Intrinsic value of New Home - NWHM

Previous Close

$10.79

  Intrinsic Value

$39.28

stock screener

  Rating & Target

str. buy

+264%

  Value-price divergence*

0%

Previous close

$10.79

 
Intrinsic value

$39.28

 
Up/down potential

+264%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of NWHM 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 0.2

 

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, %
  61.40
  47.10
  42.89
  39.10
  35.69
  32.62
  29.86
  27.37
  25.14
  23.12
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
Revenue, $m
  694
  1,021
  1,459
  2,029
  2,753
  3,651
  4,742
  6,040
  7,558
  9,306
  11,289
  13,510
  15,971
  18,668
  21,599
  24,759
  28,144
  31,746
  35,563
  39,588
  43,819
  48,252
  52,888
  57,725
  62,765
  68,011
  73,467
  79,139
  85,033
  91,158
  97,524
Variable operating expenses, $m
 
  971
  1,387
  1,930
  2,618
  3,473
  4,509
  5,744
  7,188
  8,850
  10,736
  12,848
  15,188
  17,753
  20,541
  23,546
  26,765
  30,191
  33,820
  37,648
  41,672
  45,888
  50,296
  54,896
  59,689
  64,678
  69,867
  75,261
  80,866
  86,692
  92,745
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
  668
  971
  1,387
  1,930
  2,618
  3,473
  4,509
  5,744
  7,188
  8,850
  10,736
  12,848
  15,188
  17,753
  20,541
  23,546
  26,765
  30,191
  33,820
  37,648
  41,672
  45,888
  50,296
  54,896
  59,689
  64,678
  69,867
  75,261
  80,866
  86,692
  92,745
Operating income, $m
  27
  50
  71
  99
  135
  179
  232
  296
  370
  456
  553
  662
  783
  915
  1,058
  1,213
  1,379
  1,556
  1,743
  1,940
  2,147
  2,364
  2,592
  2,829
  3,075
  3,333
  3,600
  3,878
  4,167
  4,467
  4,779
EBITDA, $m
  28
  50
  71
  99
  135
  179
  232
  296
  370
  456
  553
  662
  783
  915
  1,058
  1,213
  1,379
  1,556
  1,743
  1,940
  2,147
  2,364
  2,592
  2,829
  3,075
  3,333
  3,600
  3,878
  4,167
  4,467
  4,779
Interest expense (income), $m
  0
  4
  7
  11
  16
  22
  30
  40
  51
  64
  80
  97
  116
  138
  162
  187
  215
  245
  276
  310
  345
  382
  421
  462
  504
  548
  594
  642
  692
  743
  797
Earnings before tax, $m
  34
  46
  64
  89
  119
  157
  202
  256
  319
  392
  474
  565
  666
  777
  897
  1,026
  1,164
  1,311
  1,466
  1,630
  1,802
  1,982
  2,171
  2,367
  2,572
  2,784
  3,006
  3,236
  3,475
  3,723
  3,982
Tax expense, $m
  13
  12
  17
  24
  32
  42
  55
  69
  86
  106
  128
  153
  180
  210
  242
  277
  314
  354
  396
  440
  487
  535
  586
  639
  694
  752
  812
  874
  938
  1,005
  1,075
Net income, $m
  21
  34
  47
  65
  87
  114
  148
  187
  233
  286
  346
  412
  486
  567
  655
  749
  850
  957
  1,070
  1,190
  1,316
  1,447
  1,584
  1,728
  1,877
  2,033
  2,194
  2,362
  2,537
  2,718
  2,907

