Intrinsic value of Brunswick - BC

Previous Close

$69.08

  Intrinsic Value

$54.37

stock screener

  Rating & Target

sell

-21%

Previous close

$69.08

 
Intrinsic value

$54.37

 
Up/down potential

-21%

 
Rating

sell

We calculate the intrinsic value of BC 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 0001), $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 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  4,672
  4,847
  5,034
  5,235
  5,448
  5,676
  5,917
  6,174
  6,445
  6,732
  7,036
  7,357
  7,696
  8,053
  8,430
  8,827
  9,246
  9,687
  10,151
  10,639
  11,153
  11,693
  12,262
  12,860
  13,488
  14,149
  14,844
  15,574
  16,341
  17,147
Variable operating expenses, $m
  4,212
  4,368
  4,534
  4,713
  4,903
  5,105
  5,320
  5,547
  5,789
  6,044
  6,257
  6,542
  6,844
  7,162
  7,497
  7,850
  8,222
  8,614
  9,027
  9,461
  9,918
  10,398
  10,904
  11,436
  11,995
  12,582
  13,200
  13,849
  14,532
  15,249
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
  4,212
  4,368
  4,534
  4,713
  4,903
  5,105
  5,320
  5,547
  5,789
  6,044
  6,257
  6,542
  6,844
  7,162
  7,497
  7,850
  8,222
  8,614
  9,027
  9,461
  9,918
  10,398
  10,904
  11,436
  11,995
  12,582
  13,200
  13,849
  14,532
  15,249
Operating income, $m
  460
  479
  500
  522
  546
  571
  598
  626
  656
  688
  779
  815
  852
  892
  934
  978
  1,024
  1,073
  1,124
  1,178
  1,235
  1,295
  1,358
  1,424
  1,494
  1,567
  1,644
  1,725
  1,810
  1,899
EBITDA, $m
  595
  618
  641
  667
  694
  723
  754
  787
  821
  858
  896
  937
  980
  1,026
  1,074
  1,125
  1,178
  1,234
  1,293
  1,355
  1,421
  1,490
  1,562
  1,638
  1,718
  1,803
  1,891
  1,984
  2,082
  2,185
Interest expense (income), $m
  30
  26
  30
  35
  39
  44
  50
  55
  61
  68
  74
  82
  89
  97
  106
  114
  124
  134
  144
  155
  167
  179
  192
  205
  219
  234
  250
  266
  284
  302
  321
Earnings before tax, $m
  434
  449
  465
  483
  502
  522
  543
  565
  589
  614
  698
  726
  755
  786
  819
  854
  890
  928
  969
  1,011
  1,056
  1,103
  1,153
  1,205
  1,259
  1,317
  1,377
  1,441
  1,508
  1,578
Tax expense, $m
  117
  121
  126
  130
  135
  141
  147
  153
  159
  166
  188
  196
  204
  212
  221
  230
  240
  251
  262
  273
  285
  298
  311
  325
  340
  356
  372
  389
  407
  426
Net income, $m
  317
  328
  340
  353
  366
  381
  396
  412
  430
  448
  509
  530
  551
  574
  598
  623
  650
  678
  707
  738
  771
  805
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,152

