Intrinsic value of Oxford Industries - OXM

Previous Close

$57.48

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$57.48

 
Intrinsic value

$53.08

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of OXM 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 0.9

 

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, %
  5.57
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,023
  1,043
  1,067
  1,095
  1,126
  1,160
  1,197
  1,238
  1,282
  1,330
  1,381
  1,435
  1,494
  1,556
  1,622
  1,692
  1,766
  1,844
  1,927
  2,015
  2,107
  2,205
  2,308
  2,417
  2,531
  2,651
  2,778
  2,912
  3,052
  3,200
  3,356
Variable operating expenses, $m
 
  939
  960
  985
  1,013
  1,043
  1,077
  1,113
  1,152
  1,195
  1,241
  1,283
  1,335
  1,391
  1,450
  1,512
  1,579
  1,649
  1,723
  1,801
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,484
  2,604
  2,729
  2,861
  3,000
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
  933
  939
  960
  985
  1,013
  1,043
  1,077
  1,113
  1,152
  1,195
  1,241
  1,283
  1,335
  1,391
  1,450
  1,512
  1,579
  1,649
  1,723
  1,801
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,484
  2,604
  2,729
  2,861
  3,000
Operating income, $m
  90
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294
  308
  323
  339
  355
EBITDA, $m
  132
  149
  153
  156
  161
  166
  171
  177
  183
  190
  197
  205
  213
  222
  232
  242
  252
  264
  275
  288
  301
  315
  330
  345
  362
  379
  397
  416
  436
  457
  480
Interest expense (income), $m
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
Earnings before tax, $m
  86
  100
  103
  105
  108
  111
  115
  119
  123
  127
  132
  143
  149
  154
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  245
  257
  268
  281
  294
  308
  322
Tax expense, $m
  31
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
Net income, $m
  52
  73
  75
  77
  79
  81
  84
  87
  90
  93
  96
  105
  108
  113
  117
  122
  127
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
  235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  685
  692
  708
  727
  747
  770
  794
  822
  851
  882
  916
  952
  991
  1,032
  1,076
  1,122
  1,172
  1,224
  1,279
  1,337
  1,398
  1,463
  1,532
  1,604
  1,679
  1,759
  1,844
  1,932
  2,025
  2,124
  2,227
Adjusted assets (=assets-cash), $m
  679
  692
  708
  727
  747
  770
  794
  822
  851
  882
  916
  952
  991
  1,032
  1,076
  1,122
  1,172
  1,224
  1,279
  1,337
  1,398
  1,463
  1,532
  1,604
  1,679
  1,759
  1,844
  1,932
  2,025
  2,124
  2,227
Revenue / Adjusted assets
  1.507
  1.507
  1.507
  1.506
  1.507
  1.506
  1.508
  1.506
  1.506
  1.508
  1.508
  1.507
  1.508
  1.508
  1.507
  1.508
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
  1.507
Average production assets, $m
  349
  356
  364
  373
  384
  395
  408
  422
  437
  453
  471
  489
  509
  530
  553
  577
  602
  629
  657
  687
  719
  752
  787
  824
  863
  904
  947
  993
  1,041
  1,091
  1,144
Working capital, $m
  101
  97
  99
  102
  105
  108
  111
  115
  119
  124
  128
  133
  139
  145
  151
  157
  164
  172
  179
  187
  196
  205
  215
  225
  235
  247
  258
  271
  284
  298
  312
Total debt, $m
  92
  98
  105
  114
  123
  133
  144
  157
  170
  184
  200
  216
  234
  253
  273
  294
  316
  340
  365
  391
  419
  449
  480
  513
  547
  584
  622
  662
  705
  749
  796
Total liabilities, $m
  309
  315
  322
  331
  340
  350
  361
  374
  387
  401
  417
  433
  451
  470
  490
  511
  533
  557
  582
  608
  636
  666
  697
  730
  764
  801
  839
  879
  922
  966
  1,013
Total equity, $m
  376
  377
  386
  396
  407
  419
  433
  448
  464
  481
  499
  519
  540
  563
  586
  612
  639
  667
  697
  729
  762
  797
  835
  874
  915
  959
  1,005
  1,053
  1,104
  1,157
  1,214
Total liabilities and equity, $m
  685
  692
  708
  727
  747
  769
  794
  822
  851
  882
  916
  952
  991
  1,033
  1,076
  1,123
  1,172
  1,224
  1,279
  1,337
  1,398
  1,463
  1,532
  1,604
  1,679
  1,760
  1,844
  1,932
  2,026
  2,123
  2,227
Debt-to-equity ratio
  0.245
  0.260
  0.270
  0.290
  0.300
  0.320
  0.330
  0.350
  0.370
  0.380
  0.400
  0.420
  0.430
  0.450
  0.460
  0.480
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
Adjusted equity ratio
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  73
  75
  77
  79
  81
  84
  87
  90
  93
  96
  105
  108
  113
  117
  122
  127
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
  235
Depreciation, amort., depletion, $m
  42
  45
  46
  47
  48
  49
  50
  52
  54
  55
  57
  53
  55
  58
  60
  63
  65
  68
  71
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  119
  124
Funds from operations, $m
  128
  118
  121
  123
  127
  130
  134
  139
  143
  148
  154
  158
  164
  170
  177
  185
  192
  201
  209
  219
  228
  239
  250
  261
  273
  286
  299
  313
  328
  343
  360
Change in working capital, $m
  9
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Cash from operations, $m
  119
  137
  118
  121
  124
  127
  131
  135
  139
  144
  149
  153
  158
  165
  171
  178
  186
  193
  202
  211
  220
  230
  240
  251
  262
  274
  287
  301
  315
  330
  345
Maintenance CAPEX, $m
  0
  -38
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
New CAPEX, $m
  -49
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
Cash from investing activities, $m
  -146
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -107
  -111
  -117
  -123
  -129
  -135
  -141
  -149
  -156
  -163
  -172
Free cash flow, $m
  -27
  91
  71
  72
  73
  74
  75
  76
  78
  80
  82
  83
  85
  88
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
  134
  140
  146
  152
  159
  166
  174
Issuance/(repayment) of debt, $m
  48
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  36
  38
  40
  42
  45
  47
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  45
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  36
  38
  40
  42
  45
  47
Total cash flow (excl. dividends), $m
  18
  97
  79
  80
  82
  84
  86
  89
  91
  94
  98
  99
  103
  107
  111
  115
  120
  125
  130
  136
  141
  148
  154
  161
  168
  176
  184
  192
  201
  211
  220
Retained Cash Flow (-), $m
  -42
  -7
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
Prev. year cash balance distribution, $m
 
