Intrinsic value of MGP Ingredients - MGPI

Previous Close

$58.07

  Intrinsic Value

$7.73

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

0%

Previous close

$58.07

 
Intrinsic value

$7.73

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of MGPI 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 0.9

 

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, %
  -3.05
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  318
  359
  403
  449
  498
  549
  603
  658
  716
  777
  840
  905
  973
  1,044
  1,117
  1,194
  1,273
  1,356
  1,441
  1,531
  1,624
  1,721
  1,822
  1,927
  2,038
  2,152
  2,272
  2,398
  2,529
  2,666
  2,809
Variable operating expenses, $m
 
  323
  362
  404
  448
  494
  542
  592
  644
  698
  755
  814
  875
  939
  1,005
  1,073
  1,144
  1,219
  1,296
  1,376
  1,460
  1,547
  1,638
  1,733
  1,832
  1,935
  2,043
  2,156
  2,273
  2,397
  2,525
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
  276
  323
  362
  404
  448
  494
  542
  592
  644
  698
  755
  814
  875
  939
  1,005
  1,073
  1,144
  1,219
  1,296
  1,376
  1,460
  1,547
  1,638
  1,733
  1,832
  1,935
  2,043
  2,156
  2,273
  2,397
  2,525
Operating income, $m
  42
  36
  41
  45
  50
  55
  61
  66
  72
  78
  85
  91
  98
  105
  113
  121
  129
  137
  146
  155
  164
  174
  184
  195
  206
  217
  230
  242
  255
  269
  284
EBITDA, $m
  53
  46
  52
  58
  64
  71
  78
  85
  92
  100
  108
  117
  125
  134
  144
  154
  164
  175
  186
  197
  209
  222
  235
  248
  262
  277
  293
  309
  326
  343
  362
Interest expense (income), $m
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
Earnings before tax, $m
  45
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
  86
  92
  99
  106
  113
  120
  128
  136
  144
  153
  162
  171
  181
  191
  202
  213
  224
  237
  249
  263
Tax expense, $m
  14
  9
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
Net income, $m
  31
  26
  29
  32
  35
  39
  42
  46
  50
  54
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  225
  252
  283
  315
  349
  385
  423
  462
  502
  545
  589
  635
  683
  732
  784
  837
  893
  951
  1,011
  1,074
  1,139
  1,207
  1,278
  1,352
  1,429
  1,509
  1,594
  1,681
  1,773
  1,869
  1,970
Adjusted assets (=assets-cash), $m
  223
  252
  283
  315
  349
  385
  423
  462
  502
  545
  589
  635
  683
  732
  784
  837
  893
  951
  1,011
  1,074
  1,139
  1,207
  1,278
  1,352
  1,429
  1,509
  1,594
  1,681
  1,773
  1,869
  1,970
Revenue / Adjusted assets
  1.426
  1.425
  1.424
  1.425
  1.427
  1.426
  1.426
  1.424
  1.426
  1.426
  1.426
  1.425
  1.425
  1.426
  1.425
  1.427
  1.426
  1.426
  1.425
  1.426
  1.426
  1.426
  1.426
  1.425
  1.426
  1.426
  1.425
  1.427
  1.426
  1.426
  1.426
Average production assets, $m
  89
  100
  112
  125
  138
  153
  168
  183
  199
  216
  233
  252
  271
  290
  311
  332
  354
  377
  401
  426
  451
  478
  507
  536
  566
  598
  632
  667
  703
  741
  781
Working capital, $m
  74
  86
  96
  107
  119
  131
  144
  157
  171
  186
  201
  216
  233
  250
  267
  285
  304
  324
  345
  366
  388
  411
  435
  461
  487
  514
  543
  573
  604
  637
  671
Total debt, $m
  36
  44
  55
  66
  78
  90
  103
  116
  130
  145
  160
  176
  192
  210
  227
  246
  265
  285
  306
  327
  350
  373
  398
  423
  450
  478
  507
  537
  569
  602
  637
Total liabilities, $m
  79
  87
  98
  109
  121
  133
  146
  159
  173
  188
  203
  219
  235
  253
  270
  289
  308
  328
  349
  370
  393
  416
  441
  466
  493
  521
  550
  580
  612
  645
  680
Total equity, $m
  146
  165
  185
  206
  229
  252
  277
  302
  329
  357
  386
  416
  447
  480
  513
  548
  585
  623
  662
  703
  746
  790
  837
  885
  936
  989
  1,044
  1,101
  1,162
  1,224
  1,290
Total liabilities and equity, $m
  225
  252
  283
  315
  350
  385
  423
  461
  502
  545
  589
  635
  682
  733
  783
  837
  893
  951
  1,011
  1,073
  1,139
  1,206
  1,278
  1,351
  1,429
  1,510
  1,594
  1,681
  1,774
  1,869
  1,970
Debt-to-equity ratio
  0.247
  0.270
  0.290
  0.320
  0.340
  0.360
  0.370
  0.380
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.450
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
Adjusted equity ratio
  0.646
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  26
  29
  32
  35
  39
  42
  46
  50
  54
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
Depreciation, amort., depletion, $m
  11
  10
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
Funds from operations, $m
  -4
  36
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  94
  101
  108
  115
  123
  131
  139
  148
  157
  166
  175
  186
  196
  207
  219
  230
  243
  256
  270
Change in working capital, $m
  -24
  10
  10
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Cash from operations, $m
  20
  26
  29
  33
  37
  42
  46
  51
  56
  61
  67
  72
  78
  84
  91
  97
  104
  111
  119
  126
  134
  143
  151
  160
  170
  180
  190
  201
  212
  223
  236
Maintenance CAPEX, $m
  0
  -9
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
New CAPEX, $m
  -18
  -11
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
Cash from investing activities, $m
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -114
Free cash flow, $m
  2
  5
  7
  9
  11
  14
  16
  19
  21
  24
  27
  31
  34
  37
  41
  45
  49
  53
  57
  61
  66
  70
  75
  80
  86
  91
  97
  103
  109
  115
  122
Issuance/(repayment) of debt, $m
  2
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  23
  24
  26
  27
  28
  29
  30
  32
  33
  35
Issuance/(repurchase) of shares, $m
  -2
  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  
  1
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  23
  24
  26
  27
  28
  29
  30
  32
  33
  35
Total cash flow (excl. dividends), $m
  3
  15
  18
  20
  23
  26
  29
  32
  35
  39
  43
  46
  50
  55
  59
  63
  68
  73
  78
  83
  88
  94
  100
  106
  112
  119
  126
  133
  140
  148
  156
Retained Cash Flow (-), $m
  -30
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
Prev. year cash balance distribution, $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 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
 
