Intrinsic value of PennyMac Financial Services Cl A - PFSI

Previous Close

$18.50

  Intrinsic Value

$20.16

stock screener

  Rating & Target

hold

+9%

Previous close

$18.50

 
Intrinsic value

$20.16

 
Up/down potential

+9%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as PFSI.

We calculate the intrinsic value of PFSI 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 1.4

 

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, %
  45.20
  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
  1,362
  1,389
  1,421
  1,458
  1,499
  1,544
  1,594
  1,648
  1,707
  1,770
  1,838
  1,911
  1,989
  2,071
  2,159
  2,252
  2,351
  2,455
  2,566
  2,682
  2,806
  2,936
  3,073
  3,217
  3,370
  3,530
  3,699
  3,877
  4,064
  4,261
  4,468
Variable operating expenses, $m
 
  977
  999
  1,025
  1,054
  1,086
  1,121
  1,159
  1,200
  1,245
  1,292
  1,343
  1,398
  1,456
  1,518
  1,583
  1,653
  1,726
  1,804
  1,886
  1,972
  2,064
  2,160
  2,262
  2,369
  2,482
  2,600
  2,725
  2,857
  2,995
  3,141
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
  979
  977
  999
  1,025
  1,054
  1,086
  1,121
  1,159
  1,200
  1,245
  1,292
  1,343
  1,398
  1,456
  1,518
  1,583
  1,653
  1,726
  1,804
  1,886
  1,972
  2,064
  2,160
  2,262
  2,369
  2,482
  2,600
  2,725
  2,857
  2,995
  3,141
Operating income, $m
  383
  413
  422
  433
  445
  459
  473
  490
  507
  526
  546
  568
  591
  615
  641
  669
  698
  729
  762
  797
  833
  872
  913
  956
  1,001
  1,048
  1,099
  1,151
  1,207
  1,265
  1,327
EBITDA, $m
  689
  723
  739
  758
  780
  803
  829
  858
  888
  921
  957
  994
  1,035
  1,078
  1,123
  1,172
  1,223
  1,278
  1,335
  1,396
  1,460
  1,528
  1,599
  1,674
  1,753
  1,837
  1,925
  2,017
  2,115
  2,217
  2,325
Interest expense (income), $m
  105
  129
  125
  131
  137
  144
  152
  161
  170
  180
  191
  203
  215
  229
  243
  258
  274
  291
  309
  328
  349
  370
  392
  416
  441
  467
  495
  524
  555
  587
  621
Earnings before tax, $m
  383
  284
  297
  302
  308
  315
  321
  329
  337
  346
  355
  365
  375
  386
  398
  411
  424
  438
  453
  468
  485
  502
  520
  540
  560
  581
  604
  627
  652
  678
  706
Tax expense, $m
  46
  77
  80
  82
  83
  85
  87
  89
  91
  93
  96
  98
  101
  104
  108
  111
  114
  118
  122
  126
  131
  136
  140
  146
  151
  157
  163
  169
  176
  183
  191
Net income, $m
  66
  207
  217
  221
  225
  230
  235
  240
  246
  252
  259
  266
  274
  282
  291
  300
  309
  320
  330
  342
  354
  367
  380
  394
  409
  424
  441
  458
  476
  495
  515

