Intrinsic value of Investors Real Estate Trust - IRET

Previous Close

$6.13

  Intrinsic Value

$1.03

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

-9%

Previous close

$6.13

 
Intrinsic value

$1.03

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

-9%

Our model is not good at valuating stocks of financial companies, such as IRET.

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

We calculate the intrinsic value of IRET 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 2017), $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 0.8

 

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, %
  9.57
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  206
  227
  249
  272
  296
  321
  347
  374
  401
  431
  461
  492
  525
  559
  594
  631
  669
  709
  751
  794
  839
  887
  936
  987
  1,041
  1,098
  1,157
  1,218
  1,283
  1,351
  1,422
Variable operating expenses, $m
 
  180
  197
  215
  234
  254
  274
  295
  317
  340
  364
  389
  415
  441
  469
  498
  529
  560
  593
  627
  663
  700
  739
  780
  823
  867
  914
  963
  1,014
  1,067
  1,123
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
  223
  180
  197
  215
  234
  254
  274
  295
  317
  340
  364
  389
  415
  441
  469
  498
  529
  560
  593
  627
  663
  700
  739
  780
  823
  867
  914
  963
  1,014
  1,067
  1,123
Operating income, $m
  -17
  47
  52
  57
  62
  67
  73
  78
  84
  90
  97
  103
  110
  117
  125
  132
  140
  149
  158
  167
  176
  186
  197
  207
  219
  231
  243
  256
  269
  284
  298
EBITDA, $m
  40
  110
  121
  132
  144
  156
  169
  182
  195
  209
  224
  239
  255
  272
  289
  307
  325
  345
  365
  386
  408
  431
  455
  480
  506
  534
  563
  593
  624
  657
  691
Interest expense (income), $m
  34
  32
  36
  40
  45
  49
  54
  59
  65
  70
  76
  82
  88
  94
  101
  108
  115
  122
  130
  138
  147
  156
  165
  175
  185
  195
  206
  218
  230
  243
  256
Earnings before tax, $m
  -38
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  26
  27
  28
  29
  30
  31
  33
  34
  35
  36
  38
  39
  41
  43
Tax expense, $m
  0
  4
  4
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
Net income, $m
  43
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  1,475
  1,599
  1,753
  1,915
  2,083
  2,259
  2,441
  2,630
  2,827
  3,032
  3,245
  3,466
  3,695
  3,934
  4,183
  4,442
  4,712
  4,993
  5,286
  5,591
  5,910
  6,243
  6,591
  6,954
  7,334
  7,731
  8,146
  8,581
  9,036
  9,512
  10,011
Adjusted assets (=assets-cash), $m
  1,446
  1,599
  1,753
  1,915
  2,083
  2,259
  2,441
  2,630
  2,827
  3,032
  3,245
  3,466
  3,695
  3,934
  4,183
  4,442
  4,712
  4,993
  5,286
  5,591
  5,910
  6,243
  6,591
  6,954
  7,334
  7,731
  8,146
  8,581
  9,036
  9,512
  10,011
Revenue / Adjusted assets
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
Average production assets, $m
  1,401
  1,543
  1,693
  1,849
  2,011
  2,181
  2,356
  2,539
  2,730
  2,927
  3,132
  3,346
  3,568
  3,799
  4,039
  4,289
  4,549
  4,820
  5,103
  5,398
  5,706
  6,027
  6,363
  6,714
  7,080
  7,464
  7,865
  8,284
  8,724
  9,184
  9,665
Working capital, $m
  0
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
Total debt, $m
  719
  815
  913
  1,015
  1,122
  1,232
  1,348
  1,467
  1,592
  1,721
  1,856
  1,995
  2,141
  2,292
  2,449
  2,612
  2,783
  2,960
  3,146
  3,339
  3,540
  3,751
  3,970
  4,200
  4,440
  4,691
  4,953
  5,228
