Intrinsic value of ReWalk Robotics - RWLK

Previous Close

$1.35

  Intrinsic Value

$0.12

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

0%

Previous close

$1.35

 
Intrinsic value

$0.12

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of RWLK 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 0.0

 

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, %
  50.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  6
  9
  13
  19
  26
  34
  45
  58
  74
  92
  112
  135
  161
  190
  221
  255
  291
  330
  371
  415
  461
  509
  560
  613
  668
  725
  785
  847
  911
  978
  1,048
Variable operating expenses, $m
 
  32
  46
  65
  89
  120
  158
  204
  258
  321
  393
  474
  565
  665
  774
  892
  1,020
  1,156
  1,300
  1,453
  1,614
  1,783
  1,960
  2,144
  2,337
  2,538
  2,747
  2,964
  3,190
  3,424
  3,668
Fixed operating expenses, $m
 
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
Total operating expenses, $m
  36
  47
  62
  81
  106
  137
  175
  222
  276
  340
  412
  494
  585
  686
  795
  914
  1,042
  1,179
  1,323
  1,477
  1,639
  1,808
  1,986
  2,170
  2,364
  2,566
  2,776
  2,993
  3,220
  3,455
  3,699
Operating income, $m
  -30
  -38
  -48
  -62
  -80
  -103
  -130
  -163
  -203
  -248
  -300
  -358
  -423
  -495
  -574
  -659
  -750
  -848
  -952
  -1,062
  -1,177
  -1,299
  -1,426
  -1,558
  -1,697
  -1,841
  -1,991
  -2,146
  -2,308
  -2,477
  -2,652
EBITDA, $m
  -29
  -38
  -48
  -62
  -80
  -102
  -129
  -162
  -201
  -246
  -297
  -355
  -419
  -491
  -568
  -653
  -743
  -840
  -943
  -1,051
  -1,166
  -1,286
  -1,412
  -1,543
  -1,680
  -1,823
  -1,971
  -2,125
  -2,286
  -2,452
  -2,625
Interest expense (income), $m
  1
  2
  3
  4
  6
  9
  12
  16
  21
  27
  34
  42
  51
  60
  71
  83
  96
  110
  124
  140
  156
  174
  192
  211
  231
  252
  274
  296
  320
  344
  369
Earnings before tax, $m
  -33
  -39
  -51
  -67
  -87
  -112
  -143
  -180
  -224
  -275
  -334
  -400
  -474
  -556
  -645
  -742
  -846
  -958
  -1,076
  -1,202
  -1,334
  -1,472
  -1,618
  -1,769
  -1,928
  -2,093
  -2,264
  -2,443
  -2,628
  -2,821
  -3,021
Tax expense, $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
Net income, $m
  -33
  -39
  -51
  -67
  -87
  -112
  -143
  -180
  -224
  -275
  -334
  -400
  -474
  -556
  -645
  -742
  -846
  -958
  -1,076
  -1,202
  -1,334
  -1,472
  -1,618
  -1,769
  -1,928
  -2,093
  -2,264
  -2,443
  -2,628
  -2,821
  -3,021

