Intrinsic value of Adtran - ADTN

Previous Close

$21.60

  Intrinsic Value

$51.14

stock screener

  Rating & Target

str. buy

+137%

Previous close

$21.60

 
Intrinsic value

$51.14

 
Up/down potential

+137%

 
Rating

str. buy

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

We calculate the intrinsic value of ADTN 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 1.0

 

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, %
  6.17
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  637
  698
  761
  826
  895
  966
  1,040
  1,117
  1,197
  1,280
  1,366
  1,456
  1,549
  1,646
  1,747
  1,853
  1,963
  2,077
  2,196
  2,321
  2,451
  2,587
  2,729
  2,878
  3,033
  3,196
  3,366
  3,544
  3,731
  3,926
  4,130
Variable operating expenses, $m
 
  227
  247
  268
  291
  314
  338
  363
  389
  416
  444
  472
  503
  534
  567
  601
  637
  674
  713
  753
  796
  840
  886
  934
  984
  1,037
  1,092
  1,150
  1,211
  1,274
  1,340
Fixed operating expenses, $m
 
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  527
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
  709
  727
  745
  764
  783
  803
  823
  843
Total operating expenses, $m
  599
  639
  669
  701
  735
  769
  804
  841
  879
  918
  959
  999
  1,044
  1,088
  1,135
  1,183
  1,234
  1,286
  1,340
  1,396
  1,455
  1,515
  1,578
  1,643
  1,711
  1,782
  1,856
  1,933
  2,014
  2,097
  2,183
Operating income, $m
  38
  59
  91
  125
  160
  197
  236
  276
  318
  362
  408
  456
  506
  558
  612
  669
  729
  791
  857
  925
  997
  1,072
  1,152
  1,235
  1,322
  1,413
  1,510
  1,611
  1,717
  1,829
  1,947
EBITDA, $m
  52
  74
  107
  143
  180
  218
  258
  300
  344
  389
  437
  487
  538
  593
  649
  708
  770
  835
  903
  974
  1,049
  1,127
  1,209
  1,295
  1,386
  1,481
  1,581
  1,686
  1,796
  1,912
  2,034
Interest expense (income), $m
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
Earnings before tax, $m
  47
  58
  90
  123
  157
  194
  232
  271
  312
  355
  400
  447
  496
  547
  601
  657
  715
  776
  840
  908
  978
  1,052
  1,130
  1,211
  1,297
  1,387
  1,482
  1,581
  1,686
  1,795
  1,911
Tax expense, $m
  12
  16
  24
  33
  43
  52
  63
  73
  84
  96
  108
  121
  134
  148
  162
  177
  193
  210
  227
  245
  264
  284
  305
  327
  350
  375
  400
  427
  455
  485
  516
Net income, $m
  35
  42
  65
  90
  115
  141
  169
  198
  228
  259
  292
  326
  362
  399
  438
  479
  522
  567
  614
  663
  714
  768
  825
  884
  947
  1,013
  1,082
  1,154
  1,230
  1,311
  1,395

