Intrinsic value of Net 1 U.E.P.S. Technologies - UEPS

Previous Close

$11.17

  Intrinsic Value

$27.73

stock screener

  Rating & Target

str. buy

+148%

Previous close

$11.17

 
Intrinsic value

$27.73

 
Up/down potential

+148%

 
Rating

str. buy

We calculate the intrinsic value of UEPS 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 2017), $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 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.21
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  610
  626
  644
  663
  685
  708
  734
  761
  790
  822
  855
  891
  929
  969
  1,011
  1,056
  1,104
  1,154
  1,207
  1,263
  1,322
  1,385
  1,450
  1,519
  1,592
  1,668
  1,749
  1,834
  1,923
  2,017
  2,115
Variable operating expenses, $m
 
  503
  517
  532
  549
  567
  587
  608
  631
  655
  681
  689
  719
  750
  783
  818
  854
  893
  934
  978
  1,023
  1,072
  1,122
  1,176
  1,232
  1,291
  1,354
  1,419
  1,488
  1,561
  1,637
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
  513
  503
  517
  532
  549
  567
  587
  608
  631
  655
  681
  689
  719
  750
  783
  818
  854
  893
  934
  978
  1,023
  1,072
  1,122
  1,176
  1,232
  1,291
  1,354
  1,419
  1,488
  1,561
  1,637
Operating income, $m
  97
  123
  127
  131
  136
  141
  147
  153
  160
  167
  174
  201
  210
  219
  229
  239
  249
  261
  273
  285
  299
  313
  328
  343
  360
  377
  395
  414
  435
  456
  478
EBITDA, $m
  138
  155
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  231
  241
  251
  262
  274
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434
  455
  478
  501
  525
Interest expense (income), $m
  4
  1
  3
  4
  7
  9
  12
  14
  18
  21
  24
  28
  32
  36
  41
  45
  50
  56
  61
  67
  73
  80
  87
  94
  102
  110
  118
  127
  137
  147
  157
Earnings before tax, $m
  114
  122
  124
  127
  129
  132
  135
  139
  142
  146
  150
  173
  178
  183
  188
  193
  199
  205
  212
  218
  225
  233
  241
  249
  258
  267
  277
  287
  298
  309
  321
Tax expense, $m
  42
  33
  33
  34
  35
  36
  37
  37
  38
  39
  41
  47
  48
  49
  51
  52
  54
  55
  57
  59
  61
  63
  65
  67
  70
  72
  75
  78
  80
  83
  87
Net income, $m
  73
  89
  91
  92
  94
  96
  99
  101
  104
  107
  110
  127
  130
  133
  137
  141
  145
  150
  154
  159
  165
  170
  176
  182
  188
  195
  202
  210
  217
  226
  234

