Intrinsic value of United Fire Group - UFCS

Previous Close

$48.27

  Intrinsic Value

$270.81

stock screener

  Rating & Target

str. buy

+461%

Previous close

$48.27

 
Intrinsic value

$270.81

 
Up/down potential

+461%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as UFCS.

We calculate the intrinsic value of UFCS 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 2013), $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
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.87
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  0
  954
  1,035
  1,118
  1,205
  1,295
  1,389
  1,487
  1,588
  1,693
  1,803
  1,917
  2,036
  2,159
  2,288
  2,422
  2,562
  2,709
  2,861
  3,021
  3,187
  3,361
  3,543
  3,734
  3,933
  4,141
  4,360
  4,589
  4,828
  5,079
  5,342
Variable operating expenses, $m
 
  179
  194
  210
  226
  243
  260
  278
  297
  317
  337
  357
  379
  402
  426
  451
  477
  505
  533
  563
  594
  626
  660
  696
  733
  772
  812
  855
  899
  946
  995
Fixed operating expenses, $m
 
  645
  661
  677
  694
  712
  729
  748
  766
  786
  805
  825
  846
  867
  889
  911
  934
  957
  981
  1,006
  1,031
  1,056
  1,083
  1,110
  1,138
  1,166
  1,195
  1,225
  1,256
  1,287
  1,319
Total operating expenses, $m
  775
  824
  855
  887
  920
  955
  989
  1,026
  1,063
  1,103
  1,142
  1,182
  1,225
  1,269
  1,315
  1,362
  1,411
  1,462
  1,514
  1,569
  1,625
  1,682
  1,743
  1,806
  1,871
  1,938
  2,007
  2,080
  2,155
  2,233
  2,314
Operating income, $m
  102
  130
  179
  231
  285
  341
  399
  460
  524
  591
  660
  735
  810
  890
  973
  1,060
  1,151
  1,247
  1,347
  1,452
  1,563
  1,679
  1,800
  1,928
  2,063
  2,204
  2,352
  2,509
  2,673
  2,846
  3,028
EBITDA, $m
  108
  137
  187
  239
  293
  349
  408
  470
  534
  602
  672
  745
  822
  902
  986
  1,073
  1,165
  1,262
  1,363
  1,469
  1,580
  1,697
  1,820
  1,949
  2,084
  2,226
  2,376
  2,534
  2,699
  2,873
  3,057
Interest expense (income), $m
  0
  0
  9
  18
  28
  38
  49
  60
  71
  83
  96
  108
  122
  136
  150
  165
  181
  197
  215
  232
  251
  271
  291
  312
  335
  358
  382
  408
  435
  463
  492
Earnings before tax, $m
  102
  130
  170
  213
  257
  302
  350
  401
  453
  508
  565
  626
  689
  754
  823
  895
  970
  1,050
  1,133
  1,220
  1,312
  1,408
  1,509
  1,616
  1,728
  1,846
  1,970
  2,101
  2,238
  2,383
  2,535
Tax expense, $m
  26
  35
  46
  57
  69
  82
  95
  108
  122
  137
  152
  169
  186
  204
  222
  242
  262
  283
  306
  329
  354
  380
  408
  436
  467
  498
  532
  567
  604
  643
  685
Net income, $m
  76
  95
  124
  155
  187
  221
  256
  292
  331
  371
  412
  457
  503
  551
  601
  653
  708
  766
  827
  891
  958
  1,028
  1,102
  1,180
  1,261
  1,348
  1,438
  1,533
  1,634
  1,740
  1,851

