Intrinsic value of FibroGen - FGEN

Previous Close

$41.00

  Intrinsic Value

$0.62

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-124%

Previous close

$41.00

 
Intrinsic value

$0.62

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-124%

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

We calculate the intrinsic value of FGEN 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 2.6

 

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, %
  -0.55
  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
  180
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  253
  263
  274
  285
  298
  311
  324
  339
  355
  371
  388
  406
  425
  445
  467
  489
  512
  537
  563
  590
Variable operating expenses, $m
 
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
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
  233
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
Operating income, $m
  -54
  -79
  -80
  -82
  -85
  -87
  -90
  -93
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
  -253
EBITDA, $m
  -48
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
Interest expense (income), $m
  0
  4
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
Earnings before tax, $m
  -62
  -83
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
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
  -62
  -83
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  253
  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
  470
  349
  357
  366
  377
  388
  400
  414
  429
  445
  462
  480
  500
  520
  542
  566
  591
  617
  645
  674
  705
  738
  772
  808
  847
  887
  929
  974
  1,021
  1,071
  1,123
Adjusted assets (=assets-cash), $m
  217
  349
  357
  366
  377
  388
  400
  414
  429
  445
  462
  480
  500
  520
  542
  566
  591
  617
  645
  674
  705
  738
  772
  808
  847
  887
  929
  974
  1,021
  1,071
  1,123
Revenue / Adjusted assets
  0.829
  0.527
  0.527
  0.527
  0.525
  0.526
  0.528
  0.527
  0.527
  0.526
  0.526
  0.527
  0.526
  0.527
  0.526
  0.527
  0.526
  0.525
  0.526
  0.527
  0.526
  0.526
  0.526
  0.526
  0.525
  0.526
  0.526
  0.526
  0.526
  0.526
  0.525
Average production assets, $m
  126
  129
  131
  135
  139
  143
  147
  152
  158
  164
  170
  177
  184
  192
  200
  208
  217
  227
  237
  248
  260
  272
  284
  298
  312
  327
  342
  359
  376
  394
  413
Working capital, $m
  202
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
Total debt, $m
  112
  112
  119
  128
  137
  147
  158
  171
  184
  198
  214
  230
  248
  266
  286
  307
  330
  353
  378
  405
  432
  462
  493
  526
  560
  596
  634
  675
  717
  761
  808
Total liabilities, $m
  314
  314
  321
  330
  339
  349
  360
  373
  386
  400
  416
  432
  450
  468
  488
  509
  532
  555
  580
  607
  634
  664
  695
  728
  762
  798
  836
  877
  919
  963
  1,010
Total equity, $m
  156
  35
  36
  37
  38
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
Total liabilities and equity, $m
  470
  349
  357
  367
  377
  388
  400
  414
  429
  444
  462
  480
  500
  520
  542
  566
  591
  617
  644
  674
  704
  738
  772
  809
  847
  887
  929
  974
  1,021
  1,070
  1,122
Debt-to-equity ratio
  0.718
  3.210
  3.340
  3.480
  3.640
  3.790
  3.960
  4.120
  4.290
  4.460
  4.630
  4.790
  4.960
  5.120
  5.280
  5.430
  5.580
  5.730
  5.870
  6.000
  6.130
  6.260
  6.380
  6.500
  6.610
  6.720
  6.830
  6.930
  7.020
  7.110
  7.200
Adjusted equity ratio
  -0.447
  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
  -62
  -83
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
Depreciation, amort., depletion, $m
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  35
  -76
  -78
  -80
  -83
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -224
  -236
  -247
  -260
Change in working capital, $m
  28
  0
  0
  0
  -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
  -3
  -3
Cash from operations, $m
  7
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -257
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -1
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Cash from investing activities, $m
  7
  -9
  -9
  -9
  -10
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -15
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -32
  -34
  -36
  -38
Free cash flow, $m
  14
  -85
  -87
  -89
  -92
  -96
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -243
  -255
  -267
  -281
  -295
Issuance/(repayment) of debt, $m
  0
  0
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  45
  47
Issuance/(repurchase) of shares, $m
  10
  89
  85
  88
  90
  93
  97
  100
  104
  108
  113
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  203
  213
  223
  234
  246
  258
  271
  285
Cash from financing (excl. dividends), $m  
  7
  89
  92
  96
  99
  103
  108
  112
  117
  122
  128
  133
  140
  147
  154
  161
  168
  177
  185
  194
  204
  213
  224
  236
  247
  259
  272
  286
  300
  316
  332
Total cash flow (excl. dividends), $m
  20
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
Retained Cash Flow (-), $m
  22
  -89
  -85
  -88
  -90
  -93
  -97
  -100
  -104
  -108
  -113
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
  -213
  -223
  -234
  -246
  -258
  -271
  -285
Prev. year cash balance distribution, $m
 
  128
  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
 
  44
  -79
  -81
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -162
  -169
  -177
  -186
  -195
  -205
  -215
  -225
  -236
  -248
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
 
