Intrinsic value of Pzena Investment Management - PZN

Previous Close

$11.65

  Intrinsic Value

$82.34

stock screener

  Rating & Target

str. buy

+607%

  Value-price divergence*

+693%

Previous close

$11.65

 
Intrinsic value

$82.34

 
Up/down potential

+607%

 
Rating

str. buy

 
Value-price divergence*

+693%

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

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

We calculate the intrinsic value of PZN 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 0.8

 

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, %
  -7.69
  30.80
  28.22
  25.90
  23.81
  21.93
  20.23
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
Revenue, $m
  108
  141
  181
  228
  282
  344
  414
  491
  577
  669
  770
  878
  992
  1,114
  1,243
  1,379
  1,521
  1,670
  1,825
  1,987
  2,155
  2,331
  2,513
  2,703
  2,900
  3,104
  3,317
  3,538
  3,768
  4,007
  4,256
Variable operating expenses, $m
 
  14
  18
  23
  29
  35
  42
  50
  59
  68
  79
  90
  101
  114
  127
  141
  155
  170
  186
  203
  220
  238
  256
  276
  296
  317
  338
  361
  384
  409
  434
Fixed operating expenses, $m
 
  51
  53
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
Total operating expenses, $m
  61
  65
  71
  77
  84
  92
  100
  109
  120
  130
  143
  156
  168
  183
  198
  213
  229
  246
  264
  283
  302
  322
  342
  364
  386
  410
  433
  458
  484
  511
  539
Operating income, $m
  47
  76
  110
  151
  198
  253
  314
  382
  457
  539
  627
  722
  824
  932
  1,046
  1,166
  1,292
  1,423
  1,561
  1,704
  1,854
  2,009
  2,171
  2,339
  2,513
  2,695
  2,884
  3,080
  3,284
  3,496
  3,717
EBITDA, $m
  48
  77
  112
  153
  201
  256
  317
  386
  462
  545
  634
  730
  833
  942
  1,057
  1,178
  1,305
  1,439
  1,578
  1,723
  1,873
  2,031
  2,194
  2,364
  2,540
  2,723
  2,914
  3,112
  3,319
  3,533
  3,757
Interest expense (income), $m
  0
  0
  0
  2
  4
  6
  8
  11
  14
  17
  21
  25
  29
  34
  39
  44
  49
  55
  60
  67
  73
  80
  86
  94
  101
  109
  117
  125
  134
  143
  153
Earnings before tax, $m
  -1
  76
  110
  149
  195
  247
  305
  371
  443
  521
  606
  697
  795
  898
  1,007
  1,122
  1,243
  1,369
  1,500
  1,638
  1,781
  1,930
  2,084
  2,245
  2,412
  2,586
  2,767
  2,955
  3,150
  3,353
  3,565
Tax expense, $m
  -55
  20
  30
  40
  53
  67
  82
  100
  120
  141
  164
  188
  215
  242
  272
  303
  335
  370
  405
  442
  481
  521
  563
  606
  651
  698
  747
  798
  850
  905
  963
Net income, $m
  16
  55
  80
  109
  142
  180
  223
  271
  323
  381
  443
  509
  580
  656
  735
  819
  907
  999
  1,095
  1,196
  1,300
  1,409
  1,521
  1,639
  1,761
  1,888
  2,020
  2,157
  2,299
  2,448
  2,602