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  419
  571
  815
  1,134
  1,539
  2,041
  2,651
  3,376
  4,225
  5,202
  6,310
  7,552
  8,927
  10,435
  12,073
  13,840
  15,731
  17,745
  19,878
  22,128
  24,493
  26,972
  29,563
  32,267
  35,084
  38,016
  41,066
  44,236
  47,531
  50,955
  54,513
Adjusted assets (=assets-cash), $m
  388
  571
  815
  1,134
  1,539
  2,041
  2,651
  3,376
  4,225
  5,202
  6,310
  7,552
  8,927
  10,435
  12,073
  13,840
  15,731
  17,745
  19,878
  22,128
  24,493
  26,972
  29,563
  32,267
  35,084
  38,016
  41,066
  44,236
  47,531
  50,955
  54,513
Revenue / Adjusted assets
  1.789
  1.788
  1.790
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
  1.789
Average production assets, $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
Working capital, $m
  0
  -46
  -66
  -91
  -124
  -164
  -213
  -272
  -340
  -419
  -508
  -608
  -719
  -840
  -972
  -1,114
  -1,266
  -1,429
  -1,600
  -1,781
  -1,972
  -2,171
  -2,380
  -2,598
  -2,824
  -3,060
  -3,306
  -3,561
  -3,826
  -4,102
  -4,389
Total debt, $m
  118
  200
  309
  452
  633
  858
  1,131
  1,456
  1,837
  2,274
  2,771
  3,327
  3,943
  4,619
  5,353
  6,144
  6,992
  7,894
  8,850
  9,858
  10,917
  12,027
  13,188
  14,399
  15,662
  16,975
  18,342
  19,762
  21,238
  22,772
  24,366
Total liabilities, $m
  175
  256
  365
  508
  689
  914
  1,187
  1,512
  1,893
  2,330
  2,827
  3,383
  3,999
  4,675
  5,409
  6,200
  7,048
  7,950
  8,906
  9,914
  10,973
  12,083
  13,244
  14,455
  15,718
  17,031
  18,398
  19,818
  21,294
  22,828
  24,422
Total equity, $m
  245
  315
  450
  626
  850
  1,127
  1,463
  1,864
  2,332
  2,871
  3,483
  4,169
  4,928
  5,760
  6,664
  7,640
  8,684
  9,795
  10,973
  12,215
  13,520
  14,888
  16,319
  17,811
  19,366
  20,985
  22,668
  24,418
  26,237
  28,127
  30,091
Total liabilities and equity, $m
  420
  571
  815
  1,134
  1,539
  2,041
  2,650
  3,376
  4,225
  5,201
  6,310
  7,552
  8,927
  10,435
  12,073
  13,840
  15,732
  17,745
  19,879
  22,129
  24,493
  26,971
  29,563
  32,266
  35,084
  38,016
  41,066
  44,236
  47,531
  50,955
  54,513
Debt-to-equity ratio
  0.482
  0.630
  0.690
  0.720
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
Adjusted equity ratio
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  34
  47
  65
  87
  114
  148
  187
  233
  286
  346
  412
  486
  567
  655
  749
  850
  957
  1,070
  1,190
  1,316
  1,447
  1,584
  1,728
  1,877
  2,033
  2,194
  2,362
  2,537
  2,718
  2,907
Depreciation, amort., depletion, $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
Funds from operations, $m
  -109
  34
  47
  65
  87
  114
  148
  187
  233
  286
  346
  412
  486
  567
  655
  749
  850
  957
  1,070
  1,190
  1,316
  1,447
  1,584
  1,728
  1,877
  2,033
  2,194
  2,362
  2,537
  2,718
  2,907
Change in working capital, $m
  -67
  -15
  -20
  -26
  -33
  -40
  -49
  -58
  -68
  -79
  -89
  -100
  -111
  -121
  -132
  -142
  -152
  -162
  -172
  -181
  -190
  -200
  -209
  -218
  -227
  -236
  -246
  -255
  -265
  -276
  -286
Cash from operations, $m
  -42
  48
  67
  90
  120
  155
  197
  246
  301
  365
  435
  512
  597
  688
  786
  891
  1,002
  1,119
  1,242
  1,371
  1,506
  1,647
  1,793
  1,946
  2,104
  2,269
  2,440
  2,617
  2,802
  2,994
  3,193
Maintenance CAPEX, $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
New CAPEX, $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 investing activities, $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
Free cash flow, $m
  -40
  48
  67
  90
  120
  155
  197
  246
  301
  365
  435
  512
  597
  688
  786
  891
  1,002
  1,119
  1,242
  1,371
  1,506
  1,647
  1,793
  1,946
  2,104
  2,269
  2,440
  2,617
  2,802
  2,994
  3,193
Issuance/(repayment) of debt, $m
  28
  82
  110
  143
  181
  225
  273
  325
  380
  438
  497
  556
  616
  676
  734
  791
  847
  902
  956
  1,008
  1,059
  1,110
  1,161
  1,211
  1,262
  1,314
  1,366
  1,420
  1,476
  1,534
  1,594
Issuance/(repurchase) of shares, $m
  0
  67
  88
  111
  137
  163
  189
  213
  235
  253
  266
  273
  273
  265
  250
  226
  194
  155
  107
  52
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  25
  149
  198
  254
  318
  388
  462
  538
  615
  691
  763
  829
  889
  941
  984
  1,017
  1,041
  1,057
  1,063
  1,060
  1,059
  1,110
  1,161
  1,211
  1,262
  1,314
  1,366
  1,420
  1,476
  1,534
  1,594
Total cash flow (excl. dividends), $m
  -15
  197
  264
  344
  437
  542
  659
  784
  917
  1,056
  1,198
  1,342
  1,486
  1,629
  1,770
  1,909
  2,044
  2,176
  2,305
  2,431
  2,565
  2,757
  2,954
  3,157
  3,366
  3,582
  3,806
  4,038
  4,278
  4,528
  4,787
Retained Cash Flow (-), $m
  -24
  -101
  -135
  -176
  -223
  -277
  -336
  -401
  -468
  -539
  -612
  -685
  -759
  -832
  -904
  -975
  -1,044
  -1,112
  -1,178
  -1,242
  -1,305
  -1,368
  -1,430
  -1,492
  -1,555
  -1,619
  -1,683
  -1,750
  -1,819
  -1,890
  -1,964
Prev. year cash balance distribution, $m
 
