Intrinsic value of Standex International - SXI

Previous Close

$95.15

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$95.15

 
Intrinsic value

$87.42

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of SXI 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 1.2

 

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, %
  -2.59
  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
  752
  767
  785
  805
  827
  853
  880
  910
  943
  977
  1,015
  1,055
  1,098
  1,144
  1,192
  1,243
  1,298
  1,356
  1,417
  1,481
  1,549
  1,621
  1,697
  1,776
  1,861
  1,949
  2,042
  2,141
  2,244
  2,352
  2,467
Variable operating expenses, $m
 
  498
  509
  522
  536
  552
  569
  588
  609
  631
  654
  664
  691
  719
  750
  782
  817
  853
  891
  932
  975
  1,020
  1,067
  1,118
  1,170
  1,226
  1,285
  1,347
  1,412
  1,480
  1,552
Fixed operating expenses, $m
 
  202
  207
  212
  217
  223
  228
  234
  240
  246
  252
  258
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
Total operating expenses, $m
  681
  700
  716
  734
  753
  775
  797
  822
  849
  877
  906
  922
  956
  991
  1,028
  1,067
  1,109
  1,153
  1,198
  1,247
  1,298
  1,351
  1,406
  1,466
  1,526
  1,591
  1,659
  1,731
  1,805
  1,883
  1,965
Operating income, $m
  70
  67
  68
  71
  74
  78
  82
  88
  94
  101
  109
  133
  142
  153
  164
  176
  189
  203
  218
  234
  252
  270
  290
  311
  334
  358
  383
  410
  439
  469
  502
EBITDA, $m
  88
  89
  91
  94
  97
  101
  106
  111
  118
  125
  133
  142
  152
  163
  174
  187
  200
  215
  231
  248
  266
  285
  305
  327
  350
  375
  401
  429
  459
  490
  524
Interest expense (income), $m
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
Earnings before tax, $m
  69
  64
  65
  67
  70
  73
  78
  83
  88
  95
  102
  126
  135
  144
  155
  166
  178
  192
  206
  221
  238
  255
  274
  294
  315
  338
  362
  388
  415
  444
  475
Tax expense, $m
  17
  17
  18
  18
  19
  20
  21
  22
  24
  26
  28
  34
  36
  39
  42
  45
  48
  52
  56
  60
  64
  69
  74
  79
  85
  91
  98
  105
  112
  120
  128
Net income, $m
  52
  46
  47
  49
  51
  53
  57
  60
  64
  69
  74
  92
  98
  105
  113
  121
  130
  140
  150
  162
  173
  186
  200
  215
  230
  247
  264
  283
  303
  324
  346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  122
  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
  690
  579
  593
  608
  625
  644
  665
  687
  712
  738
  767
  797
  829
  864
  900
  939
  980
  1,024
  1,070
  1,119
  1,170
  1,224
  1,281
  1,342
  1,405
  1,472
  1,543
  1,617
  1,695
  1,777
  1,863
Adjusted assets (=assets-cash), $m
  568
  579
  593
  608
  625
  644
  665
  687
  712
  738
  767
  797
  829
  864
  900
  939
  980
  1,024
  1,070
  1,119
  1,170
  1,224
  1,281
  1,342
  1,405
  1,472
  1,543
  1,617
  1,695
  1,777
  1,863
Revenue / Adjusted assets
  1.324
  1.325
  1.324
  1.324
  1.323
  1.325
  1.323
  1.325
  1.324
  1.324
  1.323
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.324
  1.325
  1.323
  1.325
  1.324
  1.323
  1.324
  1.324
  1.324
  1.324
Average production assets, $m
  93
  94
  97
  99
  102
  105
  108
  112
  116
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  191
  199
  209
  219
  229
  240
  251
  263
  276
  289
  303
Working capital, $m
  222
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  159
  165
  173
  180
  188
  197
  206
  216
  226
  236
  247
  259
  272
  285
  298
  313
  328
Total debt, $m