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  667
  596
  650
  706
  764
  825
  888
  954
  1,022
  1,093
  1,167
  1,243
  1,323
  1,406
  1,492
  1,582
  1,676
  1,774
  1,876
  1,982
  2,093
  2,209
  2,331
  2,458
  2,590
  2,729
  2,874
  3,027
  3,186
  3,353
  3,527
Adjusted assets (=assets-cash), $m
  544
  596
  650
  706
  764
  825
  888
  954
  1,022
  1,093
  1,167
  1,243
  1,323
  1,406
  1,492
  1,582
  1,676
  1,774
  1,876
  1,982
  2,093
  2,209
  2,331
  2,458
  2,590
  2,729
  2,874
  3,027
  3,186
  3,353
  3,527
Revenue / Adjusted assets
  1.171
  1.171
  1.171
  1.170
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  85
  93
  101
  110
  119
  128
  138
  149
  159
  170
  182
  194
  206
  219
  232
  246
  261
  276
  292
  309
  326
  344
  363
  383
  403
  425
  448
  471
  496
  522
  549
Working capital, $m
  226
  113
  123
  134
  145
  156
  168
  181
  194
  207
  221
  236
  251
  267
  283
  300
  318
  336
  356
  376
  397
  419
  442
  466
  491
  518
  545
  574
  604
  636
  669
Total debt, $m
  27
  45
  63
  83
  103
  124
  146
  168
  192
  216
  241
  268
  295
  324
  353
  384
  417
  450
  485
  522
  560
  600
  642
  685
  731
  779
  829
  881
  936
  993
  1,053
Total liabilities, $m
  188
  205
  223
  243
  263
  284
  306
  328
  352
  376
  401
  428
  455
  484
  513
  544
  577
  610
  645
  682
  720
  760
  802
  845
  891
  939
  989
  1,041
  1,096
  1,153
  1,213
Total equity, $m
  480
  391
  426
  463
  501
  541
  583
  626
  670
  717
  765
  816
  868
  922
  979
  1,038
  1,099
  1,164
  1,230
  1,300
  1,373
  1,449
  1,529
  1,612
  1,699
  1,790
  1,886
  1,985
  2,090
  2,199
  2,314
Total liabilities and equity, $m
  668
  596
  649
  706
  764
  825
  889
  954
  1,022
  1,093
  1,166
  1,244
  1,323
  1,406
  1,492
  1,582
  1,676
  1,774
  1,875
  1,982
  2,093
  2,209
  2,331
  2,457
  2,590
  2,729
  2,875
  3,026
  3,186
  3,352
  3,527
Debt-to-equity ratio
  0.056
  0.110
  0.150
  0.180
  0.210
  0.230
  0.250
  0.270
  0.290
  0.300
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.460
Adjusted equity ratio
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656
  0.656

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  42
  65
  90
  115
  141
  169
  198
  228
  259
  292
  326
  362
  399
  438
  479
  522
  567
  614
  663
  714
  768
  825
  884
  947
  1,013
  1,082
  1,154
  1,230
  1,311
  1,395
Depreciation, amort., depletion, $m
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
Funds from operations, $m
  39
  57
  82
  107
  134
  162
  191
  222
  253
  287
  321
  357
  395
  434
  475
  518
  563
  611
  660
  712
  766
  823
  882
  945
  1,011
  1,080
  1,153
  1,229
  1,309
  1,394
  1,482
Change in working capital, $m
  -3
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
Cash from operations, $m
  42
  47
  71
  97
  123
  151
  179
  209
  241
  273
  307
  343
  380
  418
  459
  501
  546
  592
  641
  691
  745
  801
  859
  921
  986
  1,054
  1,125
  1,200
  1,279
  1,362
  1,449
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
New CAPEX, $m
  -21
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from investing activities, $m
  -6
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -35
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
Free cash flow, $m
  36
  26
  48
  72
  96
  122
  149
  177
  206
  237
  269
  302
  337
  373
  411
  450
  492
  535
  581
  628
  678
  731
  786
  844
  904
  968
  1,035
  1,105
  1,179
  1,257
  1,339
Issuance/(repayment) of debt, $m
  -1
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
Issuance/(repurchase) of shares, $m
  -21
  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  
  -22
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
Total cash flow (excl. dividends), $m
  13
  44
  67
  91
  117
  143
  171
  200
  230
  261
  294
  328
  364
  401
  440
  481
  524
  569
  616
  665
  717
  771
  828
  887
  950
  1,016
  1,085
  1,158
  1,234
  1,315
  1,399
Retained Cash Flow (-), $m
  0
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
Prev. year cash balance distribution, $m
 
  123
  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
 
  133
  32
  54
  78
  103
  129
  157
  185
  215
  246
  278
  312
  347
  384
  422
  463
  505
  549
  595
  644
  695
  748
  804
  863
  925
  990
  1,058
  1,130
  1,205
  1,284
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
 