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  32
  43
  62
  88
  121
  163
  214
  276
  349
  434
  532
  642
  765
  900
  1,048
  1,208
  1,381
  1,565
  1,760
  1,967
  2,185
  2,414
  2,654
  2,904
  3,165
  3,437
  3,720
  4,014
  4,319
  4,637
  4,967
Adjusted assets (=assets-cash), $m
  8
  43
  62
  88
  121
  163
  214
  276
  349
  434
  532
  642
  765
  900
  1,048
  1,208
  1,381
  1,565
  1,760
  1,967
  2,185
  2,414
  2,654
  2,904
  3,165
  3,437
  3,720
  4,014
  4,319
  4,637
  4,967
Revenue / Adjusted assets
  0.750
  0.209
  0.210
  0.216
  0.215
  0.209
  0.210
  0.210
  0.212
  0.212
  0.211
  0.210
  0.210
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  2
  2
  3
  5
  6
  9
  11
  15
  18
  23
  28
  34
  40
  47
  55
  64
  73
  83
  93
  104
  115
  127
  140
  153
  167
  181
  196
  212
  228
  245
  262
Working capital, $m
  17
  2
  2
  3
  4
  6
  8
  10
  12
  15
  19
  23
  27
  32
  37
  43
  49
  55
  62
  69
  77
  85
  94
  102
  112
  121
  131
  141
  152
  163
  175
Total debt, $m
  18
  25
  39
  57
  81
  111
  148
  192
  245
  306
  376
  455
  544
  641
  747
  863
  987
  1,119
  1,260
  1,408
  1,565
  1,730
  1,902
  2,082
  2,270
  2,465
  2,668
  2,880
  3,100
  3,328
  3,565
Total liabilities, $m
  24
  31
  45
  63
  87
  117
  154
  198
  251
  312
  382
  461
  550
  647
  753
  869
  993
  1,125
  1,266
  1,414
  1,571
  1,736
  1,908
  2,088
  2,276
  2,471
  2,674
  2,886
  3,106
  3,334
  3,571
Total equity, $m
  8
  12
  17
  25
  34
  46
  60
  78
  98
  122
  149
  180
  215
  253
  294
  339
  388
  440
  495
  553
  614
  678
  746
  816
  889
  966
  1,045
  1,128
  1,214
  1,303
  1,396
Total liabilities and equity, $m
  32
  43
  62
  88
  121
  163
  214
  276
  349
  434
  531
  641
  765
  900
  1,047
  1,208
  1,381
  1,565
  1,761
  1,967
  2,185
  2,414
  2,654
  2,904
  3,165
  3,437
  3,719
  4,014
  4,320
  4,637
  4,967
Debt-to-equity ratio
  2.250
  2.060
  2.210
  2.320
  2.380
  2.430
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.530
  2.530
  2.540
  2.540
  2.540
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
  2.550
Adjusted equity ratio
  -2.000
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -33
  -39
  -51
  -67
  -87
  -112
  -143
  -180
  -224
  -275
  -334
  -400
  -474
  -556
  -645
  -742
  -846
  -958
  -1,076
  -1,202
  -1,334
  -1,472
  -1,618
  -1,769
  -1,928
  -2,093
  -2,264
  -2,443
  -2,628
  -2,821
  -3,021
Depreciation, amort., depletion, $m
  1
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  21
  23
  24
  26
Funds from operations, $m
  -28
  -39
  -51
  -66
  -86
  -111
  -142
  -178
  -222
  -273
  -331
  -397
  -470
  -551
  -640
  -736
  -839
  -949
  -1,067
  -1,191
  -1,322
  -1,460
  -1,604
  -1,754
  -1,911
  -2,074
  -2,245
  -2,421
  -2,605
  -2,796
  -2,995
Change in working capital, $m
  0
  1
  1
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
Cash from operations, $m
  -28
  -40
  -52
  -67
  -87
  -112
  -143
  -181
  -225
  -276
  -334
  -401
  -474
  -556
  -645
  -741
  -845
  -956
  -1,074
  -1,198
  -1,330
  -1,468
  -1,612
  -1,763
  -1,920
  -2,084
  -2,255
  -2,432
  -2,616
  -2,808
  -3,006
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
New CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
Cash from investing activities, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -9
  -9
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -24
  -26
  -27
  -29
  -31
  -33
  -36
  -37
  -40
  -41
Free cash flow, $m
  -28
  -41
  -53
  -69
  -89
  -115
  -147
  -185
  -230
  -282
  -342
  -409
  -484
  -567
  -657
  -755
  -861
  -973
  -1,092
  -1,219
  -1,352
  -1,491
  -1,637
  -1,790
  -1,949
  -2,115
  -2,288
  -2,467
  -2,653
  -2,847
  -3,048
Issuance/(repayment) of debt, $m
  19
  10
  14
  18
  24
  30
  37
  45
  53
  61
  70
  79
  88
  97
  106
  115
  124
  132
  141
  149
  157
  165
  172
  180
  188
  195
  203
  211
  220
  228
  237
Issuance/(repurchase) of shares, $m
  15
  43
  57
  74
  96
  124
  157
  197
  244
  299
  361
  431
  509
  594
  687
  787
  895
  1,009
  1,131
  1,260
  1,395
  1,537
  1,685
  1,840
  2,001
  2,169
  2,344
  2,525
  2,714
  2,910
  3,114
Cash from financing (excl. dividends), $m  
  34
  53
  71
  92
  120
  154
  194
  242
  297
  360
  431
  510
  597
  691
  793
  902
  1,019
  1,141
  1,272
  1,409
  1,552
  1,702
  1,857
  2,020
  2,189
  2,364
  2,547
  2,736
  2,934
  3,138
  3,351
Total cash flow (excl. dividends), $m
  6
  13
  18
  24
  30
  38
  47
  57
  67
  78
  89
  101
  113
  124
  136
  147
  158
  169
  179
  190
  200
  210
  220
  230
  239
  249
  259
  270
  280
  291
  303
Retained Cash Flow (-), $m
  13
  -43
  -57
  -74
  -96
  -124
  -157
  -197
  -244
  -299
  -361
  -431
  -509
  -594
  -687
  -787
  -895
  -1,009
  -1,131
  -1,260
  -1,395
  -1,537
  -1,685
  -1,840
  -2,001
  -2,169
  -2,344
  -2,525
  -2,714
  -2,910
  -3,114
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
 
