Intrinsic value of NanoString Technologies - NSTG

Previous Close

$10.23

  Intrinsic Value

$0.12

stock screener

  Rating & Target

str. sell

-99%

Previous close

$10.23

 
Intrinsic value

$0.12

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of NSTG 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 0.3

 

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, %
  36.51
  52.20
  47.48
  43.23
  39.41
  35.97
  32.87
  30.08
  27.58
  25.32
  23.29
  21.46
  19.81
  18.33
  17.00
  15.80
  14.72
  13.75
  12.87
  12.08
  11.38
  10.74
  10.16
  9.65
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
Revenue, $m
  86
  131
  193
  276
  385
  524
  696
  906
  1,156
  1,448
  1,786
  2,169
  2,598
  3,075
  3,597
  4,165
  4,779
  5,435
  6,135
  6,876
  7,659
  8,481
  9,343
  10,245
  11,185
  12,166
  13,186
  14,248
  15,351
  16,498
  17,690
Variable operating expenses, $m
 
  137
  202
  289
  404
  549
  729
  948
  1,210
  1,516
  1,869
  2,271
  2,720
  3,219
  3,766
  4,361
  5,003
  5,691
  6,423
  7,200
  8,019
  8,880
  9,782
  10,726
  11,711
  12,738
  13,806
  14,917
  16,073
  17,273
  18,521
Fixed operating expenses, $m
 
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
Total operating expenses, $m
  128
  177
  243
  331
  447
  593
  774
  994
  1,258
  1,565
  1,919
  2,322
  2,772
  3,273
  3,821
  4,417
  5,061
  5,750
  6,484
  7,262
  8,083
  8,946
  9,849
  10,795
  11,782
  12,810
  13,880
  14,993
  16,151
  17,353
  18,603
Operating income, $m
  -41
  -46
  -50
  -55
  -61
  -69
  -78
  -89
  -102
  -117
  -134
  -153
  -175
  -198
  -224
  -252
  -282
  -315
  -349
  -386
  -424
  -464
  -506
  -550
  -596
  -644
  -694
  -746
  -799
  -855
  -913
EBITDA, $m
  -38
  -43
  -45
  -48
  -51
  -55
  -60
  -66
  -72
  -80
  -88
  -98
  -108
  -120
  -132
  -146
  -160
  -176
  -192
  -210
  -228
  -247
  -267
  -288
  -310
  -333
  -356
  -381
  -406
  -433
  -460
Interest expense (income), $m
  4
  4
  0
  3
  8
  13
  20
  28
  39
  51
  66
  82
  101
  123
  146
  172
  200
  231
  263
  298
  334
  373
  414
  457
  501
  548
  596
  647
  699
  754
  811
Earnings before tax, $m
  -47
  -50
  -50
  -58
  -69
  -82
  -98
  -117
  -141
  -168
  -199
  -235
  -276
  -321
  -370
  -424
  -483
  -545
  -612
  -683
  -758
  -837
  -920
  -1,007
  -1,097
  -1,192
  -1,290
  -1,392
  -1,499
  -1,609
  -1,724
Tax expense, $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
Net income, $m
  -47
  -50
  -50
  -58
  -69
  -82
  -98
  -117
  -141
  -168
  -199
  -235
  -276
  -321
  -370
  -424
  -483
  -545
  -612
  -683
  -758
  -837
  -920
  -1,007
  -1,097
  -1,192
  -1,290
  -1,392
  -1,499
  -1,609
  -1,724

