Intrinsic value of Malibu Boats Cl A - MBUU

Previous Close

$29.74

  Intrinsic Value

$46.23

stock screener

  Rating & Target

str. buy

+55%

Previous close

$29.74

 
Intrinsic value

$46.23

 
Up/down potential

+55%

 
Rating

str. buy

We calculate the intrinsic value of MBUU 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 0.6

 

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, %
  11.46
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  282
  316
  351
  388
  427
  468
  510
  554
  600
  648
  698
  750
  803
  859
  917
  978
  1,040
  1,106
  1,174
  1,244
  1,318
  1,395
  1,476
  1,559
  1,647
  1,738
  1,834
  1,934
  2,038
  2,147
  2,262
Variable operating expenses, $m
 
  271
  301
  332
  366
  400
  437
  474
  514
  554
  597
  640
  686
  733
  783
  834
  888
  944
  1,002
  1,062
  1,125
  1,191
  1,259
  1,331
  1,405
  1,483
  1,565
  1,650
  1,739
  1,833
  1,930
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
  243
  271
  301
  332
  366
  400
  437
  474
  514
  554
  597
  640
  686
  733
  783
  834
  888
  944
  1,002
  1,062
  1,125
  1,191
  1,259
  1,331
  1,405
  1,483
  1,565
  1,650
  1,739
  1,833
  1,930
Operating income, $m
  39
  45
  50
  56
  61
  67
  73
  80
  87
  94
  101
  110
  118
  126
  134
  143
  153
  162
  172
  182
  193
  205
  216
  229
  241
  255
  269
  283
  299
  315
  332
EBITDA, $m
  46
  52
  58
  64
  70
  77
  84
  91
  99
  106
  115
  123
  132
  141
  151
  161
  171
  182
  193
  204
  217
  229
  242
  256
  271
  286
  301
  318
  335
  353
  372
Interest expense (income), $m
  0
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  42
Earnings before tax, $m
  49
  43
  48
  52
  57
  62
  68
  73
  79
  85
  91
  99
  106
  113
  120
  128
  136
  144
  153
  162
  171
  181
  191
  201
  212
  224
  236
  249
  262
  276
  290
Tax expense, $m
  18
  12
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
  71
  74
  78
Net income, $m
  28
  31
  35
  38
  42
  46
  49
  54
  58
  62
  67
  72
  77
  83
  88
  93
  99
  105
  112
  118
  125
  132
  139
  147
  155
  164
  172
  182
  191
  201
  212

