Intrinsic value of Quaker Chemical - KWR

Previous Close

$151.25

  Intrinsic Value

$59.57

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-41%

Previous close

$151.25

 
Intrinsic value

$59.57

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-41%

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

We calculate the intrinsic value of KWR 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 2.0

 

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, %
  1.22
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  747
  803
  861
  922
  985
  1,050
  1,118
  1,189
  1,262
  1,339
  1,419
  1,502
  1,589
  1,680
  1,775
  1,874
  1,977
  2,085
  2,198
  2,316
  2,440
  2,569
  2,704
  2,846
  2,995
  3,151
  3,314
  3,485
  3,664
  3,852
  4,049
Variable operating expenses, $m
 
  724
  776
  830
  886
  944
  1,004
  1,067
  1,133
  1,201
  1,273
  1,339
  1,416
  1,497
  1,581
  1,670
  1,762
  1,858
  1,959
  2,064
  2,174
  2,289
  2,410
  2,536
  2,669
  2,808
  2,953
  3,106
  3,265
  3,433
  3,609
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
  664
  724
  776
  830
  886
  944
  1,004
  1,067
  1,133
  1,201
  1,273
  1,339
  1,416
  1,497
  1,581
  1,670
  1,762
  1,858
  1,959
  2,064
  2,174
  2,289
  2,410
  2,536
  2,669
  2,808
  2,953
  3,106
  3,265
  3,433
  3,609
Operating income, $m
  83
  79
  86
  92
  99
  106
  114
  121
  129
  138
  146
  164
  173
  183
  193
  204
  215
  227
  239
  252
  266
  280
  294
  310
  326
  343
  361
  379
  399
  419
  441
EBITDA, $m
  103
  102
  109
  117
  125
  133
  142
  151
  160
  170
  180
  190
  201
  213
  225
  237
  250
  264
  278
  293
  309
  325
  343
  361
  379
  399
  420
  441
  464
  488
  513
Interest expense (income), $m
  2
  2
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
Earnings before tax, $m
  84
  77
  83
  88
  94
  101
  107
  114
  121
  128
  136
  152
  161
  169
  178
  188
  198
  208
  219
  230
  242
  254
  267
  281
  295
  310
  326
  342
  360
  378
  397
Tax expense, $m
  23
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
Net income, $m
  61
  56
  60
  65
  69
  74
  78
  83
  88
  94
  99
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  250
  262
  276
  289

