Intrinsic value of China Zenix Auto International ADR - ZX

Previous Close

$1.71

  Intrinsic Value

$1.79

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

+422%

Previous close

$1.71

 
Intrinsic value

$1.79

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

+422%

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

We calculate the intrinsic value of ZX 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 0.1

 

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, %
  -8.19
  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
  325
  332
  339
  348
  358
  368
  380
  393
  407
  422
  439
  456
  475
  494
  515
  537
  561
  586
  612
  640
  669
  701
  733
  768
  804
  842
  883
  925
  970
  1,017
  1,066
Variable operating expenses, $m
 
  332
  339
  348
  358
  368
  380
  393
  407
  422
  439
  456
  475
  494
  515
  537
  561
  586
  612
  640
  669
  701
  733
  768
  804
  842
  883
  925
  970
  1,017
  1,066
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  329
  336
  343
  352
  362
  373
  385
  398
  412
  427
  444
  461
  480
  500
  521
  543
  567
  592
  618
  646
  676
  708
  740
  775
  811
  849
  891
  933
  978
  1,025
  1,074
Operating income, $m
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
EBITDA, $m
  18
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
Interest expense (income), $m
  4
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
Earnings before tax, $m
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Tax expense, $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
Net income, $m
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  558
  394
  403
  413
  425
  438
  452
  467
  484
  502
  521
  542
  564
  587
  612
  638
  666
  696
  727
  760
  795
  832
  871
  912
  955
  1,000
  1,048
  1,099
  1,152
  1,207
  1,266
Adjusted assets (=assets-cash), $m
  386
  394
  403
  413
  425
  438
  452
  467
  484
  502
  521
  542
  564
  587
  612
  638
  666
  696
  727
  760
  795
  832
  871
  912
  955
  1,000
  1,048
  1,099
  1,152
  1,207
  1,266
Revenue / Adjusted assets
  0.842
  0.843
  0.841
  0.843
  0.842
  0.840
  0.841
  0.842
  0.841
  0.841
  0.843
  0.841
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.843
  0.842
  0.842
  0.842
  0.842
  0.843
  0.842
  0.842
  0.843
  0.842
Average production assets, $m
  211
  215
  220
  226
  232
  239
  247
  255
  264
  274
  285
  296
  308
  321
  334
  349
  364
  380
  397
  415
  434
  455
  476
  498
  522
  547
  573
  600
  629
  660
  692
Working capital, $m
  120
  30
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  82
  86
  90
  95
Total debt, $m
  81
  2
  5
  8
  11
  15
  19
  23
  28
  33
  38
  44
  51
  57
  64
  72
  80
  88
  97
  107
  117
  127
  138
  150
  162
  175
  189
  203
  218
  234
  251
Total liabilities, $m
  191
  112
  115
  118
  121
  125
  129
  133
  138
  143
  148
  154
  161
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
Total equity, $m
  367
  281
  288
  295
  304
  313
  323
  334
  346
  359
  372
  387
  403
  420
  437
  456
  476
  497
  520
  544
  569
  595
  623
  652
  683
  715
  750
  786
  823
  863
  905
Total liabilities and equity, $m
  558
  393
  403
  413
  425
  438
  452
  467
  484
  502
  520
  541
  564
  587
  611
  638
  666
  695
  727
  761
  796
  832
  871
  912
  955
  1,000
  1,049
  1,099
  1,151
  1,207
  1,266
Debt-to-equity ratio
  0.221
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
Adjusted equity ratio
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Depreciation, amort., depletion, $m
  22
  22
  22
  23
  23
  24
  25
  26
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
  69
Funds from operations, $m
  30
  17
  18
  18
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
Change in working capital, $m
  4
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  26
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
Maintenance CAPEX, $m
  0
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -26
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
New CAPEX, $m
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -9
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -42
  -44
  -46
  -47
  -50
  -52
  -55
  -58
  -61
  -63
  -66
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
Free cash flow, $m
  17
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
Issuance/(repayment) of debt, $m
  0
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
Issuance/(repurchase) of shares, $m
  -2
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
Cash from financing (excl. dividends), $m  
  -5
  12
  14
  15
  16
  18
  19
  21
  23
  24
  26
  28
  29
  32
  33
  36
  37
  39
  42
  44
  47
  50
  52
  55
  57
  61
  64
  67
  71
  75
  79
Total cash flow (excl. dividends), $m
  12
  3
  4
  4
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Retained Cash Flow (-), $m
  4
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
Prev. year cash balance distribution, $m
 