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  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
  179
  177
  226
  285
  353
  430
  517
  614
  721
  837
  962
  1,097
  1,241
  1,393
  1,554
  1,723
  1,901
  2,087
  2,281
  2,484
  2,694
  2,914
  3,141
  3,378
  3,625
  3,880
  4,146
  4,423
  4,710
  5,009
  5,321
Adjusted assets (=assets-cash), $m
  135
  177
  226
  285
  353
  430
  517
  614
  721
  837
  962
  1,097
  1,241
  1,393
  1,554
  1,723
  1,901
  2,087
  2,281
  2,484
  2,694
  2,914
  3,141
  3,378
  3,625
  3,880
  4,146
  4,423
  4,710
  5,009
  5,321
Revenue / Adjusted assets
  0.800
  0.797
  0.801
  0.800
  0.799
  0.800
  0.801
  0.800
  0.800
  0.799
  0.800
  0.800
  0.799
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Average production assets, $m
  8
  10
  12
  16
  19
  24
  29
  34
  40
  46
  53
  61
  68
  77
  86
  95
  105
  115
  126
  137
  149
  161
  173
  186
  200
  214
  229
  244
  260
  277
  294
Working capital, $m
  0
  -57
  -74
  -93
  -115
  -140
  -168
  -200
  -235
  -272
  -313
  -357
  -404
  -454
  -506
  -561
  -619
  -680
  -743
  -809
  -877
  -949
  -1,023
  -1,100
  -1,180
  -1,263
  -1,350
  -1,440
  -1,534
  -1,631
  -1,732
Total debt, $m
  0
  8
  53
  106
  167
  236
  315
  402
  498
  602
  715
  836
  965
  1,103
  1,248
  1,400
  1,560
  1,727
  1,902
  2,084
  2,274
  2,471
  2,676
  2,890
  3,111
  3,341
  3,581
  3,829
  4,088
  4,357
  4,637
Total liabilities, $m
  151
  159
  204
  257
  318
  387
  466
  553
  649
  753
  866
  987
  1,116
  1,254
  1,399
  1,551
  1,711
  1,878
  2,053
  2,235
  2,425
  2,622
  2,827
  3,041
  3,262
  3,492
  3,732
  3,980
  4,239
  4,508
  4,788
Total equity, $m
  28
  18
  23
  29
  35
  43
  52
  61
  72
  84
  96
  110
  124
  139
  155
  172
  190
  209
  228
  248
  269
  291
  314
  338
  362
  388
  415
  442
  471
  501
  532
Total liabilities and equity, $m
  179
  177
  227
  286
  353
  430
  518
  614
  721
  837
  962
  1,097
  1,240
  1,393
  1,554
  1,723
  1,901
  2,087
  2,281
  2,483
  2,694
  2,913
  3,141
  3,379
  3,624
  3,880
  4,147
  4,422
  4,710
  5,009
  5,320
Debt-to-equity ratio
  0.000
  0.450
  2.330
  3.700
  4.720
  5.490
  6.080
  6.540
  6.900
  7.200
  7.430
  7.620
  7.780
  7.920
  8.030
  8.120
  8.210
  8.280
  8.340
  8.390
  8.440
  8.480
  8.520
  8.550
  8.580
  8.610
  8.640
  8.660
  8.680
  8.700
  8.720
Adjusted equity ratio
  -0.119
  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
  16
  55
  80
  109
  142
  180
  223
  271
  323
  381
  443
  509
  580
  656
  735
  819
  907
  999
  1,095
  1,196
  1,300
  1,409
  1,521
  1,639
  1,761
  1,888
  2,020
  2,157
  2,299
  2,448
  2,602
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
Funds from operations, $m
  63
  56
  82
  111
  145
  183
  227
  275
  329
  387
  450
  517
  589
  666
  747
  832
  921
  1,014
  1,112
  1,214
  1,320
  1,430
  1,545
  1,664
  1,788
  1,916
  2,050
  2,189
  2,334
  2,485
  2,642
Change in working capital, $m
  4
  -14
  -16
  -19
  -22
  -25
  -28
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
Cash from operations, $m
  59
  70
  98
  130
  167
  208
  255
  307
  363
  424
  490
  561
  636
  715
  799
  887
  979
  1,075
  1,175
  1,280
  1,388
  1,501
  1,619
  1,741
  1,868
  2,000
  2,137
  2,279
  2,428
  2,582
  2,743
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
New CAPEX, $m
  0
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
Cash from investing activities, $m
  0
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -54
Free cash flow, $m
  59
  67
  94
  125
  161
  202
  247
  298
  353
  413
  477
  546
  620
  698
  780
  866
  956
  1,051
  1,149
  1,252
  1,358
  1,469
  1,585
  1,705
  1,829
  1,959
  2,094
  2,234
  2,379
  2,531
  2,689
Issuance/(repayment) of debt, $m
  0
  8
  45
  53
  61
  70
  78
  87
  96
  104
  113
  121
  129
  137
  145
  152
  160
  167
  175
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -44
  8
  45
  53
  61
  70
  78
  87
  96
  104
  113
  121
  129
  137
  145
  152
  160
  167
  175
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
Total cash flow (excl. dividends), $m
  14
  75
  139
  178
  222
  271
  326
  385
  449
  517
  590
  668
  749
  835
  925
  1,019
  1,116
  1,218
  1,324
  1,434
  1,548
  1,667
  1,790
  1,918
  2,051
  2,189
  2,333
  2,482
  2,638
  2,800
  2,969
Retained Cash Flow (-), $m
  -10
  -34
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
Prev. year cash balance distribution, $m
 