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
Total assets, $m
  3,479
  3,609
  3,749
  3,898
  4,057
  4,226
  4,406
  4,597
  4,799
  5,013
  5,239
  5,478
  5,730
  5,997
  6,277
  6,573
  6,884
  7,213
  7,558
  7,922
  8,304
  8,707
  9,130
  9,575
  10,043
  10,535
  11,053
  11,596
  12,168
  12,768
Adjusted assets (=assets-cash), $m
  3,479
  3,609
  3,749
  3,898
  4,057
  4,226
  4,406
  4,597
  4,799
  5,013
  5,239
  5,478
  5,730
  5,997
  6,277
  6,573
  6,884
  7,213
  7,558
  7,922
  8,304
  8,707
  9,130
  9,575
  10,043
  10,535
  11,053
  11,596
  12,168
  12,768
Revenue / Adjusted assets
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
Average production assets, $m
  958
  994
  1,032
  1,073
  1,117
  1,164
  1,213
  1,266
  1,321
  1,380
  1,442
  1,508
  1,578
  1,651
  1,728
  1,810
  1,895
  1,986
  2,081
  2,181
  2,286
  2,397
  2,514
  2,636
  2,765
  2,901
  3,043
  3,193
  3,350
  3,515
Working capital, $m
  369
  383
  398
  414
  430
  448
  467
  488
  509
  532
  556
  581
  608
  636
  666
  697
  730
  765
  802
  840
  881
  924
  969
  1,016
  1,066
  1,118
  1,173
  1,230
  1,291
  1,355
Total debt, $m
  503
  576
  654
  737
  826
  920
  1,021
  1,127
  1,240
  1,359
  1,486
  1,619
  1,760
  1,908
  2,065
  2,230
  2,404
  2,587
  2,780
  2,982
  3,196
  3,421
  3,657
  3,905
  4,166
  4,441
  4,730
  5,033
  5,352
  5,687
Total liabilities, $m
  1,941
  2,014
  2,092
  2,175
  2,264
  2,358
  2,459
  2,565
  2,678
  2,797
  2,923
  3,057
  3,198
  3,346
  3,503
  3,668
  3,842
  4,025
  4,217
  4,420
  4,634
  4,858
  5,095
  5,343
  5,604
  5,879
  6,167
  6,471
  6,790
  7,125
Total equity, $m
  1,538
  1,595
  1,657
  1,723
  1,793
  1,868
  1,948
  2,032
  2,121
  2,216
  2,316
  2,421
  2,533
  2,650
  2,774
  2,905
  3,043
  3,188
  3,341
  3,501
  3,671
  3,848
  4,036
  4,232
  4,439
  4,657
  4,885
  5,126
  5,378
  5,643
Total liabilities and equity, $m
  3,479
  3,609
  3,749
  3,898
  4,057
  4,226
  4,407
  4,597
  4,799
  5,013
  5,239
  5,478
  5,731
  5,996
  6,277
  6,573
  6,885
  7,213
  7,558
  7,921
  8,305
  8,706
  9,131
  9,575
  10,043
  10,536
  11,052
  11,597
  12,168
  12,768
Debt-to-equity ratio
  0.330
  0.360
  0.390
  0.430
  0.460
  0.490
  0.520
  0.550
  0.580
  0.610
  0.640
  0.670
  0.690
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
Adjusted equity ratio
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  317
  328
  340
  353
  366
  381
  396
  412
  430
  448
  509
  530
  551
  574
  598
  623
  650
  678
  707
  738
  771
  805
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,152
Depreciation, amort., depletion, $m
  135
  138
  141
  145
  148
  152
  156
  160
  165
  170
  117
  123
  128
  134
  141
  147
  154
  161
  169
  177
  186
  195
  204
  214
  225
  236
  247
  260
  272
  286
Funds from operations, $m
  452
  466
  481
  497
  514
  533
  552
  573
  595
  618
  627
  652
  679
  708
  738
  770
  804
  839
  876
  916
  957
  1,000
  1,046
  1,094
  1,144
  1,197
  1,253
  1,311
  1,373
  1,438
Change in working capital, $m
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
Cash from operations, $m
  439
  452
  466
  481
  498
  515
  533
  553
  573
  595
  603
  627
  653
  680
  709
  739
  771
  804
  840
  877
  916
  957
  1,001
  1,046
  1,094
  1,145
  1,198
  1,254
  1,312
  1,374
Maintenance CAPEX, $m
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -247
  -260
  -272
New CAPEX, $m
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
Cash from investing activities, $m
  -108
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -222
  -233
  -244
  -256
  -269
  -282
  -297
  -312
  -327
  -343
  -360
  -378
  -397
  -417
  -437
Free cash flow, $m
  331
  339
  347
  356
  367
  377
  389
  401
  415
  429
  428
  444
  461
  478
  497
  517
  538
  560
  583
  608
  634
  661
  689
  720
  751
  785
  820
  857
  895
  936
Issuance/(repayment) of debt, $m
  66
  73
  78
  83
  89
  94
  100
  106
  113
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
  203
  213
  225
  236
  248
  261
  275
  289
  303
  319
  335
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  66
  73
  78
  83
  89
  94
  100
  106
  113
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
  203
  213
  225
  236
  248
  261
  275
  289
  303
  319
  335
Total cash flow (excl. dividends), $m
  397
  411
  425
  440
  455
  472
  489
  508
  527
  548
  554
  577
  601
  627
  654
  682
  712
  743
  776
  811
  847
  885
  926
  968
  1,012
  1,059
  1,108
  1,160
  1,214
  1,271
Retained Cash Flow (-), $m
  -55
  -58
  -62
  -66
  -70
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -229
  -240
  -253
  -265
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
  342
  354
  363
  374
  385
  397
  410
  423
  438
  453
  454
  472
  490
  509
  530
  551
  574
  598
  623
  650
  678
  707
  739
  771
  806
  842
  880
  920
  962
  1,006
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
  324
  316
  308
  298
  288
  277
  265
  252
  238
  216
  201
  186
  171
  156
  140
  125
  110
  96
  83
  70
  59
  48
  39
  31
  25
  19
  14
  10
  8
Current shareholders' claim on cash, %
  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