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  5,134
  5,126
  5,244
  5,379
  5,530
  5,698
  5,882
  6,082
  6,299
  6,533
  6,783
  7,052
  7,338
  7,643
  7,966
  8,310
  8,674
  9,060
  9,467
  9,898
  10,353
  10,833
  11,339
  11,872
  12,434
  13,026
  13,650
  14,306
  14,996
  15,722
  16,486
Adjusted assets (=assets-cash), $m
  5,035
  5,126
  5,244
  5,379
  5,530
  5,698
  5,882
  6,082
  6,299
  6,533
  6,783
  7,052
  7,338
  7,643
  7,966
  8,310
  8,674
  9,060
  9,467
  9,898
  10,353
  10,833
  11,339
  11,872
  12,434
  13,026
  13,650
  14,306
  14,996
  15,722
  16,486
Revenue / Adjusted assets
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
Average production assets, $m
  1,551
  1,582
  1,619
  1,660
  1,707
  1,759
  1,816
  1,877
  1,944
  2,016
  2,094
  2,177
  2,265
  2,359
  2,459
  2,565
  2,677
  2,796
  2,922
  3,055
  3,196
  3,344
  3,500
  3,665
  3,838
  4,021
  4,213
  4,416
  4,629
  4,853
  5,089
Working capital, $m
  0
  695
  711
  729
  749
  772
  797
  824
  854
  885
  919
  956
  994
  1,036
  1,079
  1,126
  1,175
  1,228
  1,283
  1,341
  1,403
  1,468
  1,536
  1,609
  1,685
  1,765
  1,850
  1,938
  2,032
  2,130
  2,234
Total debt, $m
  2,581
  2,408
  2,514
  2,635
  2,771
  2,922
  3,088
  3,268
  3,463
  3,673
  3,899
  4,140
  4,398
  4,672
  4,964
  5,273
  5,601
  5,948
  6,315
  6,702
  7,112
  7,544
  7,999
  8,479
  8,985
  9,518
  10,079
  10,669
  11,290
  11,944
  12,632
Total liabilities, $m
  4,787
  4,614
  4,720
  4,841
  4,977
  5,128
  5,294
  5,474
  5,669
  5,879
  6,105
  6,346
  6,604
  6,878
  7,170
  7,479
  7,807
  8,154
  8,521
  8,908
  9,318
  9,750
  10,205
  10,685
  11,191
  11,724
  12,285
  12,875
  13,496
  14,150
  14,838
Total equity, $m
  347
  513
  524
  538
  553
  570
  588
  608
  630
  653
  678
  705
  734
  764
  797
  831
  867
  906
  947
  990
  1,035
  1,083
  1,134
  1,187
  1,243
  1,303
  1,365
  1,431
  1,500
  1,572
  1,649
Total liabilities and equity, $m
  5,134
  5,127
  5,244
  5,379
  5,530
  5,698
  5,882
  6,082
  6,299
  6,532
  6,783
  7,051
  7,338
  7,642
  7,967
  8,310
  8,674
  9,060
  9,468
  9,898
  10,353
  10,833
  11,339
  11,872
  12,434
  13,027
  13,650
  14,306
  14,996
  15,722
  16,487
Debt-to-equity ratio
  7.438
  4.700
  4.790
  4.900
  5.010
  5.130
  5.250
  5.370
  5.500
  5.620
  5.750
  5.870
  5.990
  6.110
  6.230
  6.350
  6.460
  6.570
  6.670
  6.770
  6.870
  6.960
  7.050
  7.140
  7.230
  7.310
  7.380
  7.460
  7.530
  7.600
  7.660
Adjusted equity ratio
  0.069
  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
  66
  207
  217
  221
  225
  230
  235
  240
  246
  252
  259
  266
  274
  282
  291
  300
  309
  320
  330
  342
  354
  367
  380
  394
  409
  424
  441
  458
  476
  495
  515
Depreciation, amort., depletion, $m
  306
  310
  317
  326
  335
  345
  356
  368
  381
  395
  411
  427
  444
  463
  482
  503
  525
  548
  573
  599
  627
  656
  686
  719
  753
  788
  826
  866
  908
  952
  998
Funds from operations, $m
  -2,575
  517
  534
  546
  560
  574
  591
  608
  627
  648
  670
  693
  718
  745
  773
  803
  834
  868
  903
  941
  980
  1,022
  1,066
  1,112
  1,161
  1,213
  1,267
  1,324
  1,384
  1,447
  1,513
Change in working capital, $m
  -1,636
  14
  16
  18
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  49
  52
  55
  58
  62
  65
  69
  72
  76
  80
  84
  89
  94
  98
  104
Cash from operations, $m
  -939
  504
  518
  528
  539
  552
  566
  581
  598
  616
  636
  657
  679
  703
  729
  756
  785
  816
  848
  883
  919
  957
  998
  1,040
  1,085
  1,132
  1,182
  1,235
  1,290
  1,348
  1,410
Maintenance CAPEX, $m
  0
  -304
  -310
  -317
  -326
  -335
  -345
  -356
  -368
  -381
  -395
  -411
  -427
  -444
  -463
  -482
  -503
  -525
  -548
  -573
  -599
  -627
  -656
  -686
  -719
  -753
  -788
  -826
  -866
  -908
  -952
New CAPEX, $m
  -31
  -31
  -36
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -173
  -183
  -192
  -202
  -213
  -224
  -236
Cash from investing activities, $m
  -35
  -335
  -346
  -359
  -373
  -387
  -402
  -418
  -435
  -453
  -472
  -494
  -515
  -538
  -563
  -588
  -615
  -644
  -674
  -706
  -739
  -775
  -812
  -851
  -892
  -936
  -980
  -1,028
  -1,079
  -1,132
  -1,188
Free cash flow, $m
  -974
  168
  171
  169
  167
  165
  164
  163
  163
  163
  163
  163
  164
  165
  166
  168
  170
  172
  174
  177
  179
  182
  186
  189
  193
  197
  202
  206
  211
  217
  222
Issuance/(repayment) of debt, $m
  46,468
  -74
  106
  121
  136
  151
  166
  180
  195
  210
  226
  241
  258
  274
  291
  309
  328
  347
  367
  388
  409
  432
  455
  480
  506
  533
  561
  590
  621
  654
  688
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  967
  -74
  106
  121
  136
  151
  166
  180
  195
  210
  226
  241
  258
  274
  291
  309
  328
  347
  367
  388
  409
  432
  455
  480
  506
  533
  561
  590
  621
  654
  688
Total cash flow (excl. dividends), $m
  -6
  94
  278
  290
  303
  316
  330
  344
  358
  373
  389
  405
  422
  439
  458
  477
  498
  519
  541
  564
  589
  614
  641
  669
  699
  730
  763
  797
  833
  870
  910
Retained Cash Flow (-), $m
  -76
  -166
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
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
 