  127
  29
  47
  64
  80
  94
  106
  116
  123
  129
  132
  133
  132
  129
  124
  118
  110
  101
  92
  82
  72
  62
  53
  44
  36
  29
  23
  17
  13
  10
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

ADTRAN, Inc. (ADTRAN) is a provider of networking and communications equipment. The Company's solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world. It provides a full-range of network implementation, maintenance and managed services. Its solutions include Access & Aggregation, Customer Devices, and Traditional & Other Products. Its Access & Aggregation solutions are used by communications service providers (CSPs) to connect their network infrastructure to their subscribers. The portfolio of ADTRAN solutions within Access & Aggregation category includes a range of modular or fixed physical form factors designed to deliver the technology and economic fit based on the target subscriber density and environmental conditions.

FINANCIAL RATIOS  of  Adtran (ADTN)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 1.6
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 49.9
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 21.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.6%
Total Debt to Equity 5.6%
Interest Coverage 48
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 45.7%
Gross Margin - 3 Yr. Avg. 46.5%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 25.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 51.4%

ADTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADTN stock intrinsic value calculation we used $637 million for the last fiscal year's total revenue generated by Adtran. The default revenue input number comes from 2016 income statement of Adtran. 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 ADTN stock valuation model: a) initial revenue growth rate of 9.5% 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 ADTN is calculated based on our internal credit rating of Adtran, 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 Adtran.
    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 ADTN stock the variable cost ratio is equal to 32.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $402 million in the base year in the intrinsic value calculation for ADTN 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 3.6% for Adtran.

Corporate tax rate of 27% is the nominal tax rate for Adtran. 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 ADTN 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 ADTN are equal to 13.3%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Adtran 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 ADTN is equal to 16.2%. 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 - $480 million for Adtran - 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 47.836 million for Adtran 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 Adtran at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
CIEN Ciena 22.05 26.63  buy
DZSI DASAN Zhone So 6.69 0.95  str.sell
NOK Nokia ADR 6.03 8.37  buy
CALX Calix 5.60 0.89  str.sell
CSCO Cisco Systems 34.35 47.77  buy
JNPR Juniper Networ 25.76 54.47  str.buy
AUDC AudioCodes 8.33 21.99  str.buy
EXTR Extreme Networ 11.42 41.80  str.buy

COMPANY NEWS

▶ Adtran misses 3Q revenue forecasts   [Oct-18-17 05:01AM  Associated Press]
▶ ADTRAN Establishes Mosaic Open Network Alliance   [Aug-28-17 05:00AM  Business Wire]
▶ ETFs with exposure to ADTRAN, Inc. : August 18, 2017   [Aug-18-17 04:17PM  Capital Cube]
▶ Why ADTRAN (ADTN) Stock Might be a Great Pick   [Jul-28-17 08:32AM  Zacks]
▶ Adtran tops Street 2Q forecasts   [Jul-19-17 08:06PM  Associated Press]
▶ ADTRAN, Inc. Value Analysis (NASDAQ:ADTN) : July 10, 2017   [Jul-10-17 03:36PM  Capital Cube]
▶ ADTRAN RFoG Beats OBI Without Cabinets   [May-30-17 02:00AM  Business Wire]
▶ Adtran Stock Trades Ex-Dividend Tuesday   [Apr-27-17 08:40AM  Investopedia]
▶ Stock Market News for April 19, 2017   [Apr-19-17 11:08AM  Zacks]
▶ Story Stocks from Briefing.com   [09:59AM  Briefing.com]
▶ Adtran beats Street 1Q forecasts   [05:01AM  Associated Press]
▶ ADTRAN Surpasses its 10 Millionth Vectoring Port Shipment   [Mar-14-17 08:00AM  Business Wire]
▶ ADTRAN Mobilizes Software Defined Access   [Mar-01-17 02:00AM  Business Wire]
Financial statements of ADTN
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.