Intrinsic value of SuperCom - SPCB

Previous Close

$3.10

  Intrinsic Value

$0.54

stock screener

  Rating & Target

str. sell

-83%

Previous close

$3.10

 
Intrinsic value

$0.54

 
Up/down potential

-83%

 
Rating

str. sell

We calculate the intrinsic value of SPCB 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, %
  -28.57
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Variable operating expenses, $m
 
  30
  46
  68
  99
  139
  191
  256
  336
  432
  546
  677
  828
  998
  1,187
  1,396
  1,624
  1,871
  2,136
  2,419
  2,720
  3,038
  3,372
  3,724
  4,091
  4,476
  4,876
  5,293
  5,727
  6,178
  6,647
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
  32
  30
  46
  68
  99
  139
  191
  256
  336
  432
  546
  677
  828
  998
  1,187
  1,396
  1,624
  1,871
  2,136
  2,419
  2,720
  3,038
  3,372
  3,724
  4,091
  4,476
  4,876
  5,293
  5,727
  6,178
  6,647
Operating income, $m
  -12
  2
  4
  6
  8
  12
  17
  23
  30
  39
  50
  63
  77
  93
  110
  130
  151
  174
  198
  225
  253
  282
  313
  346
  380
  416
  453
  492
  532
  574
  617
EBITDA, $m
  -9
  6
  9
  14
  21
  29
  40
  54
  70
  91
  115
  142
  174
  210
  249
  293
  341
  393
  449
  508
  571
  638
  708
  782
  859
  940
  1,024
  1,112
  1,203
  1,297
  1,396
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  5
  6
  9
  11
  14
  18
  22
  26
  31
  37
  43
  50
  57
  64
  72
  81
  90
  99
  109
  120
  130
  142
  153
  165
Earnings before tax, $m
  -12
  2
  3
  5
  7
  10
  14
  18
  24
  31
  39
  49
  59
  71
  84
  98
  114
  131
  149
  168
  188
  210
  232
  256
  281
  306
  333
  361
  390
  421
  452
Tax expense, $m
  2
  1
  1
  1
  2
  3
  4
  5
  7
  8
  10
  13
  16
  19
  23
  27
  31
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  98
  105
  114
  122
Net income, $m
  -14
  1
  2
  4
  5
  7
  10
  13
  18
  23
  28
  36
  43
  52
  61
  72
  83
  95
  109
  123
  137
  153
  170
  187
  205
  224
  243
  264
  285
  307
  330