  92
  98
  106
  114
  124
  135
  146
  159
  173
  188
  204
  221
  239
  258
  279
  301
  324
  348
  374
  402
  431
  461
  493
  527
  563
  601
  640
  682
  726
  772
  821
Total liabilities, $m
  321
  326
  334
  342
  352
  363
  374
  387
  401
  416
  432
  449
  467
  486
  507
  529
  552
  576
  602
  630
  659
  689
  721
  755
  791
  829
  868
  910
  954
  1,000
  1,049
Total equity, $m
  370
  253
  259
  266
  273
  281
  290
  300
  311
  323
  335
  348
  362
  377
  393
  410
  428
  447
  468
  489
  511
  535
  560
  586
  614
  643
  674
  706
  741
  776
  814
Total liabilities and equity, $m
  691
  579
  593
  608
  625
  644
  664
  687
  712
  739
  767
  797
  829
  863
  900
  939
  980
  1,023
  1,070
  1,119
  1,170
  1,224
  1,281
  1,341
  1,405
  1,472
  1,542
  1,616
  1,695
  1,776
  1,863
Debt-to-equity ratio
  0.249
  0.390
  0.410
  0.430
  0.450
  0.480
  0.500
  0.530
  0.560
  0.580
  0.610
  0.630
  0.660
  0.680
  0.710
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.980
  0.990
  1.010
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  46
  47
  49
  51
  53
  57
  60
  64
  69
  74
  92
  98
  105
  113
  121
  130
  140
  150
  162
  173
  186
  200
  215
  230
  247
  264
  283
  303
  324
  346
Depreciation, amort., depletion, $m
  18
  23
  23
  23
  23
  23
  24
  24
  24
  24
  25
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  84
  69
  70
  72
  74
  77
  80
  84
  89
  94
  99
  101
  108
  115
  124
  132
  142
  152
  163
  175
  187
  201
  215
  230
  247
  264
  283
  302
  323
  345
  368
Change in working capital, $m
  4
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
Cash from operations, $m
  80
  121
  68
  69
  71
  73
  76
  80
  84
  89
  94
  96
  102
  109
  117
  125
  135
  144
  155
  166
  178
  191
  205
  220
  236
  252
  270
  289
  309
  331
  353
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -18
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Cash from investing activities, $m
  -29
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -12
  -14
  -14
  -14
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -23
  -23
  -25
  -26
  -28
  -28
  -30
  -32
  -33
  -35
Free cash flow, $m
  51
  113
  59
  60
  61
  63
  66
  69
  72
  76
  81
  82
  88
  94
  101
  109
  117
  126
  135
  146
  157
  169
  181
  195
  209
  225
  241
  259
  277
  297
  318
Issuance/(repayment) of debt, $m
  -10
  6
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
Issuance/(repurchase) of shares, $m
  -5
  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  
  -14
  6
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
Total cash flow (excl. dividends), $m
  33
  119
  66
  68
  71
  74
  77
  81
  86
  91
  97
  99
  106
  113
  122
  130
  140
  150
  161
  173
  186
  199
  213
  229
  245
  262
  281
  301
  321
  343
  367
Retained Cash Flow (-), $m
  -21
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Prev. year cash balance distribution, $m
 
  122
  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
 
  236
  60
  62
  63
  65
  68
  71
  75
  80
  84
  86
  92
  98
  106
  113
  122
  131
  141
  152
  163
  175
  188
  202
  217
  233
  250
  268
  287
  308
  329
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
 
  226
  55
  54
  52
  51
  49
  48
  47
  46
  44
  41
  39
  37
  35
  33
  31
  29
  26
  23
  21
  18
  16
  13
  11
  9
  7
  6
  4
  3
  2
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