  5,516
  5,817
  6,132
Total liabilities, $m
  914
  1,010
  1,108
  1,210
  1,317
  1,427
  1,543
  1,662
  1,787
  1,916
  2,051
  2,190
  2,336
  2,487
  2,644
  2,807
  2,978
  3,155
  3,341
  3,534
  3,735
  3,946
  4,165
  4,395
  4,635
  4,886
  5,148
  5,423
  5,711
  6,012
  6,327
Total equity, $m
  561
  588
  645
  705
  767
  831
  898
  968
  1,040
  1,116
  1,194
  1,275
  1,360
  1,448
  1,539
  1,635
  1,734
  1,837
  1,945
  2,058
  2,175
  2,297
  2,425
  2,559
  2,699
  2,845
  2,998
  3,158
  3,325
  3,501
  3,684
Total liabilities and equity, $m
  1,475
  1,598
  1,753
  1,915
  2,084
  2,258
  2,441
  2,630
  2,827
  3,032
  3,245
  3,465
  3,696
  3,935
  4,183
  4,442
  4,712
  4,992
  5,286
  5,592
  5,910
  6,243
  6,590
  6,954
  7,334
  7,731
  8,146
  8,581
  9,036
  9,513
  10,011
Debt-to-equity ratio
  1.282
  1.390
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.650
  1.660
  1.660
  1.660
  1.660
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
Depreciation, amort., depletion, $m
  57
  63
  69
  75
  82
  89
  96
  103
  111
  119
  128
  136
  145
  154
  164
  174
  185
  196
  207
  219
  232
  245
  259
  273
  288
  303
  320
  337
  355
  373
  393
Funds from operations, $m
  74
  74
  81
  88
  95
  102
  109
  117
  125
  134
  143
  152
  161
  171
  182
  192
  204
  215
  227
  240
  253
  267
  282
  297
  313
  329
  346
  364
  383
  403
  424
Change in working capital, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  74
  77
  84
  91
  98
  105
  113
  121
  129
  138
  147
  156
  166
  176
  187
  198
  209
  221
  233
  246
  260
  274
  289
  304
  320
  337
  355
  373
  392
  413
  434
Maintenance CAPEX, $m
  0
  -57
  -63
  -69
  -75
  -82
  -89
  -96
  -103
  -111
  -119
  -127
  -136
  -145
  -154
  -164
  -174
  -185
  -196
  -207
  -219
  -232
  -245
  -259
  -273
  -288
  -303
  -320
  -337
  -355
  -373
New CAPEX, $m
  -60
  -143
  -149
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -205
  -213
  -222
  -231
  -240
  -250
  -260
  -271
  -283
  -295
  -308
  -321
  -336
  -351
  -367
  -383
  -401
  -420
  -439
  -460
  -482
Cash from investing activities, $m
  202
  -200
  -212
  -225
  -238
  -251
  -265
  -279
  -293
  -309
  -324
  -340
  -358
  -376
  -394
  -414
  -434
  -456
  -479
  -502
  -527
  -553
  -581
  -610
  -640
  -671
  -704
  -740
  -776
  -815
  -855
Free cash flow, $m
  276
  -122
  -128
  -134
  -140
  -146
  -152
  -158
  -164
  -171
  -177
  -184
  -192
  -200
  -208
  -217
  -226
  -235
  -246
  -256
  -268
  -279
  -292
  -305
  -319
  -334
  -350
  -366
  -384
  -402
  -421
Issuance/(repayment) of debt, $m
  -201
  96
  98
  102
  106
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  164
  170
  178
  185
  193
  202
  210
  220
  230
  240
  251
  263
  275
  288
  301
  315
Issuance/(repurchase) of shares, $m
  -34
  45
  45
  47
  49
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  139
  145
  153
Cash from financing (excl. dividends), $m  
  -247
  141
  143
  149
  155
  163
  169
  176
  182
  190
  197
  206
  213
  222
  231
  241
  251
  262
  273
  285
  298
  310
  325
  340
  355
  371
  389
  407
  427
  446
  468
Total cash flow (excl. dividends), $m
  29
  19
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
Retained Cash Flow (-), $m
  58
  -56
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  29
  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
 
