Intrinsic value of Global Brass&Copper Holdings - BRSS

Previous Close

$27.67

  Intrinsic Value

$65.50

stock screener

  Rating & Target

str. buy

+137%

Previous close

$27.67

 
Intrinsic value

$65.50

 
Up/down potential

+137%

 
Rating

str. buy

We calculate the intrinsic value of BRSS 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 0.6

 

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, %
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  1,914
  2,312
  2,758
  3,249
  3,787
  4,370
  4,997
  5,668
  6,380
  7,134
  7,929
  8,763
  9,637
  10,550
  11,502
  12,494
  13,526
  14,600
  15,716
  16,875
  18,080
  19,332
  20,634
  21,987
  23,395
  24,860
  26,386
  27,976
  29,632
  31,359
Variable operating expenses, $m
  1,772
  2,141
  2,553
  3,008
  3,506
  4,045
  4,626
  5,246
  5,906
  6,604
  7,339
  8,111
  8,920
  9,765
  10,646
  11,565
  12,520
  13,513
  14,546
  15,619
  16,734
  17,893
  19,098
  20,351
  21,654
  23,010
  24,423
  25,894
  27,427
  29,026
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
  1,772
  2,141
  2,553
  3,008
  3,506
  4,045
  4,626
  5,246
  5,906
  6,604
  7,339
  8,111
  8,920
  9,765
  10,646
  11,565
  12,520
  13,513
  14,546
  15,619
  16,734
  17,893
  19,098
  20,351
  21,654
  23,010
  24,423
  25,894
  27,427
  29,026
Operating income, $m
  142
  171
  205
  241
  281
  325
  371
  421
  474
  530
  590
  652
  717
  785
  856
  930
  1,007
  1,086
  1,169
  1,256
  1,345
  1,439
  1,535
  1,636
  1,741
  1,850
  1,964
  2,082
  2,205
  2,334
EBITDA, $m
  165
  199
  237
  279
  326
  376
  430
  487
  549
  613
  682
  753
  829
  907
  989
  1,074
  1,163
  1,255
  1,351
  1,451
  1,554
  1,662
  1,774
  1,890
  2,011
  2,137
  2,269
  2,405
  2,548
  2,696
Interest expense (income), $m
  27
  18
  24
  31
  40
  49
  58
  69
  80
  93
  106
  120
  134
  149
  165
  182
  200
  218
  237
  256
  277
  298
  320
  343
  367
  391
  417
  444
  472
  501
  531
Earnings before tax, $m
  124
  147
  173
  202
  233
  266
  302
  341
  381
  424
  470
  518
  568
  620
  674
  730
  789
  850
  913
  979
  1,048
  1,119
  1,193
  1,270
  1,350
  1,433
  1,520
  1,610
  1,704
  1,802
Tax expense, $m
  34
  40
  47
  54
  63
  72
  82
  92
  103
  115
  127
  140
  153
  167
  182
  197
  213
  229
  247
  264
  283
  302
  322
  343
  364
  387
  410
  435
  460
  487
Net income, $m
  91
  108
  126
  147
  170
  194
  221
  249
  278
  310
  343
  378
  414
  452
  492
  533
  576
  620
  667
  715
  765
  817
  871
  927
  985
  1,046
  1,109
  1,175
  1,244
  1,316