  -4
  -2
  -1
  1
  2
  4
  7
  9
  11
  14
  16
  19
  22
  25
  28
  32
  35
  38
  42
  46
  49
  53
  57
  62
  66
  71
  75
  80
  85
  90
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
 
  -3
  -2
  -1
  1
  2
  3
  4
  5
  6
  7
  8
  8
  8
  8
  8
  8
  8
  7
  6
  6
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
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

MGP Ingredients, Inc., together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starches. The company operates through two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products, as well as for various industrial processors. This segment also provides distillery co-products, such as distillers feed and corn oil; and warehouse services, including barrel put away, barrel storage, and barrel retrieval services. The Ingredient Solutions segment provides specialty wheat starches for food applications under the trademarks Fibersym Resistant Starch series, FiberRite RW Resistant Starch, Pregel Instant Starch series, and Midsol Cook-up Starch series; and specialty wheat proteins, commodity wheat starch, and commodity wheat proteins. It sells its products directly or through distributors to the manufacturers and processors of finished packaged goods or to bakeries primarily in the United States, Canada, and Japan. MGP Ingredients, Inc. was founded in 1941 and is headquartered in Atchison, Kansas.

FINANCIAL RATIOS  of  MGP Ingredients (MGPI)

Valuation Ratios
P/E Ratio 31.2
Price to Sales 3
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 48.4
Price to Free Cash Flow 483.7
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.9%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 21.9%
Total Debt to Equity 24.7%
Interest Coverage 46
Management Effectiveness
Return On Assets 15.1%
Ret/ On Assets - 3 Yr. Avg. 15.4%
Return On Total Capital 18.7%
Ret/ On T. Cap. - 3 Yr. Avg. 20.1%
Return On Equity 23.7%
Return On Equity - 3 Yr. Avg. 24.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 20.4%
Gross Margin - 3 Yr. Avg. 15.8%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 15.3%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 14.2%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 23.5%
Payout Ratio 6.5%

MGPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGPI stock intrinsic value calculation we used $318 million for the last fiscal year's total revenue generated by MGP Ingredients. The default revenue input number comes from 2016 income statement of MGP Ingredients. 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 MGPI stock valuation model: a) initial revenue growth rate of 13% 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 MGPI is calculated based on our internal credit rating of MGP Ingredients, 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 MGP Ingredients.
    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 MGPI stock the variable cost ratio is equal to 89.9%.

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 MGPI 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 MGP Ingredients.

Corporate tax rate of 27% is the nominal tax rate for MGP Ingredients. 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 MGPI 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 MGPI are equal to 27.8%.

Life of production assets of 10 years is the average useful life of capital assets used in MGP Ingredients 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 MGPI is equal to 23.9%. 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 - $146 million for MGP Ingredients - 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 16.262 million for MGP Ingredients 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 MGP Ingredients at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
ADM Archer Daniels 41.27 7.26  str.sell
PF Pinnacle Foods 60.65 33.86  sell
BG Bunge 74.95 1,429.43  str.buy
CKH SEACOR Holding 36.14 15.09  str.sell

COMPANY NEWS

▶ MGP posts 2Q profit   [03:48PM  Associated Press]
▶ MGP Declares $0.85 Special Dividend   [Aug-02-17 07:30AM  GlobeNewswire]
▶ MGP Ingredients to Webcast Annual Meeting on June 1, 2017   [May-25-17 08:30AM  GlobeNewswire]
▶ MGP posts 1Q profit   [May-04-17 09:28AM  Associated Press]
▶ 2 Alcohol Stocks That Could Drive Stellar Gains   [Apr-08-17 11:13AM  TheStreet.com]
▶ MGP Ingredients to Webcast Analyst Day   [Mar-16-17 01:00PM  GlobeNewswire]
▶ MGP posts 4Q profit   [07:44AM  Associated Press]
▶ MGP Board Chair Adopts 10b5-1 Share Trading Plan   [Dec-21-16 08:00AM  GlobeNewswire]
▶ Should You Buy MGP Ingredients Inc (MGPI)?   [Dec-14-16 05:44AM  at Insider Monkey]
▶ MGP acquires whiskey named after 'King of the Bootleggers'   [Nov-08-16 03:10PM  at bizjournals.com]
▶ MGP Announces Acquisition of George Remus Whiskey Brand   [Nov-07-16 03:07PM  GlobeNewswire]
▶ MGP Issues Further Updates Regarding Chemical Incident   [Oct-27-16 03:52PM  GlobeNewswire]
▶ Till American Wheat Vodka Now Available in Indiana and Iowa   [Oct-06-16 10:43AM  GlobeNewswire]
▶ MGP Announces Launch of New Premium Gin Offerings   [Sep-27-16 04:12PM  GlobeNewswire]
Stock chart of MGPI Financial statements of MGPI
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.