Intrinsic value of Gentherm - THRM

Previous Close

$36.20

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$36.20

 
Intrinsic value

$62.13

 
Up/down potential

+72%

 
Rating

str. buy

 
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 THRM 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 1.3

 

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, %
  7.24
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  918
  1,026
  1,140
  1,260
  1,386
  1,517
  1,654
  1,796
  1,944
  2,098
  2,259
  2,425
  2,598
  2,778
  2,965
  3,159
  3,361
  3,572
  3,791
  4,019
  4,257
  4,505
  4,764
  5,034
  5,316
  5,611
  5,919
  6,240
  6,577
  6,929
  7,298
Variable operating expenses, $m
 
  869
  965
  1,066
  1,171
  1,281
  1,396
  1,516
  1,641
  1,771
  1,905
  2,040
  2,186
  2,337
  2,494
  2,658
  2,828
  3,005
  3,189
  3,381
  3,582
  3,790
  4,008
  4,235
  4,473
  4,720
  4,979
  5,250
  5,534
  5,830
  6,140
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
  811
  869
  965
  1,066
  1,171
  1,281
  1,396
  1,516
  1,641
  1,771
  1,905
  2,040
  2,186
  2,337
  2,494
  2,658
  2,828
  3,005
  3,189
  3,381
  3,582
  3,790
  4,008
  4,235
  4,473
  4,720
  4,979
  5,250
  5,534
  5,830
  6,140
Operating income, $m
  106
  158
  176
  195
  215
  235
  257
  280
  303
  328
  353
  385
  412
  441
  470
  501
  533
  567
  601
  638
  675
  715
  756
  799
  843
  890
  939
  990
  1,044
  1,099
  1,158
EBITDA, $m
  144
  198
  220
  243
  267
  293
  319
  347
  375
  405
  436
  468
  501
  536
  572
  610
  649
  689
  731
  776
  821
  869
  919
  971
  1,026
  1,083
  1,142
  1,204
  1,269
  1,337
  1,408
Interest expense (income), $m
  3
  6
  8
  9
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  41
  45
  48
  51
  54
  58
  62
  66
  70
  74
  79
  83
  88
  93
Earnings before tax, $m
  111
  152
  168
  186
  204
  223
  243
  263
  285
  307
  330
  359
  384
  410
  437
  466
  495
  525
  557
  590
  624
  660
  698
  737
  778
  820
  865
  912
  960
  1,011
  1,065
Tax expense, $m
  34
  41
  45
  50
  55
  60
  65
  71
  77
  83
  89
  97
  104
  111
  118
  126
  134
  142
  150
  159
  169
  178
  188
  199
  210
  221
  234
  246
  259
  273
  287
Net income, $m
  77
  111
  123
  135
  149
  163
  177
  192
  208
  224
  241
  262
  281
  300
  319
  340
  361
  383
  407
  431
  456
  482
  509
  538
  568
  599
  631
  665
  701
  738
  777

