Intrinsic value of Greenbrier - GBX

Previous Close

$52.00

  Intrinsic Value

$145.95

stock screener

  Rating & Target

str. buy

+181%

Previous close

$52.00

 
Intrinsic value

$145.95

 
Up/down potential

+181%

 
Rating

str. buy

We calculate the intrinsic value of GBX 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -19.07
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,169
  2,228
  2,293
  2,365
  2,443
  2,529
  2,621
  2,720
  2,826
  2,939
  3,060
  3,188
  3,325
  3,469
  3,623
  3,785
  3,956
  4,137
  4,328
  4,529
  4,742
  4,966
  5,201
  5,450
  5,711
  5,986
  6,275
  6,580
  6,900
  7,237
  7,591
Variable operating expenses, $m
 
  1,579
  1,625
  1,676
  1,731
  1,792
  1,857
  1,927
  2,001
  2,081
  2,167
  2,250
  2,347
  2,449
  2,557
  2,671
  2,792
  2,920
  3,055
  3,197
  3,347
  3,505
  3,671
  3,846
  4,031
  4,225
  4,429
  4,644
  4,870
  5,108
  5,358
Fixed operating expenses, $m
 
  391
  400
  410
  421
  431
  442
  453
  464
  476
  488
  500
  512
  525
  538
  552
  566
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  761
  780
  799
Total operating expenses, $m
  1,909
  1,970
  2,025
  2,086
  2,152
  2,223
  2,299
  2,380
  2,465
  2,557
  2,655
  2,750
  2,859
  2,974
  3,095
  3,223
  3,358
  3,500
  3,649
  3,806
  3,971
  4,145
  4,327
  4,518
  4,720
  4,931
  5,153
  5,386
  5,631
  5,888
  6,157
Operating income, $m
  260
  258
  267
  278
  291
  306
  322
  340
  360
  382
  406
  438
  466
  495
  527
  562
  598
  637
  679
  723
  771
  821
  874
  931
  991
  1,055
  1,122
  1,194
  1,269
  1,349
  1,434
EBITDA, $m
  325
  319
  330
  343
  358
  375
  393
  414
  436
  461
  487
  516
  547
  580
  616
  654
  695
  738
  785
  834
  886
  942
  1,001
  1,064
  1,130
  1,201
  1,275
  1,354
  1,438
  1,526
  1,619
Interest expense (income), $m
  14
  20
  21
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  45
  48
  52
  55
  59
  63
  67
  72
  77
  82
  87
  92
  98
  104
  111
  117
  125
  132
Earnings before tax, $m
  236
  238
  246
  256
  267
  280
  295
  311
  328
  348
  369
  399
  423
  450
  479
  510
  543
  578
  616
  656
  699
  744
  793
  844
  899
  956
  1,018
  1,083
  1,152
  1,225
  1,302
Tax expense, $m
  64
  64
  67
  69
  72
  76
  80
  84
  89
  94
  100
  108
  114
  122
  129
  138
  147
  156
  166
  177
  189
  201
  214
  228
  243
  258
  275
  292
  311
  331
  351
Net income, $m
  116
  174
  180
  187
  195
  205
  215
  227
  240
  254
  269
  291
  309
  329
  350
  372
  396
  422
  449
  479
  510
  543
  579
  616
  656
  698
  743
  790
  841
  894
  950

