  404
  427
Retained Cash Flow (-), $m
  61
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
Prev. year cash balance distribution, $m
 
  305
  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
 
  349
  50
  57
  64
  72
  80
  88
  97
  106
  116
  125
  136
  146
  157
  169
  180
  193
  206
  219
  233
  248
  263
  279
  295
  312
  331
  349
  369
  390
  412
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
 
  334
  46
  50
  53
  56
  58
  60
  61
  61
  61
  60
  58
  56
  53
  49
  46
  42
  38
  34
  30
  26
  22
  18
  15
  12
  10
  8
  6
  4
  3
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

FutureFuel Corp., through its subsidiaries, manufactures and sells diversified chemical products, bio-based products, and bio-based specialty chemical products in the United States and internationally. It operates in two segments, Chemicals and Biofuels. The Chemicals segment manufactures and sells custom chemicals, including agrochemicals and intermediates, detergent additives, biocides intermediates, specialty polymers, dyes, stabilizers, and chemicals intermediates; and chemicals used in consumer products consisting of cosmetics and personal care products, specialty polymers, and specialty products used in the fuels industry. This segment also offers performance chemicals, such as polymer modifiers that enhance stain resistance and dye-ability to nylon and polyester fibers; various small-volume specialty chemicals and solvents for a range of applications; and a family of acetal based solvents, including diethoxymethane, dimethoxymethane, dibutoxymethane, glycerol formal, and phenol sulfonic acid. Its chemical products are used in various markets and end uses comprising detergent, agrochemical, automotive, oil and gas, coatings, nutrition, and polymer additives. The Biofuels segment produces and sells biodiesel. It also sells petrodiesel in blends; and engages in buying, selling, and shipping refined petroleum products on common carrier pipelines. This segment markets its biodiesel products directly to customers through railcars, tank trucks, and barges in the United States. The company was formerly known as Viceroy Acquisition Corporation and changed its name to FutureFuel Corp. in October 2006. FutureFuel Corp. was incorporated in 2005 and is headquartered in Clayton, Missouri.

FINANCIAL RATIOS  of  FutureFuel (FF)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 2.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -23.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 11%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 15.4%
Return On Equity - 3 Yr. Avg. 14.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 18.6%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 20.6%
EBITDA Margin - 3 Yr. Avg. 21.1%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 16.2%
Pre-Tax Margin - 3 Yr. Avg. 17.7%
Net Profit Margin 22.1%
Net Profit Margin - 3 Yr. Avg. 17.7%
Effective Tax Rate -36.6%
Eff/ Tax Rate - 3 Yr. Avg. -1.4%
Payout Ratio 17.9%

FF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FF stock intrinsic value calculation we used $253 million for the last fiscal year's total revenue generated by FutureFuel. The default revenue input number comes from 2016 income statement of FutureFuel. 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 FF stock valuation model: a) initial revenue growth rate of 14.9% 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 FF is calculated based on our internal credit rating of FutureFuel, 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 FutureFuel.
    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 FF stock the variable cost ratio is equal to 76.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $24 million in the base year in the intrinsic value calculation for FF 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 FutureFuel.

Corporate tax rate of 27% is the nominal tax rate for FutureFuel. 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 FF 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 FF are equal to 48.4%.

Life of production assets of 11.1 years is the average useful life of capital assets used in FutureFuel 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 FF is equal to -10%. 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 - $333 million for FutureFuel - 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 42.222 million for FutureFuel 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 FutureFuel at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
REGI Renewable Ener 12.40 813.76  str.buy
ADM Archer Daniels 41.42 7.26  str.sell
GPRE Green Plains 18.95 9.44  str.sell
BIOA BioAmber 2.27 0.35  str.sell

COMPANY NEWS

▶ ETFs with exposure to FutureFuel Corp. : July 12, 2017   [Jul-12-17 02:31PM  Capital Cube]
▶ ETFs with exposure to FutureFuel Corp. : June 19, 2017   [Jun-19-17 03:20PM  Capital Cube]
▶ FutureFuel Corp. Value Analysis (NYSE:FF) : May 19, 2017   [May-19-17 02:26PM  Capital Cube]
▶ FutureFuel posts 1Q profit   [May-09-17 05:24PM  Associated Press]
▶ ETFs with exposure to FutureFuel Corp. : April 25, 2017   [Apr-25-17 03:33PM  Capital Cube]
▶ FutureFuel posts 4Q profit   [Mar-16-17 04:16PM  Associated Press]
▶ FutureFuel Releases 2016 Results   [04:01PM  GlobeNewswire]
▶ Is FutureFuel Corp. (FF) Worthy of Your Portfolio?   [Dec-10-16 03:36PM  at Insider Monkey]
▶ 2 chemical stocks to buy and 2 to sell   [Nov-27-16 08:04AM  at MarketWatch]
Stock chart of FF Financial statements of FF Annual reports of FF
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.