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  177
  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
  843
  745
  828
  915
  1,006
  1,101
  1,200
  1,303
  1,411
  1,523
  1,639
  1,760
  1,885
  2,016
  2,152
  2,293
  2,439
  2,592
  2,751
  2,917
  3,089
  3,269
  3,457
  3,653
  3,858
  4,072
  4,295
  4,529
  4,773
  5,029
  5,296
Adjusted assets (=assets-cash), $m
  666
  745
  828
  915
  1,006
  1,101
  1,200
  1,303
  1,411
  1,523
  1,639
  1,760
  1,885
  2,016
  2,152
  2,293
  2,439
  2,592
  2,751
  2,917
  3,089
  3,269
  3,457
  3,653
  3,858
  4,072
  4,295
  4,529
  4,773
  5,029
  5,296
Revenue / Adjusted assets
  1.378
  1.377
  1.377
  1.377
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
Average production assets, $m
  199
  222
  246
  272
  299
  328
  357
  388
  420
  453
  488
  524
  561
  600
  640
  682
  726
  772
  819
  868
  920
  973
  1,029
  1,087
  1,148
  1,212
  1,278
  1,348
  1,421
  1,497
  1,576
Working capital, $m
  295
  134
  149
  165
  182
  199
  217
  235
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  497
  527
  558
  590
  624
  659
  696
  735
  775
  818
  862
  908
  956
Total debt, $m
  172
  215
  262
  312
  364
  419
  475
  535
  596
  660
  727
  796
  867
  942
  1,020
  1,100
  1,184
  1,272
  1,363
  1,457
  1,556
  1,659
  1,766
  1,879
  1,996
  2,118
  2,246
  2,379
  2,519
  2,665
  2,818
Total liabilities, $m
  383
  426
  473
  523
  575
  630
  686
  746
  807
  871
  938
  1,007
  1,078
  1,153
  1,231
  1,311
  1,395
  1,483
  1,574
  1,668
  1,767
  1,870
  1,977
  2,090
  2,207
  2,329
  2,457
  2,590
  2,730
  2,876
  3,029
Total equity, $m
  460
  319
  354
  391
  430
  471
  514
  558
  604
  652
  702
  753
  807
  863
  921
  981
  1,044
  1,109
  1,177
  1,248
  1,322
  1,399
  1,480
  1,564
  1,651
  1,743
  1,838
  1,938
  2,043
  2,152
  2,267
Total liabilities and equity, $m
  843
  745
  827
  914
  1,005
  1,101
  1,200
  1,304
  1,411
  1,523
  1,640
  1,760
  1,885
  2,016
  2,152
  2,292
  2,439
  2,592
  2,751
  2,916
  3,089
  3,269
  3,457
  3,654
  3,858
  4,072
  4,295
  4,528
  4,773
  5,028
  5,296
Debt-to-equity ratio
  0.374
  0.670
  0.740
  0.800
  0.850
  0.890
  0.930
  0.960
  0.990
  1.010
  1.040
  1.060
  1.070
  1.090
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
Adjusted equity ratio
  0.425
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  111
  123
  135
  149
  163
  177
  192
  208
  224
  241
  262
  281
  300
  319
  340
  361
  383
  407
  431
  456
  482
  509
  538
  568
  599
  631
  665
  701
  738
  777
Depreciation, amort., depletion, $m
  38
  40
  44
  48
  53
  57
  62
  67
  72
  77
  83
  83
  89
  95
  102
  108
  115
  122
  130
  138
  146
  154
  163
  173
  182
  192
  203
  214
  226
  238
  250
Funds from operations, $m
  101
  151
  167
  184
  201
  220
  239
  259
  280
  301
  324
  345
  370
  395
  421
  448
  476
  506
  537
  569
  602
  637
  673
  711
  750
  791
  834
  879
  927
  976
  1,027
Change in working capital, $m
  -7
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
Cash from operations, $m
  108
  168
  152
  168
  185
  203
  221
  240
  260
  281
  303
  324
  347
  371
  396
  423
  450
  478
  508
  539
  571
  604
  639
  675
  713
  753
  794
  837
  882
  930
  979
Maintenance CAPEX, $m
  0
  -32
  -35
  -39
  -43
  -48
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -173
  -182
  -192
  -203
  -214
  -226
  -238
New CAPEX, $m
  -66
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
Cash from investing activities, $m
  -144
  -55
  -60
  -65
  -70
  -76
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -128
  -135
  -144
  -152
  -160
  -169
  -179
  -189
  -200
  -210
  -221
  -234
  -246
  -259
  -273
  -287
  -302
  -318
Free cash flow, $m
  -36
  114
  92
  103
  115
  127
  139
  153
  167
  181
  196
  210
  226
  243
  261
  279
  298
  318
  338
  359
  381
  404
  428
  453
  480
  507
  535
  565
  596
  628
  662
Issuance/(repayment) of debt, $m
  73
  45
  47
  50
  52
  54
  57
  59
  62
  64
  66
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
Issuance/(repurchase) of shares, $m
  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
Cash from financing (excl. dividends), $m  
  80
  45
  47
  50
  52
  54
  57
  59
  62
  64
  66
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
Total cash flow (excl. dividends), $m
  33
  159
  140
  153
  167
  181
  196
  212
  228
  245
  263
  279
  298
  318
  338
  360
  382
  405
  429
  454
  480
  507
  536
  566
  597
  629
  663
  698
  735
  774
  815
Retained Cash Flow (-), $m
  -76
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
Prev. year cash balance distribution, $m
 