  6
  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
 
  96
  70
  70
  71
  72
  73
  74
  76
  77
  79
  80
  82
  84
  87
  90
  93
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
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
 
  92
  64
  61
  58
  56
  53
  50
  47
  44
  41
  38
  35
  32
  29
  26
  24
  21
  18
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  2
  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

Oxford Industries, Inc., an apparel company, designs, sources, markets, and distributes products of company owned brands, and licensed and private labels apparel products worldwide. The company offers men's and women's sportswear and related products under the Tommy Bahama brand; women's and girl's dresses and sportswear, scarves, bags, jewelry, and belts, as well as footwear and children's apparel under the Lilly Pulitzer brand; and sportswear and golf designs under the Oxford Golf brand. It also provides branded and private label men's apparel, including tailored clothing, casual pants, and sportswear, as well as apparel under licensed brands, such as the Kenneth Cole, Dockers, Geoffrey Beene, and Nick Graham. In addition, the company licenses Tommy Bahama names for various products, such as men's and women's headwear, men's socks, mattresses, sleepwear, ceiling fans, rugs, fabrics, belts, leather goods, gifts, luggage, fragrances, bedding and bath linens, shampoos, soaps, and bath amenities, table top accessories, and suncare products, as well as indoor and outdoor furniture, and related products. Oxford Industries, Inc. offers its products through its retail stores and e-commerce sites, department stores, national chains, warehouse clubs, specialty catalogs, and Internet retailers. As of January 30, 2016, the company operated 164 Tommy Bahama stores, including 107 full-price retail stores, 16 restaurant-retail locations, and 41 outlet stores; and 34 Lilly Pulitzer retail stores. Oxford Industries, Inc. was founded in 1942 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Oxford Industries (OXM)

Valuation Ratios
P/E Ratio 18.5
Price to Sales 0.9
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 13.8
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 24.5%
Total Debt to Equity 24.5%
Interest Coverage 30
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 12.3%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 14.6%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 57%
Gross Margin - 3 Yr. Avg. 57%
EBITDA Margin 12.8%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 8.8%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 8.4%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 34.6%

OXM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OXM stock intrinsic value calculation we used $1023 million for the last fiscal year's total revenue generated by Oxford Industries. The default revenue input number comes from 2017 income statement of Oxford Industries. 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 OXM stock valuation model: a) initial revenue growth rate of 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 OXM is calculated based on our internal credit rating of Oxford Industries, 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 Oxford Industries.
    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 OXM stock the variable cost ratio is equal to 90%.

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 OXM 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 4.4% for Oxford Industries.

Corporate tax rate of 27% is the nominal tax rate for Oxford Industries. 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 OXM 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 OXM are equal to 34.1%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Oxford Industries 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 OXM is equal to 9.3%. 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 - $376 million for Oxford Industries - 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 16.512 million for Oxford Industries 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 Oxford Industries at the current share price and the inputted number of shares is $0.9 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
PVH PVH Corp. 102.31 111.67  hold
DLA Delta Apparel 17.97 6.45  str.sell
PERY Perry Ellis In 21.24 5.13  str.sell
XNY China Xiniya F 1.53 1.87  buy
SGC Superior Unifo 18.84 3.50  str.sell

COMPANY NEWS

▶ New Strong Sell Stocks for April 13th   [Apr-13-17 08:12AM  Zacks]
▶ New Strong Sell Stocks for April 10th   [Apr-10-17 09:55AM  Zacks]
▶ New Strong Sell Stocks for March 27th   [Mar-27-17 11:46AM  Zacks]
▶ Oxford Industries misses Street 4Q forecasts   [Mar-23-17 04:41PM  Associated Press]
▶ Kate Spade: And May the Highest Bidder Win!   [Dec-30-16 02:12PM  at Barrons.com]
▶ Oxford to Present at the ICR Conference 2017   [Dec-27-16 09:39AM  GlobeNewswire]
▶ Is Q2 Holdings Inc (QTWO) Going to Burn Investors?   [Dec-09-16 02:43PM  at Insider Monkey]
▶ Do Hedge Funds Love Oxford Industries, Inc. (OXM)?   [Dec-05-16 01:53AM  at Insider Monkey]
▶ Oxford Announces Webcast of 2016 Investor Day   [Oct-14-16 07:30AM  GlobeNewswire]
▶ Oxford Declares Quarterly Cash Dividend   [09:00AM  GlobeNewswire]
Stock chart of OXM Financial statements of OXM
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.