Intrinsic value of MobileIron - MOBL

Previous Close

$3.90

  Intrinsic Value

$0.10

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-147%

Previous close

$3.90

 
Intrinsic value

$0.10

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-147%

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

We calculate the intrinsic value of MOBL 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 0.4

 

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, %
  10.07
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  164
  181
  199
  218
  238
  258
  280
  302
  325
  349
  373
  399
  426
  454
  483
  513
  545
  578
  612
  647
  685
  723
  764
  806
  851
  897
  945
  996
  1,049
  1,104
  1,162
Variable operating expenses, $m
 
  283
  311
  340
  371
  403
  436
  470
  506
  544
  582
  622
  664
  707
  753
  800
  849
  900
  953
  1,009
  1,067
  1,127
  1,190
  1,256
  1,325
  1,397
  1,473
  1,551
  1,634
  1,720
  1,811
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
  230
  283
  311
  340
  371
  403
  436
  470
  506
  544
  582
  622
  664
  707
  753
  800
  849
  900
  953
  1,009
  1,067
  1,127
  1,190
  1,256
  1,325
  1,397
  1,473
  1,551
  1,634
  1,720
  1,811
Operating income, $m
  -66
  -102
  -112
  -122
  -133
  -145
  -156
  -169
  -182
  -195
  -209
  -223
  -238
  -253
  -270
  -286
  -304
  -322
  -341
  -361
  -382
  -404
  -426
  -450
  -475
  -500
  -527
  -556
  -585
  -616
  -648
EBITDA, $m
  -62
  -100
  -110
  -121
  -132
  -143
  -155
  -167
  -180
  -193
  -207
  -221
  -236
  -251
  -267
  -284
  -302
  -320
  -339
  -358
  -379
  -401
  -423
  -446
  -471
  -497
  -523
  -551
  -581
  -611
  -643
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  18
  19
  20
Earnings before tax, $m
  -66
  -102
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -242
  -259
  -275
  -293
  -311
  -330
  -350
  -370
  -392
  -414
  -438
  -462
  -488
  -515
  -543
  -572
  -603
  -635
  -668
Tax expense, $m
  1
  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
Net income, $m
  -67
  -102
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -242
  -259
  -275
  -293
  -311
  -330
  -350
  -370
  -392
  -414
  -438
  -462
  -488
  -515
  -543
  -572
  -603
  -635
  -668