  175
  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
 
  300
  104
  116
  128
  140
  154
  168
  182
  197
  213
  228
  245
  262
  280
  299
  319
  340
  361
  383
  406
  430
  456
  482
  509
  538
  567
  598
  631
  665
  700
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
 
  288
  95
  101
  105
  109
  112
  113
  114
  113
  112
  108
  104
  100
  94
  88
  81
  74
  66
  59
  52
  45
  38
  32
  26
  21
  17
  13
  10
  7
  5
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

Gentherm Incorporated designs, develops, and manufactures thermal management technologies in North America, Europe, and Asia. The company operates through Automotive and Industrial segments. The Automotive segment offers automotive seat comfort systems, including seat heaters, variable temperature climate control seats that are designed to provide individualized thermal comfort to automobile passengers; and integrated electronic components, such as blowers and electronic control units. This segment also provides specialized automotive cable system products, including ready-made wire harnesses and related wiring products; automotive steering wheel heaters, heated door and armrests, heated and cooled cup holders, and thermal storage bins; and non-automotive products comprising heated and cooled mattress and furniture. This segment serves light vehicle original equipment manufacturers (OEMs), commercial vehicle OEMs, and automotive seat manufacturers. The Industrial segment offers remote power generation systems, patient temperature management systems, and environmental testing equipment and services. The company was formerly known as Amerigon Incorporated and changed its name to Gentherm Incorporated in September 2012. Gentherm Incorporated was founded in 1968 and is headquartered in Northville, Michigan.

FINANCIAL RATIOS  of  Gentherm (THRM)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 1.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 31.5
Growth Rates
Sales Growth Rate 7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio 89
Current Ratio 0
LT Debt to Equity 37%
Total Debt to Equity 37.4%
Interest Coverage 38
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 13.8%
Ret/ On T. Cap. - 3 Yr. Avg. 18.6%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 24.3%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 32.1%
Gross Margin - 3 Yr. Avg. 31.4%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 12.1%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 0%

THRM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THRM stock intrinsic value calculation we used $918 million for the last fiscal year's total revenue generated by Gentherm. The default revenue input number comes from 2016 income statement of Gentherm. 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 THRM stock valuation model: a) initial revenue growth rate of 11.8% 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 THRM is calculated based on our internal credit rating of Gentherm, 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 Gentherm.
    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 THRM stock the variable cost ratio is equal to 84.7%.

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 THRM 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 Gentherm.

Corporate tax rate of 27% is the nominal tax rate for Gentherm. 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 THRM 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 THRM are equal to 21.6%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Gentherm 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 THRM is equal to 13.1%. 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 - $460 million for Gentherm - 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 37.197 million for Gentherm 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 Gentherm at the current share price and the inputted number of shares is $1.3 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
DLPH Delphi Automot 79.42 138.64  str.buy
LEA Lear Corp. 140.93 334.73  str.buy
STRT Strattec Secur 24.55 66.36  str.buy
MPAA Motorcar Parts 30.60 28.35  hold
CPS Cooper-Standar 111.92 242.61  str.buy

COMPANY NEWS

▶ Gentherm tops 4Q profit forecasts   [06:30AM  Associated Press]
▶ Is Gentherm Inc (THRM) A Good Stock to Buy?   [Dec-13-16 04:07AM  Insider Monkey]
▶ Mairs & Power Comments on Gentherm   [Nov-23-16 03:21PM  GuruFocus.com]
▶ Gentherm Resolves U.S. Patent Infringement Lawsuit   [Jun-10-16 04:05PM  PR Newswire]
▶ Gentherm Wins First Electronics Component Contract   [Apr-27-16 06:00AM  PR Newswire]
▶ 3 Cheap Growth Stocks You Can Buy Right Now   [10:02AM  at Motley Fool]
▶ Gentherm Announces Two New Board Of Director Nominees   [Mar-30-16 06:28AM  at noodls]
▶ Gentherm To Present At The 28th Annual ROTH Conference   [Mar-07-16 06:00AM  PR Newswire]
Stock chart of THRM Financial statements of THRM
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.