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  611
  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
  2,398
  1,835
  1,889
  1,948
  2,013
  2,083
  2,159
  2,240
  2,328
  2,421
  2,520
  2,626
  2,739
  2,858
  2,984
  3,117
  3,259
  3,408
  3,565
  3,731
  3,906
  4,090
  4,284
  4,489
  4,704
  4,931
  5,169
  5,420
  5,684
  5,961
  6,253
Adjusted assets (=assets-cash), $m
  1,787
  1,835
  1,889
  1,948
  2,013
  2,083
  2,159
  2,240
  2,328
  2,421
  2,520
  2,626
  2,739
  2,858
  2,984
  3,117
  3,259
  3,408
  3,565
  3,731
  3,906
  4,090
  4,284
  4,489
  4,704
  4,931
  5,169
  5,420
  5,684
  5,961
  6,253
Revenue / Adjusted assets
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
Average production assets, $m
  265
  272
  280
  289
  298
  308
  320
  332
  345
  359
  373
  389
  406
  423
  442
  462
  483
  505
  528
  553
  578
  606
  635
  665
  697
  730
  766
  803
  842
  883
  926
Working capital, $m
  0
  -624
  -642
  -662
  -684
  -708
  -734
  -762
  -791
  -823
  -857
  -893
  -931
  -971
  -1,014
  -1,060
  -1,108
  -1,158
  -1,212
  -1,268
  -1,328
  -1,390
  -1,456
  -1,526
  -1,599
  -1,676
  -1,757
  -1,842
  -1,932
  -2,026
  -2,125
Total debt, $m
  563
  596
  637
  683
  733
  787
  845
  908
  975
  1,047
  1,124
  1,205
  1,292
  1,384
  1,481
  1,583
  1,692
  1,807
  1,928
  2,056
  2,191
  2,332
  2,482
  2,639
  2,805
  2,980
  3,163
  3,356
  3,559
  3,773
  3,998
Total liabilities, $m
  1,380
  1,413
  1,454
  1,500
  1,550
  1,604
  1,662
  1,725
  1,792
  1,864
  1,941
  2,022
  2,109
  2,201
  2,298
  2,400
  2,509
  2,624
  2,745
  2,873
  3,008
  3,149
  3,299
  3,456
  3,622
  3,797
  3,980
  4,173
  4,376
  4,590
  4,815
Total equity, $m
  1,018
  422
  434
  448
  463
  479
  497
  515
  535
  557
  580
  604
  630
  657
  686
  717
  749
  784
  820
  858
  898
  941
  985
  1,032
  1,082
  1,134
  1,189
  1,247
  1,307
  1,371
  1,438
Total liabilities and equity, $m
  2,398
  1,835
  1,888
  1,948
  2,013
  2,083
  2,159
  2,240
  2,327
  2,421
  2,521
  2,626
  2,739
  2,858
  2,984
  3,117
  3,258
  3,408
  3,565
  3,731
  3,906
  4,090
  4,284
  4,488
  4,704
  4,931
  5,169
  5,420
  5,683
  5,961
  6,253
Debt-to-equity ratio
  0.553
  1.410
  1.470
  1.520
  1.580
  1.640
  1.700
  1.760
  1.820
  1.880
  1.940
  2.000
  2.050
  2.100
  2.160
  2.210
  2.260
  2.310
  2.350
  2.400
  2.440
  2.480
  2.520
  2.560
  2.590
  2.630
  2.660
  2.690
  2.720
  2.750
  2.780
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  174
  180
  187
  195
  205
  215
  227
  240
  254
  269
  291
  309
  329
  350
  372
  396
  422
  449
  479
  510
  543
  579
  616
  656
  698
  743
  790
  841
  894
  950
Depreciation, amort., depletion, $m
  65
  61
  63
  65
  67
  69
  71
  73
  76
  79
  82
  78
  81
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  161
  168
  177
  185
Funds from operations, $m
  313
  235
  243
  252
  262
  273
  286
  300
  316
  332
  351
  369
  390
  413
  438
  464
  493
  523
  555
  589
  626
  664
  705
  749
  795
  844
  896
  951
  1,009
  1,071
  1,136
Change in working capital, $m
  33
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
Cash from operations, $m
  280
  252
  261
  272
  284
  297
  312
  328
  345
  364
  385
  405
  428
  454
  481
  510
  541
  574
  609
  646
  685
  727
  772
  819
  868
  921
  977
  1,036
  1,099
  1,165
  1,235
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -177
New CAPEX, $m
  -86
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -114
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -209
  -220
Free cash flow, $m
  166
  192
  199
  207
  216
  227
  239
  252
  266
  281
  298
  314
  334
  355
  378
  402
  427
  455
  484
  516
  549
  584
  622
  661
  704
  748
  796
  846
  899
  955
  1,015
Issuance/(repayment) of debt, $m
  272
  37
  41
  46
  50
  54
  58
  63
  67
  72
  77
  81
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  157
  166
  174
  184
  193
  203
  214
  225
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  
  235
  37
  41
  46
  50
  54
  58
  63
  67
  72
  77
  81
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  157
  166
  174
  184
  193
  203
  214
  225
Total cash flow (excl. dividends), $m
  414
  229
  240
  253
  266
  281
  297
  315
  333
  353
  375
  396
  421
  447
  475
  504
  536
  570
  605
  643
  683
  726
  771
  819
  869
  923
  979
  1,039
  1,102
  1,169
  1,239
Retained Cash Flow (-), $m
  -144
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
Prev. year cash balance distribution, $m
 