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  53
  82
  126
  189
  274
  386
  531
  713
  936
  1,204
  1,521
  1,888
  2,308
  2,783
  3,311
  3,893
  4,528
  5,216
  5,955
  6,745
  7,583
  8,469
  9,402
  10,382
  11,407
  12,478
  13,594
  14,757
  15,967
  17,225
  18,532
Adjusted assets (=assets-cash), $m
  51
  82
  126
  189
  274
  386
  531
  713
  936
  1,204
  1,521
  1,888
  2,308
  2,783
  3,311
  3,893
  4,528
  5,216
  5,955
  6,745
  7,583
  8,469
  9,402
  10,382
  11,407
  12,478
  13,594
  14,757
  15,967
  17,225
  18,532
Revenue / Adjusted assets
  0.392
  0.390
  0.389
  0.392
  0.391
  0.391
  0.392
  0.391
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
Average production assets, $m
  15
  24
  37
  55
  80
  114
  156
  209
  275
  354
  447
  555
  679
  818
  973
  1,144
  1,331
  1,534
  1,751
  1,983
  2,229
  2,490
  2,764
  3,052
  3,354
  3,668
  3,997
  4,339
  4,694
  5,064
  5,449
Working capital, $m
  10
  13
  20
  30
  43
  61
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  710
  818
  934
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,132
  2,314
  2,504
  2,701
  2,906
Total debt, $m
  0
  8
  21
  38
  61
  92
  132
  182
  243
  317
  404
  505
  621
  751
  896
  1,057
  1,231
  1,420
  1,624
  1,841
  2,071
  2,315
  2,572
  2,841
  3,123
  3,417
  3,724
  4,044
  4,377
  4,723
  5,082
Total liabilities, $m
  15
  22
  35
  52
  75
  106
  146
  196
  257
  331
  418
  519
  635
  765
  910
  1,071
  1,245
  1,434
  1,638
  1,855
  2,085
  2,329
  2,586
  2,855
  3,137
  3,431
  3,738
  4,058
  4,391
  4,737
  5,096
Total equity, $m
  39
  59
  91
  137
  198
  280
  385
  517
  678
  873
  1,102
  1,369
  1,674
  2,017
  2,400
  2,822
  3,283
  3,782
  4,318
  4,890
  5,498
  6,140
  6,817
  7,527
  8,270
  9,046
  9,856
  10,699
  11,576
  12,488
  13,436
Total liabilities and equity, $m
  54
  81
  126
  189
  273
  386
  531
  713
  935
  1,204
  1,520
  1,888
  2,309
  2,782
  3,310
  3,893
  4,528
  5,216
  5,956
  6,745
  7,583
  8,469
  9,403
  10,382
  11,407
  12,477
  13,594
  14,757
  15,967
  17,225
  18,532
Debt-to-equity ratio
  0.000
  0.140
  0.230
  0.280
  0.310
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Adjusted equity ratio
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  1
  2
  4
  5
  7
  10
  13
  18
  23
  28
  36
  43
  52
  61
  72
  83
  95
  109
  123
  137
  153
  170
  187
  205
  224
  243
  264
  285
  307
  330
Depreciation, amort., depletion, $m
  3
  4
  6
  9
  12
  17
  23
  31
  40
  51
  65
  79
  97
  117
  139
  163
  190
  219
  250
  283
  318
  356
  395
  436
  479
  524
  571
  620
  671
  723
  778
Funds from operations, $m
  -2
  6
  8
  12
  17
  24
  33
  44
  58
  74
  93
  115
  140
  169
  200
  235
  273
  314
  359
  406
  456
  509
  564
  623
  684
  748
  814
  884
  956
  1,031
  1,108
Change in working capital, $m
  9
  5
  7
  10
  13
  18
  23
  28
  35
  42
  50
  58
  66
  74
  83
  91
  100
  108
  116
  124
  131
  139
  146
  154
  161
  168
  175
  182
  190
  197
  205
Cash from operations, $m
  -11
  1
  1
  2
  4
  7
  10
  16
  23
  32
  43
  57
  74
  94
  118
  144
  174
  207
  243
  282
  324
  370
  418
  469
  523
  580
  639
  701
  766
  833
  903
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -8
  -11
  -16
  -22
  -30
  -39
  -51
  -64
  -79
  -97
  -117
  -139
  -163
  -190
  -219
  -250
  -283
  -318
  -356
  -395
  -436
  -479
  -524
  -571
  -620
  -671
  -723
New CAPEX, $m
  -3
  -9
  -13
  -18
  -25
  -33
  -43
  -53
  -66
  -79
  -93
  -108
  -124
  -139
  -155
  -171
  -187
  -202
  -217
  -232
  -246
  -261
  -274
  -288
  -301
  -315
  -328
  -342
  -356
  -370
  -384
Cash from investing activities, $m
  -5
  -11
  -16
  -23
  -33
  -44
  -59
  -75
  -96
  -118
  -144
  -172
  -203
  -236
  -272
  -310
  -350
  -392
  -436
  -482
  -529
  -579
  -630
  -683
  -737
  -794
  -852
  -913
  -976
  -1,041
  -1,107
Free cash flow, $m
  -16
  -10
  -15
  -21
  -29
  -38
  -48
  -60
  -73
  -86
  -100
  -115
  -129
  -142
  -155
  -166
  -177
  -186
  -194
  -200
  -205
  -209
  -212
  -214
  -214
  -214
  -213
  -212
  -210
  -207
  -204
Issuance/(repayment) of debt, $m
  0
  8
  12
  17
  23
  31
  40
  50
  61
  74
  87
  101
  116
  130
  145
  160
  175
  189
  203
  217
  231
  244
  257
  269
  282
  294
  307
  320
  333
  346
  360
Issuance/(repurchase) of shares, $m
  -5
  21
  30
  42
  56
  74
  95
  118
  144
  172
  201
  231
  261
  292
  322
  350
  378
  403
  427
  450
  470
  489
  507
  523
  538
  553
  566
  579
  592
  605
  618
Cash from financing (excl. dividends), $m  
  -5
  29
  42
  59
  79
  105
  135
  168
  205
  246
  288
  332
  377
  422
  467
  510
  553
  592
  630
  667
  701
  733
  764
  792
  820
  847
  873
  899
  925
  951
  978
Total cash flow (excl. dividends), $m
  -21
  19
  27
  38
  51
  67
  86
  108
  133
  159
  188
  217
  248
  280
  312
  344
  376
  407
  437
  467
  496
  524
  552
  579
  606
  633
  660
  687
  715
  744
  773
Retained Cash Flow (-), $m
  15
  -22
  -32
  -45
  -62
  -82
  -105
  -132
  -162
  -195
  -230
  -267
  -305
  -344
  -383
  -422
  -461
  -499
  -536
  -572
  -608
  -643
  -677
  -710
  -743
  -776
  -810
  -843
  -877
  -912
  -948
Prev. year cash balance distribution, $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
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
 
  -1
  -5
  -8
  -11
  -14
  -19
  -24
  -29
  -35
  -42
  -49
  -56
  -63
  -71
  -78
  -85
  -92
  -99
  -106
  -112
  -119
  -125
  -131
  -137
  -143
  -149
  -156
  -162
  -168
  -175
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
 