  91
  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
 
  85
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
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
 
  81
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -5
  -5
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  95.3
  90.3
  85.3
  80.2
  75.1
  70.2
  65.4
  60.7
  56.3
  52.0
  48.0
  44.2
  40.6
  37.3
  34.2
  31.3
  28.6
  26.2
  23.9
  21.8
  19.8
  18.1
  16.4
  14.9
  13.6
  12.3
  11.2
  10.2
  9.2
  8.4

China Zenix Auto International Limited designs, manufactures, and sells commercial vehicle wheels to aftermarket and original equipment manufacturers in the People’s Republic of China and internationally. The company offers tubed steel wheels, tubeless steel wheels, and off-road steel wheels; aluminum wheels; and wheel components, such as wheel discs. It sells its products directly and through a network of distributors under the Zhengxing, Zhengxing Prince, Haixia, Zhengchang, Lianxing, and CZX brands. The company was formerly known as Richwheel Limited and changed its name to China Zenix Auto International Limited in November 2010. China Zenix Auto International Limited was founded in 2003 and is headquartered in Zhangzhou, the People’s Republic of China. China Zenix Auto International Limited is a subsidiary of Newrace Limited.

FINANCIAL RATIOS  of  China Zenix Auto International ADR (ZX)

Valuation Ratios
P/E Ratio -88.3
Price to Sales 1.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 16.1
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69.2%
Cap. Spend. - 3 Yr. Gr. Rate -30.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 22.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital -0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -1.1%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin -1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin -1.2%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 7.1%
Payout Ratio 0%

ZX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZX stock intrinsic value calculation we used $325 million for the last fiscal year's total revenue generated by China Zenix Auto International ADR. The default revenue input number comes from 2016 income statement of China Zenix Auto International ADR. 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 ZX 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 ZX is calculated based on our internal credit rating of China Zenix Auto International ADR, 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 China Zenix Auto International ADR.
    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 ZX stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for ZX 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 4.9% for China Zenix Auto International ADR.

Corporate tax rate of 27% is the nominal tax rate for China Zenix Auto International ADR. 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 ZX 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 ZX are equal to 64.9%.

Life of production assets of 10 years is the average useful life of capital assets used in China Zenix Auto International ADR 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 ZX is equal to 8.9%. 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 - $367 million for China Zenix Auto International ADR - 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 51.267 million for China Zenix Auto International ADR 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 China Zenix Auto International ADR at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SORL SORL Auto Part 5.21 20.85  str.buy
CVGI Commercial Veh 6.03 3.56  str.sell
TTM Tata Motors AD 29.32 89.54  str.buy

COMPANY NEWS

▶ China Zenix Files Annual Report on Form 20-F for 2016   [May-12-17 06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2015   [Jun-29-16 06:00AM  PR Newswire]
▶ CHINA ZENIX AUTO INTERNATIONAL LTD Financials   [01:04PM  EDGAR Online Financials]
▶ China Zenix Announces 2015 Annual Shareholders Meeting   [Oct-20  06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2014   [Aug-25  05:30AM  PR Newswire]
▶ China Zenix Auto Wins Supply Contract With Cargotec   [Jan-27  07:40AM  at noodls]
▶ China Zenix Auto Wins Supply Contract With FAW   [Jan-05  05:21AM  at noodls]
▶ China Zenix Appoints New Director   [Nov-24  05:40AM  at noodls]
▶ China Zenix Appoints New Director   [05:30AM  PR Newswire]
▶ China Zenix Announces 2014 annual Shareholders Meeting   [Nov-10  08:20AM  PR Newswire]
▶ China Zenix's Special Committee Appoints Advisors   [Apr-30  06:00AM  PR Newswire]
▶ China Zenix Filed Annual Report on Form 20-F for 2013   [Apr-28  06:00AM  PR Newswire]
▶ China Zenix Announces New Legal Counsel   [Mar-12  06:00AM  PR Newswire]
▶ China Zenix Auto appoints Martin Cheung as CFO   [Mar-06  06:14AM  theflyonthewall.com]
▶ China Zenix Auto announces resignation of CFO Yifan Li   [Feb-24  06:36AM  at theflyonthewall.com]
▶ My Favorite Chinese 'Car' Company   [Jan-15  06:14AM  at Seeking Alpha]
▶ China Zenix: The Bears Are Not Done Yet   [Dec-02  09:30AM  at Seeking Alpha]
Stock chart of ZX Financial statements of ZX
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.