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  224
  214
  238
  263
  289
  317
  346
  376
  407
  439
  473
  508
  544
  582
  621
  662
  705
  749
  795
  843
  893
  945
  1,000
  1,056
  1,116
  1,178
  1,242
  1,310
  1,381
  1,455
  1,532
Adjusted assets (=assets-cash), $m
  191
  214
  238
  263
  289
  317
  346
  376
  407
  439
  473
  508
  544
  582
  621
  662
  705
  749
  795
  843
  893
  945
  1,000
  1,056
  1,116
  1,178
  1,242
  1,310
  1,381
  1,455
  1,532
Revenue / Adjusted assets
  1.476
  1.477
  1.475
  1.475
  1.478
  1.476
  1.474
  1.473
  1.474
  1.476
  1.476
  1.476
  1.476
  1.476
  1.477
  1.477
  1.475
  1.477
  1.477
  1.476
  1.476
  1.476
  1.476
  1.476
  1.476
  1.475
  1.477
  1.476
  1.476
  1.476
  1.477
Average production assets, $m
  32
  36
  40
  44
  48
  53
  58
  63
  68
  73
  79
  85
  91
  97
  104
  110
  118
  125
  133
  141
  149
  158
  167
  176
  186
  196
  207
  219
  230
  243
  256
Working capital, $m
  31
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Total debt, $m
  53
  70
  92
  115
  138
  163
  189
  216
  244
  273
  304
  335
  368
  402
  437
  474
  512
  552
  594
  637
  682
  729
  778
  829
  882
  938
  996
  1,057
  1,121
  1,187
  1,257
Total liabilities, $m
  175
  192
  214
  237
  260
  285
  311
  338
  366
  395
  426
  457
  490
  524
  559
  596
  634
  674
  716
  759
  804
  851
  900
  951
  1,004
  1,060
  1,118
  1,179
  1,243
  1,309
  1,379
Total equity, $m
  49
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  80
  84
  89
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
Total liabilities and equity, $m
  224
  213
  238
  263
  289
  317
  346
  376
  407
  439
  473
  508
  544
  582
  621
  662
  704
  749
  796
  843
  893
  946
  1,000
  1,057
  1,116
  1,178
  1,242
  1,310
  1,381
  1,454
  1,532
Debt-to-equity ratio
  1.082
  3.290
  3.870
  4.360
  4.780
  5.150
  5.470
  5.750
  6.000
  6.220
  6.420
  6.600
  6.760
  6.900
  7.040
  7.160
  7.270
  7.370
  7.470
  7.550
  7.630
  7.710
  7.780
  7.850
  7.910
  7.960
  8.020
  8.070
  8.120
  8.160
  8.200
Adjusted equity ratio
  0.084
  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
  28
  31
  35
  38
  42
  46
  49
  54
  58
  62
  67
  72
  77
  83
  88
  93
  99
  105
  112
  118
  125
  132
  139
  147
  155
  164
  172
  182
  191
  201
  212
Depreciation, amort., depletion, $m
  7
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
Funds from operations, $m
  34
  38
  42
  46
  51
  55
  60
  65
  70
  75
  80
  86
  92
  98
  104
  111
  118
  125
  132
  140
  148
  157
  165
  175
  184
  194
  205
  216
  227
  239
  252
Change in working capital, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  36
  39
  43
  47
  51
  55
  60
  65
  70
  75
  81
  86
  92
  98
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
  185
  195
  205
  216
  228
  240
  252
Maintenance CAPEX, $m
  0
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
New CAPEX, $m
  -9
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from investing activities, $m
  -9
  -9
  -10
  -10
  -11
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -28
  -29
  -30
  -32
  -34
  -35
  -38
  -39
  -42
  -43
  -46
  -48
  -51
Free cash flow, $m
  27
  30
  33
  36
  40
  43
  47
  51
  55
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
  125
  132
  140
  147
  155
  164
  173
  182
  192
  202
Issuance/(repayment) of debt, $m
  -17
  17
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
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  
  -20
  17
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
Total cash flow (excl. dividends), $m
  7
  47
  55
  59
  63
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
  125
  132
  139
  147
  155
  163
  172
  181
  191
  201
  211
  222
  234
  246
  258
  271
Retained Cash Flow (-), $m
  -34
  -5
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Prev. year cash balance distribution, $m
 
  33
  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
 
  75
  52
  56
  61
  65
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
  251
  264
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
 
  72
  48
  49
  50
  51
  51
  51
  50
  49
  48
  46
  43
  41
  38
  35
  32
  29
  26
  23
  20
  17
  15
  12
  10
  8
  6
  5
  4
  3
  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

Malibu Boats, Inc. is a designer, manufacturer and marketer of performance sport boats. The Company's segments include the U.S. and Australia. Each segment is engaged in the manufacturing, distribution, marketing and sale of performance sport boats. Its U.S. segment serves markets in North America, South America, Europe and Asia. Its Australia segment serves the Australian and New Zealand markets. The Company's boats are used for water sports, including water skiing, wakeboarding and wake surfing, as well as general recreational boating. The Company sells its boats under Malibu and Axis Wake Research (Axis) brand names. The Company's boats are constructed of fiberglass, equipped with inboard propulsion systems and available in a range of sizes and hull designs. The Company also offers various accessories and aftermarket parts. The Company's boat models include Malibu M Series, Malibu Wakesetter, Malibu Response and Axis.