  607
  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
 
  825
  228
  239
  251
  265
  280
  296
  313
  332
  352
  372
  395
  419
  446
  474
  504
  535
  569
  605
  643
  684
  726
  772
  820
  871
  925
  981
  1,042
  1,105
  1,172
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
 
  791
  209
  208
  207
  205
  203
  200
  196
  191
  185
  176
  168
  159
  150
  139
  128
  117
  105
  93
  82
  71
  60
  51
  42
  34
  27
  21
  16
  12
  9
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

The Greenbrier Companies, Inc. is a designer, manufacturer and marketer of railroad freight car equipment in North America and Europe; a manufacturer and marketer of marine barges in North America; a provider of wheel services, parts, leasing and other services to the railroad and related transportation industries in North America, and a provider of railcar repair, refurbishment and retrofitting services in North America through a joint venture partnership. It operates in four segments: Manufacturing; Wheels & Parts; Leasing & Services, and GBW Joint Venture. It also produces rail castings and tank heads through unconsolidated joint ventures. It operates an integrated business model in North America that combines freight car manufacturing, wheel services, repair, refurbishment, retrofitting, component parts, leasing and fleet management services. Its customers include railroads, leasing companies, financial institutions, shippers, carriers and transportation companies.

FINANCIAL RATIOS  of  Greenbrier (GBX)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 7.6
Growth Rates
Sales Growth Rate -19.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 153
Current Ratio NaN
LT Debt to Equity 54.9%
Total Debt to Equity 55.3%
Interest Coverage 18
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 22%
Asset Turnover 1
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 20.2%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 14%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 27.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 21.6%

GBX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GBX stock intrinsic value calculation we used $2169 million for the last fiscal year's total revenue generated by Greenbrier. The default revenue input number comes from 2017 income statement of Greenbrier. 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 GBX stock valuation model: a) initial revenue growth rate of 2.7% 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 GBX is calculated based on our internal credit rating of Greenbrier, 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 Greenbrier.
    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 GBX stock the variable cost ratio is equal to 70.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $381 million in the base year in the intrinsic value calculation for GBX 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 Greenbrier.

Corporate tax rate of 27% is the nominal tax rate for Greenbrier. 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 GBX 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 GBX are equal to 12.2%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Greenbrier 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 GBX is equal to -28%. 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 - $1018 million for Greenbrier - 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 29.268 million for Greenbrier 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 Greenbrier at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
RAIL FreightCar Ame 16.32 12.70  sell
ARII American Railc 39.52 46.68  hold
WAB Wabtec 82.72 672.08  str.buy
TRN Trinity Indust 36.15 34.69  hold

COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for January 10th   [Jan-10-18 07:02AM  Zacks]
▶ Company News For Jan 8, 2018   [Jan-08-18 10:44AM  Zacks]
▶ Greenbrier tops 1Q profit forecasts   [06:52AM  Associated Press]
▶ Greenbrier Reports First Quarter Results   [06:00AM  PR Newswire]
▶ Stocks With Rising Relative Price Strength: Greenbrier Companies   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ 5 Cheap Dividend Growth Stocks for Thanksgiving   [Nov-22-17 08:44AM  Zacks]
▶ Greenbrier Celebrates Sequential Growth, Boosts Dividend   [Oct-27-17 09:26AM  Motley Fool]
▶ Greenbrier tops 4Q profit forecasts   [06:21AM  Associated Press]
▶ New Strong Buy Stocks for October 6th   [Oct-06-17 11:03AM  Zacks]
▶ Stocks With Rising Relative Strength: Greenbrier Companies   [Sep-29-17 03:00AM  Investor's Business Daily]
▶ At $44.75, Is The Greenbrier Companies Inc (GBX) A Buy?   [Sep-22-17 04:21PM  Simply Wall St.]
▶ Greenbrier Builds 50,000th Covered Hopper Railcar   [Sep-13-17 06:00AM  PR Newswire]
▶ 3 Top Stocks You Can Buy on Sale   [Aug-24-17 08:05PM  Motley Fool]
▶ Greenbrier beats 3Q profit forecasts   [Jun-29-17 08:20PM  Associated Press]
▶ Greenbrier Reports Third Quarter Results   [06:00AM  PR Newswire]
Financial statements of GBX
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.