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  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
  153
  124
  136
  149
  162
  176
  191
  206
  222
  238
  255
  273
  291
  310
  330
  351
  372
  395
  418
  442
  468
  494
  522
  551
  581
  613
  646
  680
  716
  754
  794
Adjusted assets (=assets-cash), $m
  63
  124
  136
  149
  162
  176
  191
  206
  222
  238
  255
  273
  291
  310
  330
  351
  372
  395
  418
  442
  468
  494
  522
  551
  581
  613
  646
  680
  716
  754
  794
Revenue / Adjusted assets
  2.603
  1.460
  1.463
  1.463
  1.469
  1.466
  1.466
  1.466
  1.464
  1.466
  1.463
  1.462
  1.464
  1.465
  1.464
  1.462
  1.465
  1.463
  1.464
  1.464
  1.464
  1.464
  1.464
  1.463
  1.465
  1.463
  1.463
  1.465
  1.465
  1.464
  1.463
Average production assets, $m
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
Working capital, $m
  49
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
Total debt, $m
  0
  -1
  10
  22
  34
  47
  60
  73
  88
  102
  118
  133
  150
  167
  185
  204
  223
  243
  264
  286
  309
  333
  358
  384
  411
  439
  469
  500
  533
  567
  603
Total liabilities, $m
  112
  111
  122
  134
  146
  159
  172
  185
  200
  214
  230
  245
  262
  279
  297
  316
  335
  355
  376
  398
  421
  445
  470
  496
  523
  551
  581
  612
  645
  679
  715
Total equity, $m
  41
  12
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  75
  79
Total liabilities and equity, $m
  153
  123
  136
  149
  162
  177
  191
  206
  222
  238
  256
  272
  291
  310
  330
  351
  372
  394
  418
  442
  468
  494
  522
  551
  581
  612
  646
  680
  717
  754
  794
Debt-to-equity ratio
  0.000
  -0.050
  0.770
  1.480
  2.100
  2.650
  3.130
  3.560
  3.950
  4.300
  4.610
  4.890
  5.150
  5.390
  5.610
  5.810
  5.990
  6.160
  6.320
  6.470
  6.600
  6.730
  6.850
  6.970
  7.070
  7.170
  7.270
  7.350
  7.440
  7.520
  7.590
Adjusted equity ratio
  -0.778
  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
  -67
  -102
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -242
  -259
  -275
  -293
  -311
  -330
  -350
  -370
  -392
  -414
  -438
  -462
  -488
  -515
  -543
  -572
  -603
  -635
  -668
Depreciation, amort., depletion, $m
  4
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
Funds from operations, $m
  5
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -225
  -241
  -257
  -273
  -291
  -309
  -328
  -347
  -368
  -389
  -411
  -435
  -459
  -484
  -511
  -539
  -568
  -598
  -630
  -663
Change in working capital, $m
  17
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  -12
  -99
  -108
  -119
  -130
  -142
  -154
  -167
  -180
  -194
  -208
  -223
  -238
  -254
  -270
  -288
  -306
  -324
  -344
  -364
  -385
  -407
  -431
  -455
  -480
  -506
  -534
  -563
  -593
  -624
  -658
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
New CAPEX, $m
  -3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  13
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Free cash flow, $m
  1
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -225
  -241
  -257
  -274
  -291
  -309
  -328
  -348
  -368
  -390
  -412
  -435
  -460
  -485
  -512
  -540
  -569
  -599
  -631
  -665
Issuance/(repayment) of debt, $m
  0
  -1
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
Issuance/(repurchase) of shares, $m
  6
  114
  113
  124
  135
  147
  160
  172
  186
  200
  214
  229
  244
  260
  277
  295
  313
  332
  352
  373
  395
  417
  441
  465
  491
  518
  546
  575
  606
  639
  672
Cash from financing (excl. dividends), $m  
  6
  113
  124
  136
  147
  160
  173
  186
  200
  215
  229
  245
  261
  277
  295
  314
  332
  352
  373
  395
  418
  441
  466
  491
  518
  546
  576
  606
  639
  673
  708
Total cash flow (excl. dividends), $m
  7
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
Retained Cash Flow (-), $m
  27
  -114
  -113
  -124
  -135
  -147
  -160
  -172
  -186
  -200
  -214
  -229
  -244
  -260
  -277
  -295
  -313
  -332
  -352
  -373
  -395
  -417
  -441
  -465
  -491
  -518
  -546
  -575
  -606
  -639
  -672
Prev. year cash balance distribution, $m
 
  41
  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
 
  -60
  -99
  -109
  -120
  -131
  -143
  -155
  -168
  -181
  -195
  -209
  -224
  -240
  -256
  -272
  -290
  -308
  -327
  -346
  -367
  -388
  -410
  -434
  -458
  -483
  -510
  -538
  -567
  -597
  -629
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
 
  -57
  -91
  -95
  -99
  -102
  -104
  -105
  -105
  -104
  -102
  -99
  -96
  -91
  -86
  -80
  -74
  -67
  -60
  -53
  -47
  -40
  -34
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  50.0
  24.2
  11.8
  5.7
  2.8
  1.4
  0.7
  0.3
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

MobileIron, Inc. provides a purpose-built mobile IT platform that enables enterprises to secure and manage mobile applications, content, and devices while providing their employees with device choice, privacy, and a native user experience. Its MobileIron platform offers enterprise mobility management (EMM) solution that configures and delivers applications to smartphones, tablets, laptops, and desktops running operating systems, such as Android, iOS, macOS, and Windows 10; and secures data-at-rest and data-in-motion on modern endpoints and across the corporate network, as well as secures access to back-end corporate networks and cloud services. The company serves financial service, government, healthcare, legal, manufacturing, professional service, retail, technology, and telecommunication industries in the United States and internationally. MobileIron, Inc. was founded in 2007 and is headquartered in Mountain View, California.