  31
  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
  129
  169
  214
  265
  322
  383
  449
  516
  586
  656
  727
  797
  866
  934
  1,000
  1,064
  1,127
  1,189
  1,260
  1,389
  1,524
  1,664
  1,811
  1,964
  2,123
  2,288
  2,459
  2,638
  2,823
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  121
  115
  141
  166
  191
  213
  231
  244
  252
  255
  251
  243
  229
  212
  193
  172
  150
  128
  108
  89
  76
  63
  51
  40
  31
  23
  17
  12
  8
  6
Current shareholders' claim on cash, %
  100
  73.7
  56.0
  43.7
  35.1
  28.8
  24.2
  20.8
  18.2
  16.2
  14.7
  13.5
  12.5
  11.8
  11.3
  10.9
  10.6
  10.3
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2
  10.2

The New Home Company Inc., a homebuilder, focuses on the design, construction, and sale of homes in metropolitan areas of California and Arizona. The company operates through two segments, Homebuilding and Fee Building. It builds and sells homes in California, including coastal Southern California, the San Francisco Bay area, the metro Sacramento, and the Phoenix area. The company also offers general contracting services to build homes for independent third-party property owners. The New Home Company Inc. was founded in 2009 and is headquartered in Aliso Viejo, California.

FINANCIAL RATIOS  of  New Home (NWHM)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 0.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -5.3
Price to Free Cash Flow -5.3
Growth Rates
Sales Growth Rate 61.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 48.2%
Total Debt to Equity 48.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 9%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 11.4%
Gross Margin - 3 Yr. Avg. 10.6%
EBITDA Margin 5%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 38.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 0%

NWHM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWHM stock intrinsic value calculation we used $694 million for the last fiscal year's total revenue generated by New Home. The default revenue input number comes from 2016 income statement of New Home. 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 NWHM stock valuation model: a) initial revenue growth rate of 47.1% 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 5.6%, whose default value for NWHM is calculated based on our internal credit rating of New Home, 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 New Home.
    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 NWHM stock the variable cost ratio is equal to 95.1%.

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 NWHM 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 New Home.

Corporate tax rate of 27% is the nominal tax rate for New Home. 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 NWHM 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 NWHM are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in New Home 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 NWHM is equal to -4.5%. 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 - $245 million for New Home - 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 20.065 million for New Home 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 New Home at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
LGIH LGI Homes 46.55 35.36  hold
KBH KB Home 23.15 65.01  str.buy
LEN Lennar Cl A 54.07 119.06  str.buy
DHI D.R. Horton 36.78 116.35  str.buy
MDC M.D.C. Holding 33.31 185.04  str.buy
GRBK Green Brick Pa 9.90 15.86  buy
HOV Hovnanian Ente 2.19 0.80  str.sell
BZH Beazer Homes U 16.12 11.07  hold
MTH Meritage Homes 43.20 65.74  str.buy

COMPANY NEWS

▶ New Home posts 2Q profit   [Jul-28-17 12:28AM  Associated Press]
▶ New Home posts 1Q profit   [Apr-27-17 06:22AM  Associated Press]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ Is Daqo New Energy Corp (DQ) A Good Stock To Buy?   [Dec-16-16 12:29AM  at Insider Monkey]
▶ How Verso Corporation (VRS) Stacks Up Against Its Peers   [Dec-14-16 06:03AM  at Insider Monkey]
Stock chart of NWHM Financial statements of NWHM
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.

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