  -30
  -39
  -50
  -66
  -85
  -110
  -140
  -177
  -221
  -272
  -330
  -396
  -470
  -551
  -640
  -737
  -841
  -952
  -1,070
  -1,195
  -1,327
  -1,465
  -1,610
  -1,762
  -1,920
  -2,084
  -2,255
  -2,434
  -2,619
  -2,811
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
 
  -29
  -36
  -44
  -54
  -66
  -80
  -95
  -111
  -127
  -142
  -157
  -169
  -179
  -185
  -188
  -187
  -183
  -175
  -165
  -152
  -137
  -122
  -106
  -90
  -75
  -61
  -48
  -38
  -29
  -21
Current shareholders' claim on cash, %
  100
  34.2
  12.8
  5.1
  2.1
  0.9
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ReWalk Robotics Ltd., a medical device company, designs, develops, and commercializes exoskeletons for wheelchair-bound individuals with mobility impairments or other medical conditions. The company offers ReWalk Personal for everyday use to paraplegic individuals at home and in their communities; and ReWalk Rehabilitation for exercise and therapy used in hospitals and rehabilitation centers in the United States and Europe. ReWalk Robotics Ltd. markets and sells its products directly to institutions and individuals, as well as through third-party distributors. The company was formerly known as Argo Medical Technologies Ltd. ReWalk Robotics Ltd. was founded in 2001 and is headquartered in Yokneam Ilit, Israel.

FINANCIAL RATIOS  of  ReWalk Robotics (RWLK)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 3.7
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow -0.8
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate 50%
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 3
Current Ratio 0.1
LT Debt to Equity 125%
Total Debt to Equity 225%
Interest Coverage -32
Management Effectiveness
Return On Assets -110.3%
Ret/ On Assets - 3 Yr. Avg. -84.2%
Return On Total Capital -140.4%
Ret/ On T. Cap. - 3 Yr. Avg. -101.8%
Return On Equity -227.6%
Return On Equity - 3 Yr. Avg. -130.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 16.7%
Gross Margin - 3 Yr. Avg. -2.8%
EBITDA Margin -516.7%
EBITDA Margin - 3 Yr. Avg. -563.9%
Operating Margin -500%
Oper. Margin - 3 Yr. Avg. -541.7%
Pre-Tax Margin -550%
Pre-Tax Margin - 3 Yr. Avg. -575%
Net Profit Margin -550%
Net Profit Margin - 3 Yr. Avg. -575%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

RWLK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RWLK stock intrinsic value calculation we used $6 million for the last fiscal year's total revenue generated by ReWalk Robotics. The default revenue input number comes from 2016 income statement of ReWalk Robotics. 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 RWLK stock valuation model: a) initial revenue growth rate of 50% 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 RWLK is calculated based on our internal credit rating of ReWalk Robotics, 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 ReWalk Robotics.
    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 RWLK stock the variable cost ratio is equal to 350%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for RWLK 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 11.1% for ReWalk Robotics.

Corporate tax rate of 27% is the nominal tax rate for ReWalk Robotics. 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 RWLK 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 RWLK are equal to 25%.

Life of production assets of 10 years is the average useful life of capital assets used in ReWalk Robotics 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 RWLK is equal to 16.7%. 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 - $8 million for ReWalk Robotics - 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 16.716 million for ReWalk Robotics 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 ReWalk Robotics at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ ReWalk reports 2Q loss   [Aug-03-17 10:43AM  Associated Press]
▶ ReWalk Unveils Soft Suit Exoskeleton for Stroke Patients   [Jun-19-17 08:30AM  PR Newswire]
▶ ReWalk reports 1Q loss   [May-04-17 09:31AM  Associated Press]
▶ Robotic Exoskeletons Are the New Wheelchairs   [Dec-22-16 03:11PM  at Bloomberg]
Stock chart of RWLK Financial statements of RWLK
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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