FINANCIAL RATIOS  of  MobileIron (MOBL)

Valuation Ratios
P/E Ratio -5.2
Price to Sales 2.1
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow -28.9
Price to Free Cash Flow -23.2
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -42.7%
Ret/ On Assets - 3 Yr. Avg. -43.7%
Return On Total Capital -122.9%
Ret/ On T. Cap. - 3 Yr. Avg. -96%
Return On Equity -122.9%
Return On Equity - 3 Yr. Avg. -96.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 81.7%
Gross Margin - 3 Yr. Avg. 81.6%
EBITDA Margin -37.8%
EBITDA Margin - 3 Yr. Avg. -45.1%
Operating Margin -40.2%
Oper. Margin - 3 Yr. Avg. -47.6%
Pre-Tax Margin -40.2%
Pre-Tax Margin - 3 Yr. Avg. -47.6%
Net Profit Margin -40.9%
Net Profit Margin - 3 Yr. Avg. -48.1%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. -1.1%
Payout Ratio 0%

MOBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOBL stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by MobileIron. The default revenue input number comes from 2016 income statement of MobileIron. 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 MOBL stock valuation model: a) initial revenue growth rate of 10.5% 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 MOBL is calculated based on our internal credit rating of MobileIron, 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 MobileIron.
    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 MOBL stock the variable cost ratio is equal to 156.1%.

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 MOBL 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 MobileIron.

Corporate tax rate of 27% is the nominal tax rate for MobileIron. 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 MOBL 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 MOBL are equal to 4.3%.

Life of production assets of 10 years is the average useful life of capital assets used in MobileIron 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 MOBL is equal to -10%. 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 - $41 million for MobileIron - 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 90.166 million for MobileIron 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 MobileIron at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
BBRY BlackBerry 8.68 1.02  str.sell
CTXS Citrix Systems 74.71 38.06  str.sell
GSB GlobalSCAPE 3.88 8.64  str.buy
IBM International 139.70 167.94  hold
MSFT Microsoft 72.49 47.21  sell
VMW VMware 96.27 131.64  buy
RNG RingCentral Cl 38.25 13.06  str.sell

COMPANY NEWS

▶ Why MobileIron Inc. Stock Is Dropping Today   [Jul-28-17 12:33PM  Motley Fool]
▶ MobileIron reports 2Q loss   [Jul-27-17 11:56PM  Associated Press]
▶ MobileIron Launches GDPR Mobile Readiness Service   [Jun-01-17 01:30AM  PR Newswire]
▶ ETFs with exposure to MobileIron, Inc. : May 30, 2017   [May-30-17 12:34PM  Capital Cube]
▶ ETFs with exposure to MobileIron, Inc. : May 16, 2017   [May-16-17 12:55PM  Capital Cube]
▶ ETFs with exposure to MobileIron, Inc. : May 5, 2017   [May-05-17 04:19PM  Capital Cube]
▶ MobileIron reports 1Q loss   [Apr-27-17 05:58PM  Associated Press]
▶ Penny Stocks to Watch for April 2017 (ATRS, WRN)   [Mar-31-17 12:00PM  at Investopedia]
▶ Penny Stocks to Watch for March 2017 (MOBL)   [Mar-02-17 05:21PM  Investopedia]
▶ MobileIron Creates New Internet of Things Division   [Feb-22-17 11:00AM  PR Newswire]
▶ MobileIron to Host Analyst Event on February 22   [Feb-02-17 08:30AM  PR Newswire]
▶ MobileIron Achieves FedRAMP Authority to Operate   [Dec-12-16 01:55PM  PR Newswire]
▶ Do Hedge Funds Love Mobileiron Inc (MOBL)?   [Dec-11-16 08:15AM  at Insider Monkey]
Stock chart of MOBL Financial statements of MOBL
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.