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
  800
  966
  1,152
  1,358
  1,583
  1,826
  2,088
  2,368
  2,666
  2,981
  3,313
  3,662
  4,027
  4,409
  4,807
  5,221
  5,653
  6,101
  6,567
  7,052
  7,555
  8,079
  8,622
  9,188
  9,776
  10,389
  11,026
  11,691
  12,383
  13,105
Adjusted assets (=assets-cash), $m
  800
  966
  1,152
  1,358
  1,583
  1,826
  2,088
  2,368
  2,666
  2,981
  3,313
  3,662
  4,027
  4,409
  4,807
  5,221
  5,653
  6,101
  6,567
  7,052
  7,555
  8,079
  8,622
  9,188
  9,776
  10,389
  11,026
  11,691
  12,383
  13,105
Revenue / Adjusted assets
  2.393
  2.393
  2.394
  2.392
  2.392
  2.393
  2.393
  2.394
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
  2.393
Average production assets, $m
  170
  206
  245
  289
  337
  389
  445
  504
  568
  635
  706
  780
  858
  939
  1,024
  1,112
  1,204
  1,299
  1,399
  1,502
  1,609
  1,721
  1,836
  1,957
  2,082
  2,213
  2,348
  2,490
  2,637
  2,791
Working capital, $m
  327
  395
  472
  556
  648
  747
  854
  969
  1,091
  1,220
  1,356
  1,499
  1,648
  1,804
  1,967
  2,137
  2,313
  2,497
  2,687
  2,886
  3,092
  3,306
  3,528
  3,760
  4,001
  4,251
  4,512
  4,784
  5,067
  5,362
Total debt, $m
  430
  560
  705
  866
  1,042
  1,232
  1,437
  1,656
  1,889
  2,136
  2,395
  2,668
  2,954
  3,252
  3,563
  3,887
  4,225
  4,575
  4,940
  5,319
  5,713
  6,122
  6,547
  6,989
  7,450
  7,928
  8,427
  8,946
  9,488
  10,052
Total liabilities, $m
  625
  756
  901
  1,062
  1,238
  1,428
  1,633
  1,852
  2,085
  2,331
  2,591
  2,864
  3,149
  3,448
  3,759
  4,083
  4,420
  4,771
  5,136
  5,514
  5,908
  6,317
  6,743
  7,185
  7,645
  8,124
  8,623
  9,142
  9,683
  10,248
Total equity, $m
  174
  211
  251
  296
  345
  398
  455
  516
  581
  650
  722
  798
  878
  961
  1,048
  1,138
  1,232
  1,330
  1,432
  1,537
  1,647
  1,761
  1,880
  2,003
  2,131
  2,265
  2,404
  2,549
  2,699
  2,857
Total liabilities and equity, $m
  799
  967
  1,152
  1,358
  1,583
  1,826
  2,088
  2,368
  2,666
  2,981
  3,313
  3,662
  4,027
  4,409
  4,807
  5,221
  5,652
  6,101
  6,568
  7,051
  7,555
  8,078
  8,623
  9,188
  9,776
  10,389
  11,027
  11,691
  12,382
  13,105
Debt-to-equity ratio
  2.460
  2.660
  2.810
  2.930
  3.020
  3.100
  3.160
  3.210
  3.250
  3.290
  3.320
  3.340
  3.360
  3.380
  3.400
  3.420
  3.430
  3.440
  3.450
  3.460
  3.470
  3.480
  3.480
  3.490
  3.500
  3.500
  3.510
  3.510
  3.510
  3.520
Adjusted equity ratio
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  108
  126
  147
  170
  194
  221
  249
  278
  310
  343
  378
  414
  452
  492
  533
  576
  620
  667
  715
  765
  817
  871
  927
  985
  1,046
  1,109
  1,175
  1,244
  1,316
Depreciation, amort., depletion, $m
  23
  27
  33
  38
  44
  51
  58
  66
  74
  83
  92
  101
  111
  122
  133
  144
  156
  169
  182
  195
  209
  223
  238
  254
  270
  287
  305
  323
  343
  362
Funds from operations, $m
  113
  135
  159
  185
  214
  245
  279
  315
  353
  393
  435
  479
  526
  574
  625
  677
  732
  789
  848
  910
  974
  1,040
  1,109
  1,181
  1,256
  1,333
  1,414
  1,499
  1,587
  1,678
Change in working capital, $m
  60
  68
  76
  84
  92
  100
  107
  115
  122
  129
  136
  143
  149
  156
  163
  170
  177
  184
  191
  198
  206
  214
  223
  231
  241
  251
  261
  272
  283
  295
Cash from operations, $m
  53
  67
  83
  101
  122
  146
  172
  200
  231
  264
  299
  337
  376
  418
  462
  508
  556
  606
  658
  712
  768
  826
  887
  949
  1,015
  1,083
  1,153
  1,227
  1,303
  1,383
Maintenance CAPEX, $m
  -18
  -22
  -27
  -32
  -38
  -44
  -51
  -58
  -66
  -74
  -82
  -92
  -101
  -111
  -122
  -133
  -144
  -156
  -169
  -182
  -195
  -209
  -223
  -238
  -254
  -270
  -287
  -305
  -323
  -343
New CAPEX, $m
  -31
  -35
  -40
  -44
  -48
  -52
  -56
  -60
  -63
  -67
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -136
  -141
  -147
  -154
Cash from investing activities, $m
  -49
  -57
  -67
  -76
  -86
  -96
  -107
  -118
  -129
  -141
  -153
  -166
  -179
  -192
  -207
  -221
  -236
  -252
  -268
  -285
  -302
  -320
  -339
  -358
  -379
  -400
  -423
  -446
  -470
  -497
Free cash flow, $m
  4
  9
  16
  26
  37
  50
  65
  83
  102
  123
  146
  171
  197
  226
  255
  287
  319
  354
  390
  427
  465
  506
  547
  591
  635
  682
  730
  780
  832
  887
Issuance/(repayment) of debt, $m
  116
  130
  146
  161
  176
  190
  205
  219
  233
  246
  260
  273
  286
  298
  311
  324
  337
  351
  365
  379
  394
  409
  425
  442
  460
  479
  499
  519
  541
  564
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  
  116
  130
  146
  161
  176
  190
  205
  219
  233
  246
  260
  273
  286
  298
  311
  324
  337
  351
  365
  379
  394
  409
  425
  442
  460
  479
  499
  519
  541
  564
Total cash flow (excl. dividends), $m
  120
  139
  162
  186
  213
  241
  270
  302
  335
  370
  406
  444
  483
  524
  567
  611
  657
  705
  754
  806
  859
  915
  973
  1,033
  1,096
  1,161
  1,229
  1,300
  1,374
  1,451
Retained Cash Flow (-), $m
  -32
  -36
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -145
  -151
  -157
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
  88
  103
  121
  142
  164
  188
  213
  241
  270
  301
  333
  367
  403
  441
  480
  520
  563
  607
  652
  700
  749
  801
  854
  910
  967
  1,027
  1,090
  1,155
  1,223
  1,294
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  81
  87
  93
  98
  101
  102
  102
  99
  95
  90
  83
  75
  66
  58
  49
  41
  33
  26
  21
  16
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
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