Standex International Corporation manufactures and sells various products and services for commercial and industrial market segments in the United States and internationally. The company’s Food Service Equipment segment offers refrigerated cabinets, cases, display units, coolers and freezers, ovens, griddles, char broilers, commercial ranges, toasters, warmers, roller grills, countertop merchandisers, cook and hold units, rotisseries, pressure fryers, deep fryers, baking equipment, pump systems, and display cases. Its Engraving segment provides mold texturizing, slush molding, and in-mold graining tools; and roll engraving, hygiene product tooling, low observation vents for stealth aircraft, and process machineries, as well as project management and design services. It serves automotive, plastic, building product, synthetic material, converting, textile and paper, computer, houseware, hygiene product tooling, and aerospace industries. The company’s Engineering Technologies segment offers customized solutions used in the manufacture of engineered components for the aviation, aerospace, defense, energy, industrial, medical, marine, oil and gas, and space markets. Its Electronics segment offers electronic components, including reed relays, fluid level sensors, and electronic assemblies; and wound transformers and inductors, assemblies, and mechanical packaging and planar transformers for the transportation, smart-grid, energy, appliance, HVAC, security, military, medical, aerospace, test and measurement, power distribution, and general industrial applications. The company’s Hydraulics segment offers telescopic and piston rod hydraulic cylinders, and pneumatic cylinders for use in construction equipment, refuse, airline support, mining, oil and gas, and other material handling applications. Standex International Corporation sells its products through dealers, and industry representatives. The company was founded in 1955 and is headquartered in Salem, New Hampshire.

FINANCIAL RATIOS  of  Standex International (SXI)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 1.6
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate -2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.9%
Total Debt to Equity 24.9%
Interest Coverage 36
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 14.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 33.5%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 9.5%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 13.5%

SXI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SXI stock intrinsic value calculation we used $752 million for the last fiscal year's total revenue generated by Standex International. The default revenue input number comes from 2016 income statement of Standex International. 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 SXI 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 4.3%, whose default value for SXI is calculated based on our internal credit rating of Standex International, 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 Standex International.
    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 SXI stock the variable cost ratio is equal to 65%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $197 million in the base year in the intrinsic value calculation for SXI 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 Standex International.

Corporate tax rate of 27% is the nominal tax rate for Standex International. 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 SXI 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 SXI are equal to 12.3%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Standex International 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 SXI is equal to 13.3%. 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 - $370 million for Standex International - 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 12.398 million for Standex International 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 Standex International at the current share price and the inputted number of shares is $1.2 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
KTEC Key Technology 13.01 prem.  prem.
MFS Manitowoc Food 19.04 prem.  prem.
JBT John Bean Tech 87.60 prem.  prem.
MIDD Middleby 139.46 prem.  prem.
TMO Thermo Fisher 157.71 prem.  prem.

COMPANY NEWS

▶ Standex posts 3Q profit   [May-02-17 08:33AM  Associated Press]
▶ Standex Declares 211th Quarterly Cash Dividend   [Apr-25-17 03:49PM  Business Wire]
▶ Top Ranked Momentum Stocks to Buy for April 5th   [Apr-05-17 09:17AM  Zacks]
▶ Standex posts 2Q profit   [09:03AM  Associated Press]
▶ Standex Declares 210th Quarterly Cash Dividend   [Jan-26-17 10:45AM  Business Wire]
▶ COMSCORE, Inc. (SCOR): Are Hedge Funds Right About This Stock?   [Dec-08-16 11:46AM  at Insider Monkey]
▶ Standex Declares 209th Quarterly Cash Dividend   [Oct-27-16 12:29PM  Business Wire]
▶ Standex Acquires Horizon Scientific, Inc.   [Oct-17-16 04:51PM  Business Wire]
▶ Standex Declares 208th Quarterly Cash Dividend   [Jul-28-16 12:38PM  Business Wire]
▶ Standex Declares 207th Quarterly Cash Dividend   [Apr-27-16 09:00AM  Business Wire]
Stock chart of SXI Financial statements of SXI Annual reports of SXI
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.