Intrinsic value of Brightcove - BCOV

Previous Close

$8.20

  Intrinsic Value

$0.06

stock screener

  Rating & Target

str. sell

-99%

Previous close

$8.20

 
Intrinsic value

$0.06

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of BCOV 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 2017), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  162
  168
  175
  182
  190
  198
  207
  216
  226
  236
  247
  258
  270
  283
  296
  310
  325
  341
  357
  374
  392
  412
  432
  453
  475
  498
  523
  549
  576
  604
Variable operating expenses, $m
  171
  178
  184
  192
  200
  208
  217
  226
  236
  246
  252
  263
  275
  288
  302
  316
  332
  347
  364
  382
  400
  420
  440
  462
  485
  508
  533
  560
  587
  616
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
  171
  178
  184
  192
  200
  208
  217
  226
  236
  246
  252
  263
  275
  288
  302
  316
  332
  347
  364
  382
  400
  420
  440
  462
  485
  508
  533
  560
  587
  616
Operating income, $m
  -9
  -9
  -9
  -10
  -10
  -10
  -10
  -10
  -10
  -11
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
EBITDA, $m
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
Earnings before tax, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
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
Net income, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21

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
  133
  138
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  279
  292
  306
  321
  337
  353
  370
  389
  408
  428
  449
  471
  494
Adjusted assets (=assets-cash), $m
  133
  138
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  279
  292
  306
  321
  337
  353
  370
  389
  408
  428
  449
  471
  494
Revenue / Adjusted assets
  1.218
  1.217
  1.224
  1.221
  1.226
  1.222
  1.225
  1.220
  1.222
  1.223
  1.223
  1.223
  1.222
  1.225
  1.223
  1.220
  1.222
  1.222
  1.223
  1.222
  1.221
  1.223
  1.224
  1.224
  1.221
  1.221
  1.222
  1.223
  1.223
  1.223
Average production assets, $m
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  192
  202
  212
  222
  233
  245
  257
  269
Working capital, $m
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
Total debt, $m
  3
  5
  8
  11
  14
  17
  20
  24
  28
  32
  36
  40
  45
  50
  55
  61
  66
  73
  79
  86
  93
  100
  108
  116
  125
  134
  144
  154
  164
  175
Total liabilities, $m
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
  168
  177
  185
  194
  204
  214
  225
  236
Total equity, $m
  69
  72
  75
  78
  81
  85
  88
  92
  97
  101
  106
  110
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  246
  259
Total liabilities and equity, $m
  132
  138
  143
  149
  155
  162
  169
  176
  185
  193
  202
  211
  221
  231
  243
  254
  266
  279
  292
  306
  321
  337
  353
  371
  388
  407
  428
  449
  471
  495
Debt-to-equity ratio
  0.040
  0.070
  0.110
  0.140
  0.170
  0.200
  0.230
  0.260
  0.290
  0.310
  0.340
  0.370
  0.390
  0.410
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Depreciation, amort., depletion, $m
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
Funds from operations, $m
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
Maintenance CAPEX, $m
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
New CAPEX, $m
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from investing activities, $m
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -22
  -24
  -25
  -27
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -39
Free cash flow, $m
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
Issuance/(repayment) of debt, $m
  3
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Issuance/(repurchase) of shares, $m
  11
  12
  13
  13
  14
  14
  15
  15
  16
  17
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  33
Cash from financing (excl. dividends), $m  
  14
  14
  16
  16
  17
  17
  18
  19
  20
  21
  15
  16
  18
  19
  19
  20
  22
  23
  24
  26
  27
  28
  31
  32
  34
  36
  38
  40
  43
  44
Total cash flow (excl. dividends), $m
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
Retained Cash Flow (-), $m
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
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
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash available for distribution, $m
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
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
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.0
  92.2
  88.4
  84.9
  81.5
  78.2
  75.1
  72.1
  69.2
  66.5
  64.7
  63.0
  61.3
  59.6
  58.0
  56.3
  54.7
  53.2
  51.6
  50.1
  48.6
  47.2
  45.7
  44.4
  43.0
  41.7
  40.4
  39.1
  37.9
  36.7

Brightcove Inc. is a global provider of cloud-based services for video. The Company's products and services include Brightcove Video Cloud (Video Cloud), Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite), Brightcove Lift (Lift), Brightcove OTT Flow (OTT Flow) and Brightcove Enterprise Video Suite (Enterprise Video Suite), among others. Video Cloud is an online video platform. Video Cloud enables its customers to publish and distribute video to Internet-connected devices. Zencoder is a cloud-based video encoding service. Once is a cloud-based advertisement insertion and video stitching service. Perform is a cloud-based service for creating and managing video player experiences. Video Marketing Suite is a suite of video technologies designed to address the needs of marketers to drive awareness, engagement and conversion.