Global Brass and Copper Holdings, Inc. is a converter, fabricator, processor and distributor of specialized non-ferrous products, including a range of sheet, strip, foil, rod, tube and fabricated metal component products. The Company operates through three segments: Olin Brass, Chase Brass and A.J. Oster. Its Olin Brass segment is engaged in manufacturing, fabricating and converting specialized copper and brass sheet, strip, foil, tube and fabricated products. The Chase Brass segment is engaged in manufacturing brass rod, including round, hexagonal and other shapes. The A.J. Oster segment is engaged in processing and distributing copper and copper-alloy sheet, strip and foil, operating six service centers in the United States, Puerto Rico and Mexico. Its products are used in a range of applications across markets, including the building and housing, munitions, automotive, transportation, coinage, industrial machinery and equipment, and general consumer end markets.

FINANCIAL RATIOS  of  Global Brass&Copper Holdings (BRSS)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 0.4
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.9%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 341.8%
Total Debt to Equity 347.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 43.5%
Return On Equity - 3 Yr. Avg. 187.5%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 13.6%
Gross Margin - 3 Yr. Avg. 11.5%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.4%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio 9.4%

BRSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRSS stock intrinsic value calculation we used $1560.8 million for the last fiscal year's total revenue generated by Global Brass&Copper Holdings. The default revenue input number comes from 0001 income statement of Global Brass&Copper Holdings. 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 BRSS stock valuation model: a) initial revenue growth rate of 22.6% 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 8.3%, whose default value for BRSS is calculated based on our internal credit rating of Global Brass&Copper Holdings, 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 Global Brass&Copper Holdings.
    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 BRSS stock the variable cost ratio is equal to 92.6%.

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 BRSS 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 5.6% for Global Brass&Copper Holdings.

Corporate tax rate of 27% is the nominal tax rate for Global Brass&Copper Holdings. 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 BRSS 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 BRSS are equal to 8.9%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Global Brass&Copper Holdings 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 BRSS is equal to 17.1%. 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 - $142.5 million for Global Brass&Copper Holdings - 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 22.174 million for Global Brass&Copper Holdings 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 Global Brass&Copper Holdings at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
MLI Mueller Indust 24.00 21.63  sell
MTRN Materion 46.53 4.87  str.sell
OLN Olin 20.02 52.78  str.buy

COMPANY NEWS

▶ Global Brass and Copper: 3Q Earnings Snapshot   [06:55PM  Associated Press]
▶ Global Brass and Copper: 2Q Earnings Snapshot   [05:12AM  Associated Press]
▶ Global Brass and Copper: 1Q Earnings Snapshot   [May-03-18 07:19PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 30th   [Apr-30-18 07:00AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 18th   [Apr-18-18 12:20PM  InvestorPlace]
▶ Top Ranked Value Stocks to Buy for April 11th   [Apr-11-18 09:32AM  Zacks]
▶ Global Brass and Copper posts 3Q profit   [Nov-06-17 05:38AM  Associated Press]
▶ Global Brass and Copper Holdings Acquires Alumet   [Nov-01-17 10:27AM  Business Wire]
▶ Global Brass and Copper posts 2Q profit   [02:34AM  Associated Press]
▶ Global Brass and Copper posts 1Q profit   [May-04-17 07:06PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 21st   [Apr-21-17 10:16AM  Zacks]
▶ Spoiler Alert: Super Bug MRSA Has No Chance against Copper   [Apr-20-17 08:20AM  Business Wire]
▶ Top Ranked Value Stocks to Buy for April 10th   [Apr-10-17 10:14AM  Zacks]

CONTACT US       ASSET ALLOCATION

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

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