  -72
  266
  277
  288
  299
  311
  324
  336
  350
  364
  378
  393
  409
  426
  443
  461
  480
  500
  521
  543
  566
  591
  616
  643
  671
  700
  731
  764
  798
  833
Discount rate, %
 
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
  43.22
PV of cash for distribution, $m
 
  -65
  216
  199
  182
  164
  146
  129
  112
  95
  80
  67
  54
  43
  34
  26
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

PennyMac Financial Services, Inc. (PFSI) is a financial services company. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. The Company operates through three segments: loan production, loan servicing and investment management. PFSI's mortgage banking subsidiary, PennyMac Loan Services, LLC (PLS), is a non-bank producer and servicer of mortgage loans in the United States. As of December 31, 2016, PLS serviced loans in all 50 states, the District of Columbia, Guam and the United States Virgin Islands, and originated loans in 49 states and the District of Columbia. PFSI's investment management subsidiary, PNMAC Capital Management, LLC (PCM), is an investment advisor. PLS is a seller and servicer for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

FINANCIAL RATIOS  of  PennyMac Financial Services Cl A (PFSI)

Valuation Ratios
P/E Ratio 6.3
Price to Sales 0.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -0.4
Price to Free Cash Flow -0.4
Growth Rates
Sales Growth Rate 45.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -92.2%
Cap. Spend. - 3 Yr. Gr. Rate -31.3%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 50.1%
Total Debt to Equity 743.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 20.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 92.2%
Gross Margin - 3 Yr. Avg. 92.9%
EBITDA Margin 58.3%
EBITDA Margin - 3 Yr. Avg. 54.2%
Operating Margin 28.1%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 28.1%
Pre-Tax Margin - 3 Yr. Avg. 31.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 12%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio 0%

PFSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PFSI stock intrinsic value calculation we used $1362 million for the last fiscal year's total revenue generated by PennyMac Financial Services Cl A. The default revenue input number comes from 2016 income statement of PennyMac Financial Services Cl A. 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 PFSI 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 10.5%, whose default value for PFSI is calculated based on our internal credit rating of PennyMac Financial Services Cl A, 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 PennyMac Financial Services Cl A.
    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 PFSI stock the variable cost ratio is equal to 70.3%.

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 PFSI 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 5.2% for PennyMac Financial Services Cl A.

Corporate tax rate of 27% is the nominal tax rate for PennyMac Financial Services Cl A. 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 PFSI 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 PFSI are equal to 113.9%.

Life of production assets of 5.1 years is the average useful life of capital assets used in PennyMac Financial Services Cl A 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 PFSI is equal to 50%. 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 - $347 million for PennyMac Financial Services Cl A - 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 76.757 million for PennyMac Financial Services Cl A 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 PennyMac Financial Services Cl A at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
PHH PHH 13.74 8.39  sell
WAC Walter Investm 0.510 4.14  str.buy
NSM Nationstar Mor 19.65 27.82  buy
EFC Ellington Fina 15.73 6.49  str.sell
ATAX America First 6.10 1.46  str.sell
SNFCA Security Natio 5.45 22.57  str.buy
WD Walker&Dunlop 55.45 108.87  str.buy
AI Arlington Asse 12.76 3.46  str.sell

COMPANY NEWS

▶ PennyMac misses 2Q profit forecasts   [Aug-03-17 06:03PM  Associated Press]
▶ PennyMac misses 1Q profit forecasts   [May-05-17 05:03AM  Associated Press]
▶ Is PennyMac a Great Stock for Value Investors?   [Feb-09-17 10:00AM  Zacks]
▶ PennyMac beats 4Q profit forecasts   [06:14PM  Associated Press]
▶ Here is What Hedge Funds Think About IXYS Corporation (IXYS)   [Dec-10-16 10:13AM  at Insider Monkey]
Financial statements of PFSI
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.