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  89
  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
  692
  648
  695
  744
  795
  847
  902
  959
  1,019
  1,081
  1,145
  1,213
  1,283
  1,356
  1,432
  1,512
  1,596
  1,683
  1,774
  1,869
  1,969
  2,073
  2,183
  2,297
  2,417
  2,543
  2,675
  2,813
  2,957
  3,109
  3,268
Adjusted assets (=assets-cash), $m
  603
  648
  695
  744
  795
  847
  902
  959
  1,019
  1,081
  1,145
  1,213
  1,283
  1,356
  1,432
  1,512
  1,596
  1,683
  1,774
  1,869
  1,969
  2,073
  2,183
  2,297
  2,417
  2,543
  2,675
  2,813
  2,957
  3,109
  3,268
Revenue / Adjusted assets
  1.239
  1.239
  1.239
  1.239
  1.239
  1.240
  1.239
  1.240
  1.238
  1.239
  1.239
  1.238
  1.239
  1.239
  1.240
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
  1.239
Average production assets, $m
  160
  172
  184
  197
  211
  225
  239
  254
  270
  287
  304
  322
  340
  360
  380
  401
  423
  446
  470
  496
  522
  550
  579
  609
  641
  674
  709
  746
  784
  824
  867
Working capital, $m
  249
  173
  186
  199
  213
  227
  241
  257
  273
  289
  307
  325
  343
  363
  383
  405
  427
  450
  475
  500
  527
  555
  584
  615
  647
  681
  716
  753
  791
  832
  875
Total debt, $m
  66
  87
  109
  133
  157
  182
  208
  236
  264
  294
  324
  357
  390
  425
  462
  500
  540
  581
  625
  670
  718
  768
  820
  875
  932
  992
  1,055
  1,121
  1,191
  1,263
  1,339
Total liabilities, $m
  289
  310
  332
  356
  380
  405
  431
  459
  487
  517
  547
  580
  613
  648
  685
  723
  763
  804
  848
  893
  941
  991
  1,043
  1,098
  1,155
  1,215
  1,278
  1,344
  1,414
  1,486
  1,562
Total equity, $m
  403
  338
  363
  388
  415
  442
  471
  501
  532
  564
  598
  633
  670
  708
  748
  789
  833
  878
  926
  976
  1,028
  1,082
  1,139
  1,199
  1,262
  1,327
  1,396
  1,468
  1,544
  1,623
  1,706
Total liabilities and equity, $m
  692
  648
  695
  744
  795
  847
  902
  960
  1,019
  1,081
  1,145
  1,213
  1,283
  1,356
  1,433
  1,512
  1,596
  1,682
  1,774
  1,869
  1,969
  2,073
  2,182
  2,297
  2,417
  2,542
  2,674
  2,812
  2,958
  3,109
  3,268
Debt-to-equity ratio
  0.164
  0.260
  0.300
  0.340
  0.380
  0.410
  0.440
  0.470
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
Adjusted equity ratio
  0.521
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  56
  60
  65
  69
  74
  78
  83
  88
  94
  99
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  250
  262
  276
  289
Depreciation, amort., depletion, $m
  20
  22
  23
  25
  26
  27
  28
  29
  31
  32
  33
  27
  28
  30
  32
  33
  35
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
Funds from operations, $m
  64
  79
  84
  89
  95
  100
  106
  113
  119
  126
  133
  138
  146
  153
  162
  170
  180
  189
  199
  209
  220
  232
  243
  256
  269
  283
  297
  312
  328
  344
  362
Change in working capital, $m
  -10
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  74
  67
  71
  76
  81
  86
  92
  97
  103
  109
  115
  120
  127
  134
  141
  149
  157
  166
  175
  184
  194
  204
  214
  225
  237
  249
  262
  275
  289
  304
  319
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
New CAPEX, $m
  -10
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
Cash from investing activities, $m
  -24
  -25
  -26
  -28
  -29
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -72
  -75
  -78
  -83
  -86
  -91
  -96
  -100
  -105
  -111
Free cash flow, $m
  50
  41
  44
  48
  51
  55
  58
  62
  66
  70
  74
  77
  81
  86
  91
  96
  102
  107
  113
  119
  126
  132
  139
  147
  154
  162
  171
  179
  189
  198
  208
Issuance/(repayment) of debt, $m
  -15
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
Issuance/(repurchase) of shares, $m
  -6
  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  
  -20
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
Total cash flow (excl. dividends), $m
  26
  63
  67
  71
  75
  80
  85
  89
  95
  100
  105
  109
  115
  121
  128
  134
  142
  149
  157
  165
  173
  182
  192
  201
  212
  222
  234
  245
  258
  271
  284
Retained Cash Flow (-), $m
  -30
  -23
  -25
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
Prev. year cash balance distribution, $m
 
  88
  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
 
  127
  42
  46
  49
  52
  56
  60
  64
  68
  72
  74
  78
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  191
  201
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
 
  122
  39
  40
  40
  41
  41
  40
  40
  39
  38
  35
  33
  32
  29
  27
  25
  23
  20
  18
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
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

Quaker Chemical Corporation is a provider of process fluids, chemical specialties, and technical expertise to a range of industries, including steel, aluminum, mining, aerospace, tube and pipe, cans and others. The Company's segments include North America, Europe, Middle East and Africa (EMEA), Asia/Pacific and South America. It develops, produces, and markets a range of formulated chemical specialty products and offers chemical management services. Its products and services include rolling lubricants (used by manufacturers of steel in the hot and cold rolling of steel and by manufacturers of aluminum in the hot rolling of aluminum); machining and grinding compounds (used by metalworking customers in cutting, shaping, and grinding metal parts, which require special treatment to enable them to tolerate the manufacturing process, achieve closer tolerance, and improve tool life), and hydraulic fluids (used by steel, metalworking, and other customers to operate hydraulic equipment).