  44
  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
 
  85
  134
  172
  215
  264
  317
  375
  438
  506
  578
  654
  735
  820
  909
  1,002
  1,099
  1,200
  1,305
  1,414
  1,527
  1,645
  1,767
  1,894
  2,026
  2,164
  2,306
  2,455
  2,609
  2,770
  2,938
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
 
  82
  123
  150
  177
  204
  230
  253
  274
  290
  303
  311
  314
  312
  305
  294
  279
  261
  240
  218
  194
  170
  147
  124
  103
  84
  67
  53
  40
  30
  22
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

Pzena Investment Management, Inc. is a holding company. The Company is the sole managing member of Pzena Investment Management, LLC. Pzena Investment Management, LLC is an investment management company. The Company also serves as the general partner of Pzena Investment Management, LP. The Company offers institutional investment products to public and corporate pension funds, endowments, foundations and certain commingled vehicles geared toward institutional investors. The Company also offers access to certain of its global and non-United States strategies through private placement vehicles and collective investment trusts. Pzena Investment Management, LLC is its operating company. Pzena Investment Management, LLC consists of Class A and Class B membership units.

FINANCIAL RATIOS  of  Pzena Investment Management (PZN)

Valuation Ratios
P/E Ratio 49.4
Price to Sales 7.3
Price to Book 28.2
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate -7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 69.6%
Ret/ On T. Cap. - 3 Yr. Avg. 53.7%
Return On Equity 69.6%
Return On Equity - 3 Yr. Avg. 53.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 31.9%
Operating Margin 43.5%
Oper. Margin - 3 Yr. Avg. 48.5%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 31.3%
Net Profit Margin 14.8%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 5500%
Eff/ Tax Rate - 3 Yr. Avg. 1837.7%
Payout Ratio 37.5%

PZN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PZN stock intrinsic value calculation we used $108 million for the last fiscal year's total revenue generated by Pzena Investment Management. The default revenue input number comes from 2016 income statement of Pzena Investment Management. 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 PZN stock valuation model: a) initial revenue growth rate of 30.8% 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 PZN is calculated based on our internal credit rating of Pzena Investment Management, 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 Pzena Investment Management.
    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 PZN stock the variable cost ratio is equal to 10.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for PZN 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 Pzena Investment Management.

Corporate tax rate of 27% is the nominal tax rate for Pzena Investment Management. 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 PZN 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 PZN are equal to 6.9%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Pzena Investment Management 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 PZN is equal to -40.7%. 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 - $28 million for Pzena Investment Management - 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 69.236 million for Pzena Investment Management 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 Pzena Investment Management at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 2.44 0.39  str.sell
DHIL Diamond Hill I 212.61 357.94  str.buy
NTRS Northern Trust 92.99 10.80  str.sell
AINC Ashford 68.47 4.58  str.sell
MN Manning&Napier 3.90 72.41  str.buy
SAMG Silvercrest As 14.45 51.99  str.buy
VRTS Virtus Investm 122.00 237.39  str.buy
AMG Affiliated Man 193.55 192.34  hold

COMPANY NEWS

▶ Should You Buy Pzena Investment Management Inc (PZN)?   [Sep-28-17 05:25PM  Simply Wall St.]
▶ Pzena posts 2Q profit   [Jul-18-17 04:49PM  Associated Press]
▶ Pzena posts 1Q profit   [Apr-18-17 04:54PM  Associated Press]
▶ Pzena posts 4Q profit   [Feb-07-17 06:57PM  Associated Press]
▶ Is Pzena Investment Management, Inc. (PZN) A Good Stock to Buy?   [Dec-16-16 07:42PM  at Insider Monkey]
▶ Pzenas Biggest Q3 Moves: Hilton, Exxon, Seagate, More   [Dec-01-16 08:31AM  at Insider Monkey]
▶ 3 Mutual Funds From Pzena for Retail Investors   [Jul-06-16 06:50PM  at Investopedia]
Financial statements of PZN
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.