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  126
  79
  117
  167
  233
  317
  421
  548
  699
  876
  1,080
  1,311
  1,571
  1,859
  2,175
  2,518
  2,889
  3,286
  3,709
  4,157
  4,630
  5,128
  5,649
  6,194
  6,763
  7,355
  7,972
  8,614
  9,281
  9,975
  10,695
Adjusted assets (=assets-cash), $m
  52
  79
  117
  167
  233
  317
  421
  548
  699
  876
  1,080
  1,311
  1,571
  1,859
  2,175
  2,518
  2,889
  3,286
  3,709
  4,157
  4,630
  5,128
  5,649
  6,194
  6,763
  7,355
  7,972
  8,614
  9,281
  9,975
  10,695
Revenue / Adjusted assets
  1.654
  1.658
  1.650
  1.653
  1.652
  1.653
  1.653
  1.653
  1.654
  1.653
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
  1.654
Average production assets, $m
  11
  17
  25
  35
  49
  67
  89
  116
  148
  185
  229
  278
  333
  394
  460
  533
  612
  696
  785
  880
  980
  1,086
  1,196
  1,311
  1,432
  1,557
  1,688
  1,824
  1,965
  2,112
  2,264
Working capital, $m
  78
  6
  9
  13
  18
  25
  33
  43
  54
  68
  84
  102
  122
  145
  169
  196
  225
  255
  288
  323
  360
  399
  439
  481
  526
  572
  620
  670
  722
  775
  831
Total debt, $m
  47
  4
  38
  83
  143
  218
  312
  426
  562
  721
  905
  1,113
  1,347
  1,606
  1,890
  2,200
  2,533
  2,891
  3,271
  3,675
  4,100
  4,548
  5,017
  5,507
  6,019
  6,553
  7,108
  7,686
  8,286
  8,910
  9,559
Total liabilities, $m
  114
  71
  105
  150
  210
  285
  379
  493
  629
  788
  972
  1,180
  1,414
  1,673
  1,957
  2,267
  2,600
  2,958
  3,338
  3,742
  4,167
  4,615
  5,084
  5,574
  6,086
  6,620
  7,175
  7,753
  8,353
  8,977
  9,626
Total equity, $m
  12
  8
  12
  17
  23
  32
  42
  55
  70
  88
  108
  131
  157
  186
  217
  252
  289
  329
  371
  416
  463
  513
  565
  619
  676
  736
  797
  861
  928
  997
  1,070
Total liabilities and equity, $m
  126
  79
  117
  167
  233
  317
  421
  548
  699
  876
  1,080
  1,311
  1,571
  1,859
  2,174
  2,519
  2,889
  3,287
  3,709
  4,158
  4,630
  5,128
  5,649
  6,193
  6,762
  7,356
  7,972
  8,614
  9,281
  9,974
  10,696
Debt-to-equity ratio
  3.917
  0.530
  3.260
  4.990
  6.130
  6.890
  7.410
  7.780
  8.040
  8.230
  8.380
  8.490
  8.570
  8.640
  8.690
  8.730
  8.770
  8.800
  8.820
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
Adjusted equity ratio
  -1.192
  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
  -47
  -50
  -50
  -58
  -69
  -82
  -98
  -117
  -141
  -168
  -199
  -235
  -276
  -321
  -370
  -424
  -483
  -545
  -612
  -683
  -758
  -837
  -920
  -1,007
  -1,097
  -1,192
  -1,290
  -1,392
  -1,499
  -1,609
  -1,724
Depreciation, amort., depletion, $m
  3
  3
  5
  7
  10
  13
  18
  23
  30
  37
  46
  56
  67
  79
  92
  107
  122
  139
  157
  176
  196
  217
  239
  262
  286
  311
  338
  365
  393
  422
  453
Funds from operations, $m
  22
  -47
  -45
  -51
  -59
  -68
  -80
  -94
  -111
  -131
  -154
  -180
  -209
  -242
  -278
  -318
  -360
  -406
  -455
  -507
  -562
  -620
  -681
  -745
  -811
  -880
  -953
  -1,028
  -1,106
  -1,187
  -1,271
Change in working capital, $m
  28
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  25
  27
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
Cash from operations, $m
  -6
  -49
  -48
  -55
  -64
  -75
  -88
  -104
  -123
  -145
  -170
  -198
  -230
  -265
  -303
  -344
  -389
  -437
  -488
  -542
  -599
  -659
  -721
  -787
  -855
  -926
  -1,001
  -1,078
  -1,158
  -1,241
  -1,327
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -10
  -13
  -18
  -23
  -30
  -37
  -46
  -56
  -67
  -79
  -92
  -107
  -122
  -139
  -157
  -176
  -196
  -217
  -239
  -262
  -286
  -311
  -338
  -365
  -393
  -422
New CAPEX, $m
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -27
  -32
  -37
  -43
  -49
  -55
  -61
  -67
  -73
  -78
  -84
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -131
  -136
  -141
  -147
  -153
Cash from investing activities, $m
  -30
  -8
  -11
  -16
  -21
  -28
  -35
  -45
  -55
  -67
  -80
  -95
  -111
  -128
  -146
  -165
  -185
  -206
  -229
  -252
  -276
  -301
  -327
  -354
  -382
  -411
  -442
  -474
  -506
  -540
  -575
Free cash flow, $m
  -36
  -57
  -60
  -71
  -85
  -102
  -124
  -149
  -178
  -212
  -250
  -293
  -340
  -392
  -448
  -509
  -574
  -643
  -717
  -794
  -875
  -960
  -1,049
  -1,142
  -1,238
  -1,338
  -1,443
  -1,551
  -1,664
  -1,781
  -1,902
Issuance/(repayment) of debt, $m
  5
  -43
  34
  45
  59
  75
  94
  114
  136
  159
  184
  208
  234
  259
  284
  309
  334
  357
  381
  403
  426
  448
  469
  491
  512
  533
  555
  578
  600
  624
  648
Issuance/(repurchase) of shares, $m
  30
  120
  54
  64
  75
  90
  108
  130
  156
  186
  220
  259
  302
  350
  402
  459
  520
  585
  655
  728
  806
  887
  972
  1,061
  1,154
  1,251
  1,352
  1,457
  1,565
  1,679
  1,796
Cash from financing (excl. dividends), $m  
  35
  77
  88
  109
  134
  165
  202
  244
  292
  345
  404
  467
  536
  609
  686
  768
  854
  942
  1,036
  1,131
  1,232
  1,335
  1,441
  1,552
  1,666
  1,784
  1,907
  2,035
  2,165
  2,303
  2,444
Total cash flow (excl. dividends), $m
  -1
  20
  28
  38
  50
  63
  78
  95
  114
  133
  154
  174
  196
  217
  238
  259
  279
  299
  318
  337
  356
  374
  392
  410
  428
  446
  465
  483
  502
  522
  542
Retained Cash Flow (-), $m
  8
  -120
  -54
  -64
  -75
  -90
  -108
  -130
  -156
  -186
  -220
  -259
  -302
  -350
  -402
  -459
  -520
  -585
  -655
  -728
  -806
  -887
  -972
  -1,061
  -1,154
  -1,251
  -1,352
  -1,457
  -1,565
  -1,679
  -1,796
Prev. year cash balance distribution, $m
 