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  3,721
  4,043
  4,384
  4,738
  5,106
  5,488
  5,886
  6,299
  6,729
  7,175
  7,639
  8,123
  8,626
  9,149
  9,695
  10,264
  10,858
  11,477
  12,124
  12,799
  13,505
  14,242
  15,014
  15,821
  16,665
  17,549
  18,474
  19,443
  20,458
  21,522
  22,636
Adjusted assets (=assets-cash), $m
  3,721
  4,043
  4,384
  4,738
  5,106
  5,488
  5,886
  6,299
  6,729
  7,175
  7,639
  8,123
  8,626
  9,149
  9,695
  10,264
  10,858
  11,477
  12,124
  12,799
  13,505
  14,242
  15,014
  15,821
  16,665
  17,549
  18,474
  19,443
  20,458
  21,522
  22,636
Revenue / Adjusted assets
  0.000
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
Average production assets, $m
  58
  63
  68
  74
  80
  85
  92
  98
  105
  112
  119
  127
  134
  143
  151
  160
  169
  179
  189
  199
  210
  222
  234
  246
  260
  273
  288
  303
  319
  335
  353
Working capital, $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
Total debt, $m
  0
  256
  525
  805
  1,096
  1,398
  1,712
  2,038
  2,378
  2,730
  3,097
  3,479
  3,876
  4,290
  4,721
  5,171
  5,640
  6,129
  6,640
  7,173
  7,731
  8,314
  8,923
  9,560
  10,227
  10,925
  11,656
  12,422
  13,224
  14,064
  14,945
Total liabilities, $m
  2,938
  3,194
  3,463
  3,743
  4,034
  4,336
  4,650
  4,976
  5,316
  5,668
  6,035
  6,417
  6,814
  7,228
  7,659
  8,109
  8,578
  9,067
  9,578
  10,111
  10,669
  11,252
  11,861
  12,498
  13,165
  13,863
  14,594
  15,360
  16,162
  17,002
  17,883
Total equity, $m
  783
  849
  921
  995
  1,072
  1,153
  1,236
  1,323
  1,413
  1,507
  1,604
  1,706
  1,811
  1,921
  2,036
  2,156
  2,280
  2,410
  2,546
  2,688
  2,836
  2,991
  3,153
  3,322
  3,500
  3,685
  3,880
  4,083
  4,296
  4,520
  4,754
Total liabilities and equity, $m
  3,721
  4,043
  4,384
  4,738
  5,106
  5,489
  5,886
  6,299
  6,729
  7,175
  7,639
  8,123
  8,625
  9,149
  9,695
  10,265
  10,858
  11,477
  12,124
  12,799
  13,505
  14,243
  15,014
  15,820
  16,665
  17,548
  18,474
  19,443
  20,458
  21,522
  22,637
Debt-to-equity ratio
  0.000
  0.300
  0.570
  0.810
  1.020
  1.210
  1.380
  1.540
  1.680
  1.810
  1.930
  2.040
  2.140
  2.230
  2.320
  2.400
  2.470
  2.540
  2.610
  2.670
  2.730
  2.780
  2.830
  2.880
  2.920
  2.960
  3.000
  3.040
  3.080
  3.110
  3.140
Adjusted equity ratio
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  95
  124
  155
  187
  221
  256
  292
  331
  371
  412
  457
  503
  551
  601
  653
  708
  766
  827
  891
  958
  1,028
  1,102
  1,180
  1,261
  1,348
  1,438
  1,533
  1,634
  1,740
  1,851
Depreciation, amort., depletion, $m
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
Funds from operations, $m
  217
  102
  132
  163
  195
  229
  265
  302
  341
  381
  424
  468
  514
  562
  613
  666
  722
  781
  842
  907
  975
  1,046
  1,121
  1,200
  1,283
  1,370
  1,462
  1,558
  1,660
  1,767
  1,880
Change in working capital, $m
  56
  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 operations, $m
  161
  102
  132
  163
  195
  229
  265
  302
  341
  381
  424
  468
  514
  562
  613
  666
  722
  781
  842
  907
  975
  1,046
  1,121
  1,200
  1,283
  1,370
  1,462
  1,558
  1,660
  1,767
  1,880
Maintenance CAPEX, $m
  0
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
New CAPEX, $m
  -8
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
Cash from investing activities, $m
  -102
  -10
  -10
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -21
  -21
  -22
  -24
  -25
  -27
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Free cash flow, $m
  59
  92
  121
  152
  184
  217
  252
  288
  326
  366
  407
  450
  496
  543
  593
  645
  700
  757
  818
  881
  947
  1,017
  1,091
  1,168
  1,249
  1,335
  1,425
  1,520
  1,619
  1,724
  1,835
Issuance/(repayment) of debt, $m
  0
  256
  269
  280
  291
  302
  314
  326
  339
  353
  367
  382
  397
  414
  431
  450
  469
  489
  511
  534
  557
  583
  609
  637
  667
  698
  731
  766
  802
  840
  881
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  
  -58
  256
  269
  280
  291
  302
  314
  326
  339
  353
  367
  382
  397
  414
  431
  450
  469
  489
  511
  534
  557
  583
  609
  637
  667
  698
  731
  766
  802
  840
  881
Total cash flow (excl. dividends), $m
  2
  348
  390
  431
  474
  519
  566
  614
  665
  718
  774
  832
  893
  957
  1,024
  1,095
  1,169
  1,247
  1,328
  1,414
  1,505
  1,600
  1,700
  1,805
  1,916
  2,033
  2,156
  2,285
  2,421
  2,565
  2,715
Retained Cash Flow (-), $m
  -54
  -66
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -101
  -106
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -186
  -194
  -204
  -213
  -223
  -234
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
 
