Intrinsic value of Valmont Industries - VMI

Previous Close

$156.10

  Intrinsic Value

$62.38

stock screener

  Rating & Target

str. sell

-60%

  Value-price divergence*

-51%

Previous close

$156.10

 
Intrinsic value

$62.38

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence*

-51%

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

We calculate the intrinsic value of VMI 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 3.6

 

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, %
  -3.70
  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
  2,522
  2,572
  2,632
  2,699
  2,775
  2,859
  2,952
  3,052
  3,161
  3,278
  3,404
  3,539
  3,682
  3,835
  3,998
  4,170
  4,353
  4,546
  4,751
  4,967
  5,195
  5,436
  5,690
  5,958
  6,240
  6,537
  6,849
  7,179
  7,525
  7,890
  8,273
Variable operating expenses, $m
 
  2,443
  2,499
  2,562
  2,633
  2,712
  2,799
  2,893
  2,995
  3,105
  3,223
  3,317
  3,451
  3,595
  3,747
  3,908
  4,080
  4,261
  4,453
  4,655
  4,869
  5,095
  5,333
  5,584
  5,848
  6,127
  6,420
  6,728
  7,053
  7,395
  7,754
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
  2,278
  2,443
  2,499
  2,562
  2,633
  2,712
  2,799
  2,893
  2,995
  3,105
  3,223
  3,317
  3,451
  3,595
  3,747
  3,908
  4,080
  4,261
  4,453
  4,655
  4,869
  5,095
  5,333
  5,584
  5,848
  6,127
  6,420
  6,728
  7,053
  7,395
  7,754
Operating income, $m
  244
  129
  133
  137
  142
  147
  153
  159
  166
  174
  181
  222
  231
  241
  251
  262
  273
  285
  298
  312
  326
  341
  357
  374
  391
  410
  430
  450
  472
  495
  519
EBITDA, $m
  326
  218
  223
  229
  235
  242
  250
  259
  268
  278
  289
  300
  312
  325
  339
  353
  369
  385
  403
  421
  440
  461
  482
  505
  529
  554
  581
  608
  638
  669
  701
Interest expense (income), $m
  46
  46
  48
  50
  52
  55
  58
  61
  64
  68
  72
  77
  82
  87
  92
  98
  104
  110
  117
  124
  131
  139
  148
  157
  166
  176
  186
  197
  209
  221
  234
Earnings before tax, $m
  220
  83
  85
  87
  90
  92
  95
  98
  102
  105
  109
  145
  149
  154
  159
  164
  169
  175
  181
  188
  194
  202
  209
  217
  225
  234
  243
  253
  263
  274
  285
Tax expense, $m
  42
  22
  23
  24
  24
  25
  26
  27
  27
  28
  29
  39
  40
  42
  43
  44
  46
  47
  49
  51
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
Net income, $m
  173
  61
  62
  64
  66
  67
  70
  72
  74
  77
  80
  106
  109
  112
  116
  120
  124
  128
  132
  137
  142
  147
  153
  158
  164
  171
  178
  185
  192
  200
  208