FINANCIAL RATIOS  of  Brightcove (BCOV)

Valuation Ratios
P/E Ratio -27.9
Price to Sales 1.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 46.5
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1.3%
Total Debt to Equity 1.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -7.6%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -12.7%
Ret/ On T. Cap. - 3 Yr. Avg. -15.5%
Return On Equity -12.8%
Return On Equity - 3 Yr. Avg. -15.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 62.7%
Gross Margin - 3 Yr. Avg. 64.2%
EBITDA Margin -1.3%
EBITDA Margin - 3 Yr. Avg. -2.1%
Operating Margin -6%
Oper. Margin - 3 Yr. Avg. -7.7%
Pre-Tax Margin -6.7%
Pre-Tax Margin - 3 Yr. Avg. -8.5%
Net Profit Margin -6.7%
Net Profit Margin - 3 Yr. Avg. -8.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -4.8%
Payout Ratio 0%

BCOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCOV stock intrinsic value calculation we used $156 million for the last fiscal year's total revenue generated by Brightcove. The default revenue input number comes from 2017 income statement of Brightcove. 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 BCOV stock valuation model: a) initial revenue growth rate of 3.8% 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 BCOV is calculated based on our internal credit rating of Brightcove, 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 Brightcove.
    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 BCOV stock the variable cost ratio is equal to 105.8%.

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 BCOV 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 5.4% for Brightcove.

Corporate tax rate of 27% is the nominal tax rate for Brightcove. 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 BCOV stock is equal to 4.6%.

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 BCOV are equal to 44.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Brightcove 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 BCOV is equal to -3.9%. 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 - $67 million for Brightcove - 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 34 million for Brightcove 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 Brightcove at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
AKAM Akamai Technol 71.39 29.26  str.sell
GOOGL Alphabet Cl A 1,224.06 989.08  hold
LLNW Limelight Netw 3.99 0.15  str.sell
ORCL Oracle 48.10 48.84  hold
AVID Avid Technolog 5.36 0.18  str.sell
VZ Verizon Commun 54.27 50.64  hold

COMPANY NEWS

▶ Brightcove Appoints Charles Chu as Chief Product Officer   [Jul-16-18 04:05PM  Business Wire]
▶ Is Brightcove Inc (NASDAQ:BCOV) Undervalued?   [Jun-26-18 12:11PM  Simply Wall St.]
▶ Former Brightcove, Carbon Black CFO joins Waltham-based BlueSnap   [May-30-18 12:15PM  American City Business Journals]
▶ Brightcove CFO leaves to join 3D-printing startup in Watertown   [May-03-18 05:52PM  American City Business Journals]
▶ Brightcove Appoints Robert Noreck CFO   [04:14PM  Business Wire]
▶ Brightcove: 1Q Earnings Snapshot   [Apr-26-18 06:19PM  Associated Press]
▶ Brightcove names new CEO, board directors   [Apr-11-18 05:05PM  American City Business Journals]
▶ Brightcove Appoints New Board Members   [04:06PM  Business Wire]
▶ Brightcove Appoints Jeff Ray CEO   [04:05PM  Business Wire]
▶ Brightcove Inc. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ Major Brightcove investor increases stake, sounds optimistic note for 2018   [Dec-27-17 01:30PM  American City Business Journals]
▶ What Did Brightcove Incs (BCOV) CEO Take Home Last Year?   [Nov-24-17 11:05AM  Simply Wall St.]
▶ Why Brightcove Inc (BCOV) Could Be A Buy   [Nov-09-17 05:45PM  Simply Wall St.]
▶ Hong Kongs LKFtv Comes Alive on Brightcove Video Platform   [Nov-06-17 11:22AM  Business Wire]
▶ ETFs with exposure to Brightcove, Inc. : November 3, 2017   [Nov-03-17 11:58AM  Capital Cube]
▶ Brightcove reports 3Q loss   [Oct-26-17 05:29PM  Associated Press]
▶ Brightcove Inc. to Host Earnings Call   [12:35PM  ACCESSWIRE]
▶ Brightcove Enters the Bollywood Market   [Oct-03-17 09:27AM  Business Wire]
▶ ETFs with exposure to Brightcove, Inc. : August 11, 2017   [Aug-11-17 04:59PM  Capital Cube]
▶ Brightcove reports 2Q loss   [Jul-26-17 11:31PM  Associated Press]
▶ Brightcove CEO David Mendels steps down   [05:50PM  American City Business Journals]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.