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  258
  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
  1,451
  1,225
  1,260
  1,298
  1,340
  1,386
  1,436
  1,489
  1,547
  1,608
  1,673
  1,743
  1,817
  1,896
  1,979
  2,067
  2,160
  2,259
  2,362
  2,472
  2,588
  2,709
  2,838
  2,973
  3,115
  3,265
  3,423
  3,589
  3,763
  3,946
  4,139
Adjusted assets (=assets-cash), $m
  1,193
  1,225
  1,260
  1,298
  1,340
  1,386
  1,436
  1,489
  1,547
  1,608
  1,673
  1,743
  1,817
  1,896
  1,979
  2,067
  2,160
  2,259
  2,362
  2,472
  2,588
  2,709
  2,838
  2,973
  3,115
  3,265
  3,423
  3,589
  3,763
  3,946
  4,139
Revenue / Adjusted assets
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
Average production assets, $m
  92
  94
  97
  99
  103
  106
  110
  114
  119
  123
  128
  134
  139
  145
  152
  158
  166
  173
  181
  189
  198
  208
  218
  228
  239
  250
  262
  275
  288
  302
  317
Working capital, $m
  385
  157
  162
  166
  172
  178
  184
  191
  198
  206
  215
  224
  233
  243
  254
  265
  277
  290
  303
  317
  332
  348
  364
  381
  400
  419
  439
  460
  483
  506
  531
Total debt, $m
  33
  27
  48
  71
  97
  124
  154
  187
  221
  258
  298
  340
  385
  432
  482
  535
  592
  651
  714
  780
  850
  924
  1,001
  1,083
  1,169
  1,259
  1,354
  1,455
  1,560
  1,671
  1,787
Total liabilities, $m
  746
  740
  761
  784
  810
  837
  867
  900
  934
  971
  1,011
  1,053
  1,098
  1,145
  1,195
  1,248
  1,305
  1,364
  1,427
  1,493
  1,563
  1,637
  1,714
  1,796
  1,882
  1,972
  2,067
  2,168
  2,273
  2,384
  2,500
Total equity, $m
  705
  485
  499
  514
  531
  549
  569
  590
  612
  637
  663
  690
  720
  751
  784
  819
  855
  894
  936
  979
  1,025
  1,073
  1,124
  1,177
  1,234
  1,293
  1,355
  1,421
  1,490
  1,563
  1,639
Total liabilities and equity, $m
  1,451
  1,225
  1,260
  1,298
  1,341
  1,386
  1,436
  1,490
  1,546
  1,608
  1,674
  1,743
  1,818
  1,896
  1,979
  2,067
  2,160
  2,258
  2,363
  2,472
  2,588
  2,710
  2,838
  2,973
  3,116
  3,265
  3,422
  3,589
  3,763
  3,947
  4,139
Debt-to-equity ratio
  0.047
  0.060
  0.100
  0.140
  0.180
  0.230
  0.270
  0.320
  0.360
  0.410
  0.450
  0.490
  0.530
  0.580
  0.620
  0.650
  0.690
  0.730
  0.760
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.970
  1.000
  1.020
  1.050
  1.070
  1.090
Adjusted equity ratio
  0.389
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  89
  91
  92
  94
  96
  99
  101
  104
  107
  110
  127
  130
  133
  137
  141
  145
  150
  154
  159
  165
  170
  176
  182
  188
  195
  202
  210
  217
  226
  234
Depreciation, amort., depletion, $m
  41
  33
  33
  34
  34
  35
  35
  36
  37
  37
  38
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
Funds from operations, $m
  79
  122
  124
  126
  129
  131
  134
  137
  140
  144
  148
  146
  151
  155
  160
  165
  170
  176
  181
  188
  194
  201
  208
  216
  224
  232
  241
  251
  260
  271
  282
Change in working capital, $m
  -18
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
Cash from operations, $m
  97
  118
  119
  121
  123
  125
  128
  130
  133
  136
  139
  138
  141
  145
  149
  154
  158
  163
  168
  174
  179
  185
  192
  199
  206
  213
  221
  229
  238
  247
  257
Maintenance CAPEX, $m
  0
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
New CAPEX, $m
  -11
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
Cash from investing activities, $m
  -114
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
Free cash flow, $m
  -17
  102
  103
  104
  105
  106
  108
  110
  112
  114
  116
  113
  116
  118
  121
  124
  127
  131
  134
  138
  142
  147
  151
  156
  161
  166
  172
  177
  184
  190
  197
Issuance/(repayment) of debt, $m
  -20
  20
  21
  23
  25
  28
  30
  32
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
  111
  116
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  
  40
  20
  21
  23
  25
  28
  30
  32
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
  111
  116
Total cash flow (excl. dividends), $m
  35
  122
  124
  127
  131
  134
  138
  142
  146
  151
  155
  155
  160
  166
  171
  177
  184
  190
  197
  204
  212
  220
  229
  237
  247
  257
  267
  278
  289
  301
  313
Retained Cash Flow (-), $m
  -104
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -76
Prev. year cash balance distribution, $m
 
  232
  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
 
  342
  110
  112
  114
  116
  118
  121
  124
  126
  129
  128
  131
  135
  138
  142
  147
  151
  156
  161
  166
  172
  178
  184
  190
  197
  204
  212
  220
  228
  237
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
 
  328
  101
  97
  94
  90
  86
  82
  77
  73
  68
  61
  56
  51
  46
  42
  37
  33
  29
  25
  21
  18
  15
  12
  10
  8
  6
  5
  3
  2
  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

Net 1 UEPS Technologies, Inc. is a provider of payment solutions, transaction processing services and financial technology across multiple industries. The Company develops and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. The Company operates through three segments: South African transaction processing, International transaction processing, and Financial inclusion and applied technologies. The Company also provides secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It offers secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base.