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  400
  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
  2,392
  2,032
  2,079
  2,132
  2,192
  2,259
  2,331
  2,411
  2,497
  2,589
  2,689
  2,795
  2,909
  3,029
  3,158
  3,294
  3,438
  3,591
  3,753
  3,923
  4,104
  4,294
  4,494
  4,706
  4,929
  5,163
  5,410
  5,670
  5,944
  6,232
  6,535
Adjusted assets (=assets-cash), $m
  1,992
  2,032
  2,079
  2,132
  2,192
  2,259
  2,331
  2,411
  2,497
  2,589
  2,689
  2,795
  2,909
  3,029
  3,158
  3,294
  3,438
  3,591
  3,753
  3,923
  4,104
  4,294
  4,494
  4,706
  4,929
  5,163
  5,410
  5,670
  5,944
  6,232
  6,535
Revenue / Adjusted assets
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
  1.266
Average production assets, $m
  683
  697
  713
  731
  752
  775
  800
  827
  857
  888
  922
  959
  998
  1,039
  1,083
  1,130
  1,180
  1,232
  1,287
  1,346
  1,408
  1,473
  1,542
  1,615
  1,691
  1,771
  1,856
  1,945
  2,039
  2,138
  2,242
Working capital, $m
  903
  514
  526
  540
  555
  572
  590
  610
  632
  656
  681
  708
  736
  767
  800
  834
  871
  909
  950
  993
  1,039
  1,087
  1,138
  1,192
  1,248
  1,307
  1,370
  1,436
  1,505
  1,578
  1,655
Total debt, $m
  756
  782
  816
  855
  898
  947
  1,000
  1,057
  1,120
  1,187
  1,259
  1,336
  1,419
  1,506
  1,599
  1,698
  1,803
  1,914
  2,031
  2,155
  2,286
  2,424
  2,570
  2,723
  2,885
  3,056
  3,235
  3,424
  3,622
  3,831
  4,051
Total liabilities, $m
  1,448
  1,475
  1,509
  1,548
  1,591
  1,640
  1,693
  1,750
  1,813
  1,880
  1,952
  2,029
  2,112
  2,199
  2,292
  2,391
  2,496
  2,607
  2,724
  2,848
  2,979
  3,117
  3,263
  3,416
  3,578
  3,749
  3,928
  4,117
  4,315
  4,524
  4,744
Total equity, $m
  943
  557
  570
  584
  601
  619
  639
  661
  684
  709
  737
  766
  797
  830
  865
  903
  942
  984
  1,028
  1,075
  1,124
  1,177
  1,231
  1,289
  1,350
  1,415
  1,482
  1,554
  1,629
  1,708
  1,790
Total liabilities and equity, $m
  2,391
  2,032
  2,079
  2,132
  2,192
  2,259
  2,332
  2,411
  2,497
  2,589
  2,689
  2,795
  2,909
  3,029
  3,157
  3,294
  3,438
  3,591
  3,752
  3,923
  4,103
  4,294
  4,494
  4,705
  4,928
  5,164
  5,410
  5,671
  5,944
  6,232
  6,534
Debt-to-equity ratio
  0.802
  1.400
  1.430
  1.460
  1.500
  1.530
  1.560
  1.600
  1.640
  1.670
  1.710
  1.740
  1.780
  1.810
  1.850
  1.880
  1.910
  1.950
  1.980
  2.000
  2.030
  2.060
  2.090
  2.110
  2.140
  2.160
  2.180
  2.200
  2.220
  2.240
  2.260
Adjusted equity ratio
  0.273
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274
  0.274

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  61
  62
  64
  66
  67
  70
  72
  74
  77
  80
  106
  109
  112
  116
  120
  124
  128
  132
  137
  142
  147
  153
  158
  164
  171
  178
  185
  192
  200
  208
Depreciation, amort., depletion, $m
  82
  89
  90
  92
  93
  95
  97
  99
  102
  104
  107
  78
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  144
  151
  158
  166
  174
  182
Funds from operations, $m
  205
  150
  152
  155
  159
  163
  167
  171
  176
  181
  187
  184
  190
  197
  204
  212
  220
  228
  237
  246
  256
  267
  278
  290
  302
  315
  328
  343
  358
  374
  390
Change in working capital, $m
  -14
  10
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  34
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
Cash from operations, $m
  219
  139
  140
  142
  144
  146
  148
  151
  154
  158
  162
  157
  162
  166
  172
  177
  183
  189
  196
  203
  211
  219
  227
  236
  246
  255
  266
  277
  289
  301
  314
Maintenance CAPEX, $m
  0
  -55
  -57
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
New CAPEX, $m
  -58
  -15
  -16
  -18
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -76
  -81
  -85
  -89
  -94
  -99
  -104
Cash from investing activities, $m
  -53
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -102
  -106
  -111
  -117
  -122
  -128
  -135
  -142
  -148
  -155
  -164
  -171
  -179
  -189
  -198
  -207
  -218
  -229
  -240
  -252
  -265
  -278
Free cash flow, $m
  166
  69
  68
  66
  64
  62
  60
  59
  57
  56
  55
  46
  45
  44
  43
  42
  42
  41
  40
  40
  39
  39
  39
  38
  38
  37
  37
  37
  37
  36
  36
Issuance/(repayment) of debt, $m
  -2
  28
  34
  39
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
  170
  179
  189
  199
  209
  220
Issuance/(repurchase) of shares, $m
  -45
  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  
  -61
  28
  34
  39
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
  170
  179
  189
  199
  209
  220
Total cash flow (excl. dividends), $m
  85
  98
  102
  104
  107
  110
  113
  116
  120
  124
  127
  123
  127
  131
  136
  141
  146
  152
  158
  164
  170
  177
  184
  192
  200
  208
  217
  226
  235
  245
  256
Retained Cash Flow (-), $m
  -25
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
Prev. year cash balance distribution, $m
 