FINANCIAL RATIOS  of  Malibu Boats Cl A (MBUU)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 1.9
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 19.8
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 108.2%
Total Debt to Equity 108.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.6%
Ret/ On Assets - 3 Yr. Avg. 10.5%
Return On Total Capital 29.8%
Ret/ On T. Cap. - 3 Yr. Avg. 28.2%
Return On Equity 87.5%
Return On Equity - 3 Yr. Avg. 191.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 26.6%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 16.7%
Operating Margin 13.8%
Oper. Margin - 3 Yr. Avg. 14%
Pre-Tax Margin 17.4%
Pre-Tax Margin - 3 Yr. Avg. 14.7%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.1%
Payout Ratio 0%

MBUU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MBUU stock intrinsic value calculation we used $282 million for the last fiscal year's total revenue generated by Malibu Boats Cl A. The default revenue input number comes from 2017 income statement of Malibu Boats Cl A. 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 MBUU stock valuation model: a) initial revenue growth rate of 11.9% 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 MBUU is calculated based on our internal credit rating of Malibu Boats Cl A, 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 Malibu Boats Cl A.
    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 MBUU stock the variable cost ratio is equal to 85.8%.

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 MBUU 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 Malibu Boats Cl A.

Corporate tax rate of 27% is the nominal tax rate for Malibu Boats Cl A. 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 MBUU 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 MBUU are equal to 11.3%.

Life of production assets of 6.4 years is the average useful life of capital assets used in Malibu Boats Cl A 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 MBUU is equal to -0.7%. 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 - $49 million for Malibu Boats Cl A - 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 20.287 million for Malibu Boats Cl A 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 Malibu Boats Cl A at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
MCFT MCBC Holdings 22.44 22.44  hold
MPX Marine Product 14.94 9.41  sell
BC Brunswick 54.97 102.17  str.buy
TWIN Twin Disc 26.01 2.59  str.sell

COMPANY NEWS

▶ 5 Profitable Stocks With Midas Touch   [Nov-16-17 08:04AM  Zacks]
▶ Best Low-P/E Stocks to Buy in November   [Nov-13-17 08:10AM  Motley Fool]
▶ Malibu Boats beats Street 1Q forecasts   [Nov-08-17 05:03AM  Associated Press]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ New Strong Buy Stocks for September 22nd   [Sep-22-17 10:25AM  Zacks]
▶ Malibu Boats tops Street 4Q forecasts   [Sep-07-17 10:24PM  Associated Press]
▶ New Strong Buy Stocks for August 25th   [Aug-25-17 11:39AM  Zacks]
▶ Malibu Boats, Inc. Announces License With Wake Worx   [Aug-23-17 12:00PM  Marketwired]
▶ Top Ranked Growth Stocks to Buy for August 14th   [Aug-14-17 08:22AM  Zacks]
▶ Axis Wake Research Launches New A24 for 2018   [Aug-03-17 04:30PM  Marketwired]
▶ 3 Stocks With Tesla-like Return Potential   [Aug-01-17 07:15AM  Motley Fool]
▶ Four Stocks At Your Leisure   [Jul-05-17 01:02PM  Zacks]
▶ Best Stocks For The Second Half of 2017   [Jul-03-17 11:43AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 30th   [Jun-30-17 09:43AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 22nd   [Jun-22-17 10:10AM  Zacks]
▶ 3 Stocks With Tesla-Like Return Potential   [Jun-17-17 10:32AM  Motley Fool]
▶ ETFs with exposure to Malibu Boats, Inc. : May 26, 2017   [May-26-17 01:16PM  Capital Cube]
▶ Amaya Announces Nomination of Two New Directors   [May-23-17 07:30AM  CNW Group]
▶ ETFs with exposure to Malibu Boats, Inc. : May 12, 2017   [May-12-17 04:12PM  Capital Cube]
▶ Malibu Boats tops Street 3Q forecasts   [May-03-17 07:59AM  Associated Press]
Financial statements of MBUU
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.