  -1
  -5
  -7
  -9
  -11
  -14
  -16
  -18
  -20
  -22
  -23
  -24
  -24
  -24
  -23
  -22
  -20
  -18
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -4
  -3
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  67.7
  47.4
  34.1
  25.2
  19.1
  14.9
  11.8
  9.5
  7.8
  6.5
  5.6
  4.8
  4.2
  3.7
  3.3
  2.9
  2.6
  2.4
  2.2
  2.1
  1.9
  1.8
  1.7
  1.6
  1.5
  1.4
  1.3
  1.3
  1.2
  1.2

SuperCom Ltd is a provider of traditional and digital identity solutions, providing safety, identification, tracking and security products to governments, and private and public organizations throughout the world. Through its e-government platforms and solutions for traditional and biometrics enrollment, personalization, issuance and border control services, the Company enables governments and national agencies to design and issue multi-identification documents and digital identity solutions to their citizens and visitors. Its Machine to Machine solutions identify, track and monitor people or objects in real time, enabling its customers to detect unauthorized movement of people, vehicles and other monitored objects. Its SFS products and solutions include SuperPay Suite, PureMoney Suite, SuperPOS, SafeMoney for Smartphones and PowaPOS. Its other offerings include RFID and Mobile PureRF suite, domestic violence victim protection system and PureProtect application, among others.

FINANCIAL RATIOS  of  SuperCom (SPCB)

Valuation Ratios
P/E Ratio -3.3
Price to Sales 2.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -4.2
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate -28.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -23.5%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -30.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity -30.1%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 15%
Gross Margin - 3 Yr. Avg. 50.9%
EBITDA Margin -45%
EBITDA Margin - 3 Yr. Avg. -0.3%
Operating Margin -60%
Oper. Margin - 3 Yr. Avg. -9.9%
Pre-Tax Margin -60%
Pre-Tax Margin - 3 Yr. Avg. -9.9%
Net Profit Margin -70%
Net Profit Margin - 3 Yr. Avg. -15.5%
Effective Tax Rate -16.7%
Eff/ Tax Rate - 3 Yr. Avg. 2.8%
Payout Ratio 0%

SPCB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPCB stock intrinsic value calculation we used $20 million for the last fiscal year's total revenue generated by SuperCom. The default revenue input number comes from 2016 income statement of SuperCom. 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 SPCB stock valuation model: a) initial revenue growth rate of 60% 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 SPCB is calculated based on our internal credit rating of SuperCom, 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 SuperCom.
    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 SPCB stock the variable cost ratio is equal to 95%.

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 SPCB 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 SuperCom.

Corporate tax rate of 27% is the nominal tax rate for SuperCom. 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 SPCB 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 SPCB are equal to 75%.

Life of production assets of 7 years is the average useful life of capital assets used in SuperCom 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 SPCB is equal to 40%. 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 - $39 million for SuperCom - 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 14.785 million for SuperCom 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 SuperCom at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ZBRA Zebra Technolo 120.25 22.55  str.sell
PAY VeriFone Syste 17.37 10.55  sell
MAGS Magal Security 6.18 4.59  hold
AAPL Apple 172.43 271.08  str.buy
GOOGL Alphabet Cl A 1,095.50 1,028.37  hold
MMM 3M 236.67 160.70  sell
OTIV On Track Innov 1.05 0.07  str.sell

COMPANY NEWS

▶ Calculating The Intrinsic Value Of SuperCom Ltd (NASDAQ:SPCB)   [Dec-13-17 04:04PM  Simply Wall St.]
▶ Are SuperCom Ltds (SPCB) Interest Costs Too High?   [Nov-20-17 05:55PM  Simply Wall St.]
▶ 2 Technology Stocks To Watch On Monday   [Oct-30-17 01:05PM  ACCESSWIRE]
▶ SuperCom posts 3Q profit   [08:46AM  Associated Press]
▶ SuperCom reports 2Q loss   [Jul-31-17 11:02PM  Associated Press]
▶ SuperCom reports 1Q loss   [Jun-05-17 10:06AM  Associated Press]
▶ SuperCom Reports Full Year 2016 Financial Results   [May-15-17 10:00AM  PR Newswire]
▶ SuperCom Awarded a $3 Million e-ID Contract   [Mar-14-17 08:30AM  PR Newswire]
▶ SuperCom Ltd.: Strong price momentum but will it sustain?   [Feb-02-17 04:41PM  Capital Cube]
▶ SuperCom Announces PureSecurity Deployment in Canada   [Dec-19-16 09:00AM  PR Newswire]
▶ SuperCom Reports Second Quarter 2016 Financial Results   [Oct-27-16 06:10PM  PR Newswire]
▶ SuperCom Announces PureSecurity Deployment in Ohio   [Oct-19-16 08:30AM  PR Newswire]
▶ SuperCom to Acquire Wireless Network Provider Alvarion   [Jun-17-16 09:09AM  PR Newswire]
▶ SuperCom Acquires PowaPOS Business   [Apr-18-16 09:28AM  PR Newswire]
▶ SuperCom Reports 2015 Full-Year Results   [08:30AM  PR Newswire]
▶ SuperCom Acquires Cyber Security Company Safend Ltd.   [Mar-03-16 08:31AM  PR Newswire]
Financial statements of SPCB
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.