  -9
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  -8
  -35
  -33
  -31
  -28
  -26
  -23
  -20
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.6
  90.0
  85.8
  81.9
  78.4
  75.1
  72.1
  69.3
  66.7
  64.2
  61.9
  59.8
  57.8
  55.8
  54.0
  52.3
  50.6
  49.0
  47.5
  46.1
  44.7
  43.4
  42.1
  40.8
  39.7
  38.5
  37.4
  36.3
  35.3
  34.3

Investors Real Estate Trust is a self-advised equity real estate investment trust (REIT). The Company's business consists of owning and operating income-producing real estate properties. Its segments include Multifamily, Healthcare and All Other. Its investments consist of multifamily and healthcare properties located primarily in the upper Midwest states of Minnesota and North Dakota. It conducts its business operations through its operating partnership, IRET Properties, which is principally engaged in acquiring, owning, operating and leasing real estate. It invests in multifamily properties and commercial properties that are leased to single or multiple tenants, usually for approximately five years or longer. As of May 26, 2017, the Company held for investment 86 multifamily properties containing 12,813 apartment units and 44 commercial properties, consisting of healthcare, industrial, office and retail, containing approximately 2.7 million square feet of leasable space.

FINANCIAL RATIOS  of  Investors Real Estate Trust (IRET)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 3.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 53.1
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -78.5%
Cap. Spend. - 3 Yr. Gr. Rate -21.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 128.2%
Total Debt to Equity 128.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 58%
EBITDA Margin 25.7%
EBITDA Margin - 3 Yr. Avg. 56.3%
Operating Margin -8.3%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin -18.4%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 20.9%
Net Profit Margin - 3 Yr. Avg. 24.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 155.8%

IRET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRET stock intrinsic value calculation we used $206 million for the last fiscal year's total revenue generated by Investors Real Estate Trust. The default revenue input number comes from 2017 income statement of Investors Real Estate Trust. 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 IRET stock valuation model: a) initial revenue growth rate of 10.2% 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 9.2%, whose default value for IRET is calculated based on our internal credit rating of Investors Real Estate Trust, 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 Investors Real Estate Trust.
    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 IRET stock the variable cost ratio is equal to 79.1%.

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 IRET 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 4.4% for Investors Real Estate Trust.

Corporate tax rate of 27% is the nominal tax rate for Investors Real Estate Trust. 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 IRET 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 IRET are equal to 679.9%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Investors Real Estate Trust 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 IRET is equal to -14.1%. 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 - $561 million for Investors Real Estate Trust - 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 135.984 million for Investors Real Estate Trust 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 Investors Real Estate Trust at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
SBRA Sabra Healthca 21.27 1.59  str.sell
MSFT Microsoft 77.91 60.76  hold
BLK BlackRock 476.79 1,173.08  str.buy
BRT BRT Apartments 10.09 2.76  str.sell
CPT Camden Propert 92.57 8.61  str.sell
VER VEREIT 8.11 1.80  str.sell
ABR Arbor Realty T 8.42 53.09  str.buy
STAR iStar 12.03 12.33  hold

COMPANY NEWS

▶ Investors Real Estate Trust reports 1Q results   [Sep-11-17 09:59PM  Associated Press]
▶ Investors Real Estate Trust reports 4Q results   [Jun-28-17 09:54PM  Associated Press]
▶ IRET To Present At NAREIT's REITWeek 2017   [Jun-02-17 04:15PM  PR Newswire]
▶ IRET Acquires Multifamily Property for $61.5 Million   [May-26-17 06:45AM  PR Newswire]
▶ Investors Real Estate Trust reports 3Q results   [04:28PM  Associated Press]
▶ IRET Announces 2016 Distribution Allocation   [Jan-18-17 06:45AM  PR Newswire]
▶ IRET Continues Execution of Strategic Transformation   [Nov-01-16 04:22PM  PR Newswire]
Financial statements of IRET
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.