FINANCIAL RATIOS  of  Net 1 U.E.P.S. Technologies (UEPS)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69.4%
Cap. Spend. - 3 Yr. Gr. Rate -14.4%
Financial Strength
Quick Ratio 10
Current Ratio 0.9
LT Debt to Equity 1%
Total Debt to Equity 4.7%
Interest Coverage 30
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 52.1%
Gross Margin - 3 Yr. Avg. 51.8%
EBITDA Margin 26.1%
EBITDA Margin - 3 Yr. Avg. 28.1%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 18.7%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 12%
Net Profit Margin - 3 Yr. Avg. 13.7%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 0%

UEPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UEPS stock intrinsic value calculation we used $610 million for the last fiscal year's total revenue generated by Net 1 U.E.P.S. Technologies. The default revenue input number comes from 2017 income statement of Net 1 U.E.P.S. Technologies. 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 UEPS stock valuation model: a) initial revenue growth rate of 2.6% 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 UEPS is calculated based on our internal credit rating of Net 1 U.E.P.S. Technologies, 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 Net 1 U.E.P.S. Technologies.
    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 UEPS stock the variable cost ratio is equal to 80.5%.

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 UEPS 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 9.4% for Net 1 U.E.P.S. Technologies.

Corporate tax rate of 27% is the nominal tax rate for Net 1 U.E.P.S. Technologies. 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 UEPS 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 UEPS are equal to 15%.

Life of production assets of 6.7 years is the average useful life of capital assets used in Net 1 U.E.P.S. Technologies 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 UEPS is equal to 25.1%. 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 - $705 million for Net 1 U.E.P.S. Technologies - 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 56.928 million for Net 1 U.E.P.S. Technologies 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 Net 1 U.E.P.S. Technologies at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
MA Mastercard 153.40 132.19  hold
V VISA Cl A 113.82 158.91  buy
PYPL PayPal Holding 75.65 59.91  hold
GPN Global Payment 100.83 35.58  str.sell

COMPANY NEWS

▶ Bitcoin-Related Stocks Soar After Futures Debut   [Dec-12-17 11:05AM  Investopedia]
▶ South African Post Office Takes Over Welfare Payments   [Dec-10-17 05:55AM  Bloomberg]
▶ Net1 to Host Investor Day   [Nov-28-17 09:00AM  Marketwired]
▶ Attention Traders: Blockchainpalooza Continues   [Nov-24-17 02:47PM  Benzinga]
▶ Net 1 UEPS posts 1Q profit   [Nov-09-17 05:12PM  Associated Press]
▶ Flavor Of The Month: Net 1 UEPS Technologies And More   [Nov-04-17 09:02AM  Simply Wall St.]
▶ New Strong Sell Stocks for October 6th   [Oct-06-17 09:17AM  Zacks]
▶ Net 1 UEPS posts 4Q profit   [Aug-24-17 09:37PM  Associated Press]
▶ Net1 Concludes Investments in Cell C and DNI   [Aug-07-17 07:45AM  Marketwired]
▶ Top Ranked Value Stocks to Buy for June 20th   [Jun-20-17 10:37AM  Zacks]
▶ Net1 appoints Alfred Mockett to its board of directors   [May-31-17 04:05PM  Marketwired]
▶ Bargain Tech Stock Out Of Africa   [May-23-17 06:30AM  Forbes]
▶ National Prosecuting Authority closes case against Net1   [May-18-17 09:30AM  Marketwired]
▶ Net 1 UEPS posts 3Q profit   [May-04-17 06:53PM  Associated Press]
▶ Net1 Sets the Record Straight With External Verification   [Apr-21-17 11:30AM  Marketwired]
▶ Top Ranked Value Stocks to Buy for March 31st   [Mar-31-17 10:46AM  Zacks]
Financial statements of UEPS
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.