Intrinsic value of Douglas Dynamics - PLOW

Previous Close

$37.30

  Intrinsic Value

$25.27

stock screener

  Rating & Target

sell

-32%

Previous close

$37.30

 
Intrinsic value

$25.27

 
Up/down potential

-32%

 
Rating

sell

We calculate the intrinsic value of PLOW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.00
  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
  416
  424
  434
  445
  458
  472
  487
  503
  521
  541
  561
  584
  607
  633
  659
  688
  718
  750
  784
  819
  857
  897
  939
  983
  1,029
  1,078
  1,130
  1,184
  1,241
  1,301
  1,365
Variable operating expenses, $m
 
  342
  350
  358
  367
  378
  389
  402
  415
  430
  445
  438
  456
  475
  495
  516
  539
  563
  588
  615
  643
  673
  705
  738
  773
  810
  848
  889
  932
  977
  1,025
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
  337
  342
  350
  358
  367
  378
  389
  402
  415
  430
  445
  438
  456
  475
  495
  516
  539
  563
  588
  615
  643
  673
  705
  738
  773
  810
  848
  889
  932
  977
  1,025
Operating income, $m
  79
  82
  84
  87
  90
  94
  98
  102
  106
  111
  116
  145
  151
  158
  164
  171
  179
  187
  195
  204
  214
  223
  234
  245
  256
  269
  282
  295
  309
  324
  340
EBITDA, $m
  96
  115
  117
  120
  124
  127
  132
  136
  141
  146
  152
  158
  164
  171
  178
  186
  194
  203
  212
  221
  231
  242
  254
  265
  278
  291
  305
  320
  335
  352
  369
Interest expense (income), $m
  14
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
Earnings before tax, $m
  64
  64
  66
  69
  71
  74
  77
  80
  83
  87
  91
  119
  124
  129
  134
  139
  145
  151
  158
  164
  172
  179
  187
  196
  205
  214
  224
  234
  245
  257
  269
Tax expense, $m
  25
  17
  18
  19
  19
  20
  21
  22
  22
  24
  25
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  73
Net income, $m
  39
  47
  48
  50
  52
  54
  56
  58
  61
  64
  66
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  666
  660
  675
  692
  712
  733
  757
  783
  811
  841
  873
  908
  945
  984
  1,026
  1,070
  1,117
  1,166
  1,219
  1,274
  1,333
  1,394
  1,460
  1,528
  1,601
  1,677
  1,757
  1,842
  1,930
  2,024
  2,122
Adjusted assets (=assets-cash), $m
  647
  660
  675
  692
  712
  733
  757
  783
  811
  841
  873
  908
  945
  984
  1,026
  1,070
  1,117
  1,166
  1,219
  1,274
  1,333
  1,394
  1,460
  1,528
  1,601
  1,677
  1,757
  1,842
  1,930
  2,024
  2,122
Revenue / Adjusted assets
  0.643
  0.642
  0.643
  0.643
  0.643
  0.644
  0.643
  0.642
  0.642
  0.643
  0.643
  0.643
  0.642
  0.643
  0.642
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
Average production assets, $m
  210
  214
  219
  224
  231
  238
  245
  254
  263
  273
  283
  294
  306
  319
  332
  347
  362
  378
  395
  413
  432
  452
  473
  495
  519
  543
  569
  597
  626
  656
  688
Working capital, $m
  125
  111
  114
  117
  120
  124
  128
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  196
  205
  215
  225
  235
  246
  257
  270
  282
  296
  310
  325
  341
  358
Total debt, $m
  310
  316
  326
  338
  352
  366
  383
  400
  419
  440
  462
  486
  511
  538
  566
  597
  629
  663
  699
  737
  777
  819
  864
  911
  960
  1,013
  1,068
  1,125
  1,186
  1,250
  1,318
Total liabilities, $m
  446
  452
  462
  474
  488
  502
  519
  536
  555
  576
  598
  622
  647
  674
  702
  733
  765
  799
  835
  873
  913
  955
  1,000
  1,047
  1,096
  1,149
  1,204
  1,261
  1,322
  1,386
  1,454
Total equity, $m
  220
  208
  213
  218
  224
  231
  239
  247
  255
  265
  275
  286
  298
  310
  323
  337
  352
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  638
  669
Total liabilities and equity, $m
  666
  660
  675
  692
  712
  733
  758
  783
  810
  841
  873
  908
  945
  984
  1,025
  1,070
  1,117
  1,166
  1,219
  1,274
  1,333
  1,394
  1,460
  1,528
  1,600
  1,677
  1,757
  1,841
  1,930
  2,024
  2,123
Debt-to-equity ratio
  1.409
  1.520
  1.540
  1.550
  1.570
  1.590
  1.600
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.750
  1.770
  1.790
  1.800
  1.820
  1.840
  1.850
  1.860
  1.880
  1.890
  1.900
  1.920
  1.930
  1.940
  1.950
  1.960
  1.970
Adjusted equity ratio
  0.311
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  47
  48
  50
  52
  54
  56
  58
  61
  64
  66
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196
Depreciation, amort., depletion, $m
  17
  33
  33
  33
  33
  34
  34
  34
  35
  35
  36
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Funds from operations, $m
  76
  80
  81
  83
  85
  87
  90
  93
  96
  99
  102
  99
  103
  107
  111
  116
  121
  126
  131
  137
  143
  150
  156
  163
  171
  179
  187
  196
  205
  215
  225
Change in working capital, $m
  6
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
Cash from operations, $m
  70
  78
  79
  80
  82
  84
  86
  88
  91
  94
  97
  93
  97
  100
  104
  108
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
Maintenance CAPEX, $m
  0
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
New CAPEX, $m
  -10
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
Cash from investing activities, $m
  -191
  -13
  -14
  -15
  -15
  -17
  -18
  -18
  -20
  -21
  -21
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
Free cash flow, $m
  -121
  64
  65
  66
  66
  67
  68
  70
  71
  73
  75
  70
  73
  75
  78
  80
  83
  86
  90
  93
  97
  101
  105
  110
  115
  120
  125
  131
  136
  143
  149
Issuance/(repayment) of debt, $m
  127
  9
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
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  
  124
  9
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
Total cash flow (excl. dividends), $m
  3
  74
  75
  77
  80
  82
  85
  87
  90
  94
  97
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  144
  150
  157
  164
  172
  180
  188
  197
  207
  216
Retained Cash Flow (-), $m
  -19
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
Prev. year cash balance distribution, $m
 