FINANCIAL RATIOS  of  Quaker Chemical (KWR)

Valuation Ratios
P/E Ratio 32.9
Price to Sales 2.7
Price to Book 5
Price to Tangible Book
Price to Cash Flow 27.1
Price to Free Cash Flow 31.4
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.1%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 89
Current Ratio 0
LT Debt to Equity 16.1%
Total Debt to Equity 16.4%
Interest Coverage 43
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 8.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 27.4%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 29.5%

KWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KWR stock intrinsic value calculation we used $747 million for the last fiscal year's total revenue generated by Quaker Chemical. The default revenue input number comes from 2016 income statement of Quaker Chemical. 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 KWR stock valuation model: a) initial revenue growth rate of 7.5% 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 KWR is calculated based on our internal credit rating of Quaker Chemical, 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 Quaker Chemical.
    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 KWR stock the variable cost ratio is equal to 90.2%.

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 KWR 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 Quaker Chemical.

Corporate tax rate of 27% is the nominal tax rate for Quaker Chemical. 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 KWR 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 KWR are equal to 21.4%.

Life of production assets of 12 years is the average useful life of capital assets used in Quaker Chemical 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 KWR is equal to 21.6%. 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 - $403 million for Quaker Chemical - 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 13.449 million for Quaker Chemical 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 Quaker Chemical at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ACET Aceto 11.17 43.50  str.buy
CCF Chase 117.00 40.56  str.sell
WDFC WD-40 114.10 65.01  sell
VVV Valvoline 24.03 4.93  str.sell
PX Praxair 141.29 62.43  str.sell

COMPANY NEWS

▶ Quaker Chemical Announces Quarterly Dividend   [Sep-20-17 01:00PM  PR Newswire]
▶ Product Solutions to Suppress Dust and Reduce Downtime   [Aug-22-17 10:00AM  PR Newswire]
▶ Quaker Chemical meets 2Q profit forecasts   [01:09AM  Associated Press]
▶ Quaker Chemical Announces Second Quarter 2017 Results   [Jul-27-17 04:20PM  PR Newswire]
▶ Quaker Chemical Announces 3% Increase In Cash Dividend   [May-10-17 02:00PM  PR Newswire]
▶ Quaker Chemical Sees Composite Rating Improve To 96   [May-03-17 11:24AM  Investor's Business Daily]
▶ Quaker Chemical beats 1Q profit forecasts   [May-01-17 05:08PM  Associated Press]
▶ Quaker Chemical beats 4Q profit forecasts   [Feb-28-17 06:49PM  Associated Press]
▶ Quaker Chemical Announces Quarterly Dividend   [Feb-27-17 03:30PM  PR Newswire]
▶ Is Quaker Chemical Corp (KWR) a Good Stock to Buy?   [Dec-12-16 05:33PM  at Insider Monkey]
▶ Quaker Chemical Announces Quarterly Dividend   [Nov-16-16 03:00PM  PR Newswire]
▶ 3 Small Cap Stocks Which Could be Worth Snapping Up   [Oct-21-16 02:25PM  at TheStreet]
▶ New Smart Polymer Technology in Die Release Agents   [Sep-22-16 11:00AM  PR Newswire]
▶ Quaker Chemical Announces Quarterly Dividend   [Sep-21-16 03:00PM  PR Newswire]
▶ Product Solutions to Suppress Dust and Reduce Downtime   [Jul-28-16 11:00AM  PR Newswire]
Financial statements of KWR
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.