  74
  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
 
  -26
  -26
  -26
  -26
  -27
  -30
  -35
  -42
  -52
  -66
  -84
  -106
  -133
  -164
  -200
  -241
  -286
  -336
  -391
  -449
  -513
  -580
  -651
  -726
  -805
  -887
  -973
  -1,063
  -1,157
  -1,254
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
 
  -25
  -24
  -22
  -21
  -21
  -22
  -23
  -26
  -30
  -35
  -40
  -45
  -51
  -55
  -59
  -61
  -62
  -62
  -60
  -57
  -53
  -48
  -43
  -37
  -31
  -26
  -21
  -16
  -13
  -9
Current shareholders' claim on cash, %
  100
  50.0
  29.7
  19.2
  13.2
  9.6
  7.1
  5.4
  4.2
  3.3
  2.7
  2.2
  1.8
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1

NanoString Technologies, Inc. develops, manufactures and sells intuitive products that unlock scientifically valuable and clinically actionable biologic information from minute amounts of tissue. The Company is engaged in the development, manufacture and commercialization of instruments, consumables and services for profiling the activity of hundreds of genes and proteins simultaneously from a single tissue sample. The Company's nCounter Analysis System is an automated, multi-application, digital detection and counting system, which directly profiles hundreds of molecules simultaneously using a barcoding technology. The Company markets systems and related consumables to researchers in academic, government and biopharmaceutical laboratories for use in understanding fundamental biology and the molecular basis of diseases, such as cancer, and to clinical laboratories and medical centers for diagnostic use.

FINANCIAL RATIOS  of  NanoString Technologies (NSTG)

Valuation Ratios
P/E Ratio -4.7
Price to Sales 2.6
Price to Book 18.4
Price to Tangible Book
Price to Cash Flow -36.7
Price to Free Cash Flow -22
Growth Rates
Sales Growth Rate 36.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 391.7%
Total Debt to Equity 391.7%
Interest Coverage -11
Management Effectiveness
Return On Assets -39.3%
Ret/ On Assets - 3 Yr. Avg. -46.6%
Return On Total Capital -78.3%
Ret/ On T. Cap. - 3 Yr. Avg. -75.5%
Return On Equity -293.8%
Return On Equity - 3 Yr. Avg. -189%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 65.1%
Gross Margin - 3 Yr. Avg. 59.3%
EBITDA Margin -46.5%
EBITDA Margin - 3 Yr. Avg. -67.9%
Operating Margin -48.8%
Oper. Margin - 3 Yr. Avg. -69.9%
Pre-Tax Margin -54.7%
Pre-Tax Margin - 3 Yr. Avg. -76.7%
Net Profit Margin -54.7%
Net Profit Margin - 3 Yr. Avg. -77.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.7%
Payout Ratio 0%

NSTG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NSTG stock intrinsic value calculation we used $86 million for the last fiscal year's total revenue generated by NanoString Technologies. The default revenue input number comes from 2016 income statement of NanoString Technologies. 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 NSTG stock valuation model: a) initial revenue growth rate of 52.2% 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 4.3%, whose default value for NSTG is calculated based on our internal credit rating of NanoString Technologies, 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 NanoString Technologies.
    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 NSTG stock the variable cost ratio is equal to 104.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for NSTG 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 9.1% for NanoString Technologies.

Corporate tax rate of 27% is the nominal tax rate for NanoString Technologies. 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 NSTG 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 NSTG are equal to 12.8%.

Life of production assets of 3.7 years is the average useful life of capital assets used in NanoString Technologies 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 NSTG is equal to 4.7%. 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 - $12 million for NanoString Technologies - 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 25.204 million for NanoString Technologies 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 NanoString Technologies at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TMO Thermo Fisher 193.86 73.48  str.sell
PKI PerkinElmer 71.73 45.56  sell
BIO Bio-Rad Labora 221.94 73.49  str.sell
TECH Bio-Techne 124.25 84.63  sell

COMPANY NEWS

▶ NanoString reports 2Q loss   [Aug-08-17 10:37PM  Associated Press]
▶ NanoString Technologies Announces Offering of Common Stock   [May-31-17 04:09PM  GlobeNewswire]
▶ NanoString reports 1Q loss   [May-04-17 06:28PM  Associated Press]
▶ NanoString reports 4Q loss   [04:39PM  Associated Press]
▶ Do Hedge Funds Love First Bancorp (FBNC)?   [Dec-15-16 02:09PM  at Insider Monkey]
▶ Is Whitestone REIT (WSR) A Good Stock To Buy?   [09:43AM  at Insider Monkey]
Financial statements of NSTG
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.