  16
  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
 
  86
  71
  72
  74
  75
  77
  79
  82
  84
  87
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  135
  141
  148
  155
  162
  169
  177
  185
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  79
  60
  55
  51
  47
  42
  38
  34
  30
  26
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
  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

Douglas Dynamics, Inc. is a manufacturer and up-fitter of commercial vehicle attachments and equipment. The Company's portfolio includes snow and ice management attachments sold under the BLIZZARD, FISHER, HENDERSON, SNOWEX and WESTERN brands, turf care equipment under the TURFEX brand and industrial maintenance equipment under the SWEEPEX brand. The Company operates through two segments: Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment includes snow and ice management attachments sold under the FISHER, WESTERN, HENDERSON and SNOWEX brands. The Work Truck Solutions segment includes the up-fit of attachments and storage solutions for commercial work vehicles under the DEJANA brand and its related sub-brands. In its Work Truck Attachments segment, the Company offers a product line of snowplows, and sand and salt spreaders for light and heavy duty trucks. Its Work Truck Solutions products consist of truck and vehicle up-fits.

FINANCIAL RATIOS  of  Douglas Dynamics (PLOW)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 27.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 139.5%
Total Debt to Equity 140.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 22.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.2%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 23.7%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 20.5%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 39.1%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 53.8%

PLOW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLOW stock intrinsic value calculation we used $416 million for the last fiscal year's total revenue generated by Douglas Dynamics. The default revenue input number comes from 2016 income statement of Douglas Dynamics. 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 PLOW 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 8.2%, whose default value for PLOW is calculated based on our internal credit rating of Douglas Dynamics, 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 Douglas Dynamics.
    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 PLOW stock the variable cost ratio is equal to 80.8%.

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 PLOW 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 5.7% for Douglas Dynamics.

Corporate tax rate of 27% is the nominal tax rate for Douglas Dynamics. 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 PLOW 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 PLOW are equal to 50.4%.

Life of production assets of 24.1 years is the average useful life of capital assets used in Douglas Dynamics 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 PLOW is equal to 26.2%. 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 - $220 million for Douglas Dynamics - 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 22.621 million for Douglas Dynamics 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 Douglas Dynamics at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
TTC Toro 62.38 44.40  sell
BGG Briggs&Stratto 21.88 10.42  str.sell
SWK Stanley Black& 159.75 142.67  hold
DE Deere 164.16 515.58  str.buy

COMPANY NEWS

▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Dec-07-17 04:30PM  GlobeNewswire]
▶ New Strong Sell Stocks for November 14th   [Nov-14-17 09:10AM  Zacks]
▶ Natural Disasters Hit Douglas Dynamics   [09:04AM  Motley Fool]
▶ Douglas Dynamics misses 3Q profit forecasts   [Nov-06-17 06:51PM  Associated Press]
▶ 2 Top Dividend Stocks in Industrial Machinery   [Sep-14-17 02:31PM  Motley Fool]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Sep-07-17 04:30PM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 31st   [Aug-31-17 11:02AM  Zacks]
▶ Douglas Dynamics Announces Management Transition   [Aug-23-17 08:30AM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 14th   [Aug-14-17 08:32AM  Zacks]
▶ Douglas Dynamics Gets Balance From Business Diversity   [Aug-08-17 07:30AM  Motley Fool]
▶ Douglas Dynamics beats 2Q profit forecasts   [Aug-07-17 07:16PM  Associated Press]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Jun-08-17 04:15PM  GlobeNewswire]
▶ Tampa real estate lawyer facing insider charges vows to fight   [Jun-06-17 08:00AM  American City Business Journals]
▶ New Strong Sell Stocks for May 11th   [May-11-17 09:14AM  Zacks]
▶ Douglas Dynamics Looks Forward to Better Times Ahead   [May-08-17 09:39PM  Motley Fool]
▶ Douglas Dynamics reports 1Q loss   [06:32PM  Associated Press]
▶ Southeast Wisconsin stocks that could extend bull-market runs   [Apr-07-17 03:35PM  American City Business Journals]
▶ Douglas Dynamics meets 4Q expectations despite lower snowfall   [11:35AM  American City Business Journals]
▶ Douglas Dynamics Overcomes a Weak Winter   [Mar-06-17 09:49PM  Motley Fool]
▶ Douglas Dynamics misses 4Q revenue forecasts   [06:26PM  Associated Press]
▶ 3 Small-Cap Stocks to Buy in February   [Jan-28-17 07:27PM  at Motley Fool]
▶ Small Caps With Big Yields   [Dec-14-16 09:30AM  at Forbes]
▶ Is Douglas Dynamics Inc (PLOW) A Good Stock To Buy?   [Dec-11-16 09:54AM  at Insider Monkey]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Dec-09-16 07:00AM  GlobeNewswire]
Financial statements of PLOW
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

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.