  282
  319
  357
  397
  439
  482
  528
  575
  625
  677
  730
  787
  847
  910
  975
  1,044
  1,117
  1,193
  1,273
  1,357
  1,445
  1,538
  1,636
  1,739
  1,847
  1,962
  2,082
  2,208
  2,341
  2,481
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
 
  270
  292
  311
  327
  340
  350
  356
  359
  359
  355
  347
  336
  322
  305
  286
  265
  243
  220
  196
  172
  149
  128
  107
  89
  72
  57
  45
  34
  26
  19
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

United Fire Group, Inc. and its subsidiaries are engaged in the business of writing property and casualty insurance and life insurance and selling annuities through a network of independent agencies. The Company operates through two segments: property and casualty insurance, and life insurance. Its property and casualty insurance segment consists of commercial lines insurance, including surety bonds, personal lines insurance and assumed reinsurance. Its life insurance segment consists of deferred and immediate fixed annuities, universal life insurance products and traditional life insurance products. Its life insurance segment consists solely of the operations of United Life Insurance Company. Its life insurance subsidiary markets its products primarily in the Midwest, East Coast and West. As of December 31, 2016, the Company's insurance company subsidiaries were licensed as a property and casualty insurer in 46 states and the District of Columbia, and as a life insurer in 37 states. _tck('aft');

FINANCIAL RATIOS  of  United Fire Group (UFCS)

Valuation Ratios
P/E Ratio 16.1
Price to Sales 1.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 166.7%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 25.5%
Eff/ Tax Rate - 3 Yr. Avg. 46.2%
Payout Ratio 22.4%

UFCS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UFCS stock intrinsic value calculation we used $877 million for the last fiscal year's total revenue generated by United Fire Group. The default revenue input number comes from 2013 income statement of United Fire Group. 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 UFCS stock valuation model: a) initial revenue growth rate of 8.8% 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 UFCS is calculated based on our internal credit rating of United Fire Group, 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 United Fire Group.
    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 UFCS stock the variable cost ratio is equal to 18.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $629 million in the base year in the intrinsic value calculation for UFCS 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 United Fire Group.

Corporate tax rate of 27% is the nominal tax rate for United Fire Group. 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 UFCS 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 UFCS are equal to 6.6%.

Life of production assets of 12.1 years is the average useful life of capital assets used in United Fire Group 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 UFCS is equal to 0%. 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 - $783 million for United Fire Group - 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 25.021 million for United Fire Group 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 United Fire Group at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CINF Cincinnati Fin 73.46 67.74  hold
ACGL Arch Capital G 97.01 395.10  str.buy
THG Hanover Insura 106.33 173.62  str.buy
EMCI EMC Insurance 30.62 43.83  buy
RLI RLI 59.79 56.30  hold
L Loews 49.38 34.45  sell
AFG American Finan 102.47 271.43  str.buy
TRV Travelers Cos. 130.63 343.60  str.buy

COMPANY NEWS

▶ United Fire reports 3Q loss   [Nov-08-17 09:19AM  Associated Press]
▶ What Hurricane Irma could mean for stocks   [Sep-08-17 06:50AM  Yahoo Finance]
▶ United Fire posts 2Q profit   [Aug-02-17 04:32PM  Associated Press]
▶ United Fire posts 1Q profit   [07:36AM  Associated Press]
▶ United Fire posts 4Q profit   [07:12AM  Associated Press]
▶ Do Hedge Funds Love United Fire Group, Inc. (UFCS)?   [Dec-14-16 03:16AM  Insider Monkey]
Financial statements of UFCS
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.