  398
  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
 
  484
  89
  90
  91
  92
  93
  95
  96
  98
  100
  94
  96
  98
  101
  104
  107
  110
  114
  117
  121
  125
  129
  134
  139
  144
  149
  154
  160
  166
  173
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
 
  464
  81
  78
  75
  71
  68
  64
  60
  56
  52
  44
  41
  37
  34
  30
  27
  24
  21
  18
  15
  13
  11
  9
  7
  6
  4
  3
  2
  2
  1
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

Valmont Industries, Inc. is a producer of fabricated metal products, and steel, aluminum and composite pole, tower and other structures, and mechanized irrigation systems. The Company's segments are Engineered Support Structures (ESS); Utility Support Structures; Energy and Mining; Coatings; Irrigation, and Other. The ESS segment manufactures steel, aluminum, and composite poles and structures. The Utility Support Structures Segment manufactures steel and concrete pole structures for electrical transmission, substation and distribution applications. The Energy and Mining Segment produces access systems, which are engineered structures and components that allow people to move safely in an industrial, infrastructure or commercial facility. The Coatings Segment consists of galvanizing, anodizing and powder coating services on a global basis. The Irrigation Segment manufactures and distributes mechanical irrigation equipment and related service parts under the Valley brand name.

FINANCIAL RATIOS  of  Valmont Industries (VMI)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 1.4
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 21.8
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.9%
Cap. Spend. - 3 Yr. Gr. Rate -11.5%
Financial Strength
Quick Ratio 200
Current Ratio 0
LT Debt to Equity 80%
Total Debt to Equity 80.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 26%
Gross Margin - 3 Yr. Avg. 25.2%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 19.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 19.7%

VMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VMI stock intrinsic value calculation we used $2522 million for the last fiscal year's total revenue generated by Valmont Industries. The default revenue input number comes from 2016 income statement of Valmont Industries. 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 VMI 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 VMI is calculated based on our internal credit rating of Valmont Industries, 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 Valmont Industries.
    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 VMI 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 VMI 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 6.1% for Valmont Industries.

Corporate tax rate of 27% is the nominal tax rate for Valmont Industries. 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 VMI 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 VMI are equal to 27.1%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Valmont Industries 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 VMI is equal to 20%. 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 - $943 million for Valmont Industries - 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 22.817 million for Valmont Industries 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 Valmont Industries at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
ROCK Gibraltar Indu 29.20 24.60  hold
LNN Lindsay 92.01 111.43  buy
GIFI Gulf Island Fa 12.10 4.33  str.sell
IIIN Insteel Indust 25.18 14.81  sell
DE Deere 123.95 155.23  buy
TTC Toro 61.86 32.54  sell

COMPANY NEWS

▶ Valmont Board Declares Quarterly Dividend   [Sep-05-17 11:00PM  PR Newswire]
▶ Valmont Announces Sale of Mining Consumables Business   [Aug-24-17 11:00PM  PR Newswire]
▶ Valmont beats Street 2Q forecasts   [Jul-19-17 10:56PM  Associated Press]
▶ Valmont Board Declares Quarterly Dividend   [Jun-05-17 11:30PM  PR Newswire]
▶ Valmont beats Street 1Q forecasts   [Apr-19-17 05:40PM  Associated Press]
▶ Valmont Board Declares Quarterly Dividend   [Mar-06-17 11:00PM  PR Newswire]
▶ Valmont Board Declares Quarterly Dividend   [Dec-06-16 11:00PM  PR Newswire]
▶ What Smart Money Thinks about Valmont Industries, Inc. (VMI)   [Dec-01-16 12:56PM  at Insider Monkey]
▶ Hedge Funds Are Buying J2 Global Inc (JCOM)   [Nov-29-16 01:17PM  at Insider Monkey]
▶ Valmont Board Declares Quarterly Dividend   [Sep-06-16 11:30PM  PR Newswire]
Financial statements of VMI
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.