Brunswick Corporation is a designer, manufacturer and marketer of recreation products. The Company operates through three segments: Marine Engine, Boat and Fitness. The Company's product includes marine engines, boats, fitness equipment and active recreation products. The Company's engine-related products include outboard, sterndrive and inboard engines; trolling motors; propellers; engine control systems; and marine parts and accessories. Its boat offerings include: fiberglass pleasure boats; yachts and sport yachts; sport cruisers and sport boats; offshore fishing boats; aluminum and fiberglass fishing boats; pontoon boats; utility boats; deck boats; inflatable boats; and heavy-gauge aluminum boats. Its fitness products include cardiovascular and strength training equipment for both the commercial and consumer markets. It also sells products for active aging, rehabilitation, productive well-being, a complete line of billiards tables and other game room tables and accessories.

FINANCIAL RATIOS  of  Brunswick (BC)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 1.4
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 27.1
Growth Rates
Sales Growth Rate 9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.9%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 76
Current Ratio 0
LT Debt to Equity 30.3%
Total Debt to Equity 30.7%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 27.4%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 19.9%

BC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BC stock intrinsic value calculation we used $4510 million for the last fiscal year's total revenue generated by Brunswick. The default revenue input number comes from 0001 income statement of Brunswick. 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 BC stock valuation model: a) initial revenue growth rate of 3.6% 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 BC is calculated based on our internal credit rating of Brunswick, 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 Brunswick.
    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 BC stock the variable cost ratio is equal to 90.2%.

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 BC 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% for Brunswick.

Corporate tax rate of 27% is the nominal tax rate for Brunswick. 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 BC 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 BC are equal to 20.5%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Brunswick 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 BC is equal to 7.9%. 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 - $1482.9 million for Brunswick - 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 86.723 million for Brunswick 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 Brunswick at the current share price and the inputted number of shares is $6.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MPX Marine Product 22.64 38.74  str.buy
MBUU Malibu Boats C 53.84 760.24  str.buy
MCFT MCBC Holdings 37.82 440.17  str.buy
CMI Cummins 145.58 372.61  str.buy
TWIN Twin Disc 23.30 2.56  str.sell
BGG Briggs&Stratto 20.80 9.99  str.sell

COMPANY NEWS

▶ Mercury Marine Partners with Dealer Spike   [Sep-17-18 06:22AM  PR Newswire]
▶ Look beyond Nike to these seven sporty stocks   [Sep-06-18 05:38PM  MarketWatch]
▶ Brunswick (BC) Lags Q2 Earnings Estimates   [Jul-26-18 09:14AM  Zacks]
▶ Brunswick: 2Q Earnings Snapshot   [07:35AM  Associated Press]
▶ [$$] From Brunswick to Florence: treasures on the doorstep   [Jul-13-18 06:01AM  Financial Times]
▶ Mercury Marine parent to buy Menomonee Falls marine business for $910 million   [Jun-29-18 03:00PM  American City Business Journals]
▶ Life Fitness Brings Apple GymKit to Canada   [May-03-18 10:54AM  CNW Group]
▶ Joystick control, virtual anchoring among high-tech features lifting Mercury Marine   [Apr-27-18 02:33PM  American City Business Journals]
▶ A Look At The Fair Value Of Brunswick Corporation (NYSE:BC)   [Apr-26-18 10:50AM  Simply Wall St.]
▶ Brunswick: 1Q Earnings Snapshot   [07:02AM  Associated Press]
▶ [$$] Alan Parker resigns as chair of Save the Children charity   [Apr-19-18 03:03AM  Financial Times]
▶ Edited Transcript of BC presentation 7-Mar-17 9:00pm GMT   [Apr-10-18 11:00AM  Thomson Reuters StreetEvents]
▶ Mercury Marine breaks ground on $10M expansion of Fond du Lac headquarters   [Apr-05-18 03:38PM  American City Business Journals]
▶ Life Fitness Launches Digital Ventures Group   [Mar-14-18 07:00AM  PR Newswire]
▶ [$$] All change for Sir Alan Parker   [Feb-09-18 07:01AM  Financial Times]

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