  42
  -73
  -71
  -68
  -66
  -64
  -61
  -59
  -56
  -53
  -50
  -46
  -43
  -40
  -36
  -33
  -29
  -26
  -23
  -20
  -17
  -14
  -12
  -9
  -8
  -6
  -5
  -3
  -3
  -2
Current shareholders' claim on cash, %
  100
  75.8
  60.9
  48.9
  39.3
  31.5
  25.2
  20.2
  16.1
  12.9
  10.3
  8.2
  6.5
  5.2
  4.1
  3.3
  2.6
  2.1
  1.6
  1.3
  1.0
  0.8
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1

FibroGen, Inc., a research-based biopharmaceutical company, discovers, develops, and commercializes therapeutic agents to treat serious unmet medical needs. It is developing roxadustat, or FG-4592, an oral small molecule inhibitor of hypoxia inducible factor prolyl hydroxylases (HIF-PHs) that is in Phase III clinical development for the treatment of anemia in chronic kidney disease; FG-3019, a monoclonal antibody in Phase II clinical development for the treatment of idiopathic pulmonary fibrosis, pancreatic cancer, and liver fibrosis; and FG-5200 for the treatment of corneal blindness resulting from partial thickness corneal damage. It has collaboration agreements with Astellas Pharma Inc. and AstraZeneca AB. The company was incorporated in 1993 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  FibroGen (FGEN)

Valuation Ratios
P/E Ratio -42.1
Price to Sales 14.5
Price to Book 16.7
Price to Tangible Book
Price to Cash Flow 372.9
Price to Free Cash Flow 435
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -32.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 71.8%
Total Debt to Equity 71.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -13.2%
Ret/ On Assets - 3 Yr. Avg. -15.5%
Return On Total Capital -22.2%
Ret/ On T. Cap. - 3 Yr. Avg. -24.1%
Return On Equity -37.1%
Return On Equity - 3 Yr. Avg. -40%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -31.1%
EBITDA Margin - 3 Yr. Avg. -38.6%
Operating Margin -29.4%
Oper. Margin - 3 Yr. Avg. -36.1%
Pre-Tax Margin -34.4%
Pre-Tax Margin - 3 Yr. Avg. -41.8%
Net Profit Margin -34.4%
Net Profit Margin - 3 Yr. Avg. -41.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FGEN stock intrinsic value calculation we used $180 million for the last fiscal year's total revenue generated by FibroGen. The default revenue input number comes from 2016 income statement of FibroGen. 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 FGEN 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 4.3%, whose default value for FGEN is calculated based on our internal credit rating of FibroGen, 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 FibroGen.
    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 FGEN stock the variable cost ratio is equal to 142.8%.

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 FGEN 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 FibroGen.

Corporate tax rate of 27% is the nominal tax rate for FibroGen. 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 FGEN 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 FGEN are equal to 70%.

Life of production assets of 21 years is the average useful life of capital assets used in FibroGen 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 FGEN 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 - $156 million for FibroGen - 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 63.158 million for FibroGen 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 FibroGen at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
BMY Bristol-Myers 56.42 26.07  str.sell
AZN AstraZeneca AD 29.12 17.48  sell
PTCT PTC Therapeuti 17.50 0.87  str.sell
ABBV AbbVie 69.96 70.36  hold
PFE Pfizer 32.67 28.58  hold

COMPANY NEWS

▶ Why Ralph Lauren, LendingClub, and FibroGen Jumped Today   [Aug-08-17 04:20PM  Motley Fool]
▶ Why FibroGen Inc Skyrocketed Higher Today   [02:37PM  Motley Fool]
▶ Why Fibrogen Shares Are Exploding   [10:55AM  24/7 Wall St.]
▶ FibroGen reports 2Q loss   [Aug-07-17 11:00PM  Associated Press]
▶ ETFs with exposure to FibroGen, Inc. : June 2, 2017   [Jun-02-17 02:07PM  Capital Cube]
▶ ETFs with exposure to FibroGen, Inc. : May 22, 2017   [May-22-17 01:39PM  Capital Cube]
▶ FibroGen Reports First Quarter 2017 Financial Results   [May-09-17 04:02PM  GlobeNewswire]
▶ Akebia expands anemia drug pact with Japanese firm, lifting shares   [Apr-25-17 07:00PM  American City Business Journals]
▶ Why FibroGen Inc Popped Higher Today   [Apr-06-17 12:59PM  Motley Fool]
▶ Traders Are Focused on the Big-Caps   [10:38AM  TheStreet.com]
▶ Here Are Two Market Moving Biotech Catalysts To Watch This Week   [Jan-17-17 09:40AM  at Insider Monkey]
▶ Why Akebia Therapeutics Inc Stock Zoomed Higher Today   [Dec-20-16 02:19PM  at Motley Fool]
▶ Is FibroGen Inc (FGEN) a Good Stock to Buy?   [Dec-10-16 03:47PM  at Insider Monkey]
Stock chart of FGEN Financial statements of FGEN
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.