Intrinsic value of BSQUARE - BSQR

Previous Close

$2.08

  Intrinsic Value

$0.54

stock screener

  Rating & Target

str. sell

-74%

Previous close

$2.08

 
Intrinsic value

$0.54

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of BSQR 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 0.0

 

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, %
  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
  82
  84
  86
  89
  92
  95
  98
  101
  105
  109
  113
  118
  123
  128
  134
  139
  146
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  253
  265
Variable operating expenses, $m
  42
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
Fixed operating expenses, $m
  51
  52
  53
  55
  56
  57
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  82
  84
  86
  88
  90
  92
  94
  96
Total operating expenses, $m
  93
  95
  97
  100
  102
  105
  107
  111
  114
  117
  121
  124
  128
  132
  136
  141
  145
  150
  156
  160
  166
  172
  178
  184
  191
  198
  205
  213
  221
  229
Operating income, $m
  -10
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -1
  0
  2
  4
  6
  8
  10
  13
  15
  18
  21
  25
  28
  32
  36
EBITDA, $m
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  1
  3
  5
  7
  9
  11
  14
  16
  19
  23
  26
  29
  33
  37
Interest expense (income), $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
  2
  2
  2
  2
  2
Earnings before tax, $m
  -10
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  0
  1
  3
  5
  7
  9
  12
  14
  17
  20
  23
  27
  30
  34
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  5
  6
  7
  8
  9
Net income, $m
  -10
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  0
  1
  2
  4
  5
  7
  8
  10
  12
  15
  17
  19
  22
  25

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
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Adjusted assets (=assets-cash), $m
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Revenue / Adjusted assets
  1.907
  1.909
  1.911
  1.935
  1.917
  1.939
  1.922
  1.906
  1.909
  1.912
  1.915
  1.934
  1.922
  1.910
  1.942
  1.931
  1.921
  1.924
  1.916
  1.908
  1.912
  1.916
  1.929
  1.923
  1.917
  1.921
  1.917
  1.928
  1.931
  1.920
Average production assets, $m
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Working capital, $m
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
Total debt, $m
  0
  1
  1
  2
  2
  3
  4
  5
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  21
  23
  24
  26
  29
  31
  33
  36
  38
  41
Total liabilities, $m
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
Total equity, $m
  25
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
Total liabilities and equity, $m
  43
  44
  45
  46
  47
  49
  51
  53
  54
  56
  59
  61
  64
  66
  70
  72
  75
  79
  82
  86
  91
  95
  99
  103
  109
  114
  119
  126
  131
  138
Debt-to-equity ratio
  0.010
  0.030
  0.050
  0.070
  0.090
  0.110
  0.130
  0.150
  0.170
  0.190
  0.210
  0.230
  0.260
  0.280
  0.300
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
Adjusted equity ratio
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  0
  1
  2
  4
  5
  7
  8
  10
  12
  15
  17
  19
  22
  25
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -1
  0
  2
  3
  4
  6
  8
  9
  11
  13
  16
  18
  21
  23
  26
Change in working capital, $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 operations, $m
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -1
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  20
  23
  26
Maintenance CAPEX, $m
  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
  -1
  -1
  -1
  -1
New CAPEX, $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 investing activities, $m
  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
  -1
  -1
  -1
  -1
Free cash flow, $m
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -2
  -1
  1
  2
  3
  5
  6
  8
  10
  12
  14
  16
  19
  21
  24
Issuance/(repayment) of debt, $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Issuance/(repurchase) of shares, $m
  11
  11
  11
  11
  11
  11
  11
  11
  10
  10
  9
  8
  7
  6
  5
  4
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  11
  11
  11
  12
  12
  12
  12
  12
  11
  11
  10
  9
  8
  7
  6
  5
  3
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Total cash flow (excl. dividends), $m
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  5
  6
  8
  10
  12
  14
  16
  19
  21
  24
  27
Retained Cash Flow (-), $m
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -10
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Prev. year cash balance distribution, $m
  7
  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
  -2
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -8
  -7
  -7
  -6
  -5
  -4
  -2
  -1
  1
  1
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  21
  23
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
  -2
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  65.3
  42.4
  27.6
  18.1
  12.0
  8.1
  5.5
  3.8
  2.7
  2.0
  1.5
  1.2
  1.0
  0.8
  0.7
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6
  0.6

BSQUARE Corporation is focused on providing software solutions and related engineering services to businesses that develop, market and sell dedicated purpose standalone intelligent systems. The Company's standalone intelligent systems include smart, connected computing devices, such as smart phones, set-top boxes, point-of-sale terminals, kiosks, tablets and handheld data collection devices, as well as smart vending machines, automatic teller machine (ATM) machines, digital signs and in-vehicle telematics and entertainment devices. It focuses on systems that utilize Microsoft Windows Embedded operating systems as well as devices running other operating systems, such as Android, Linux, and QNX Software Systems (QNX), and that are connected to a network or data cloud via a wired or wireless connection. Its customers include original equipment manufacturers (OEMs), original design manufacturers (ODMs), corporate enterprises (Enterprises), silicon vendors (SVs) and peripheral vendors.

FINANCIAL RATIOS  of  BSQUARE (BSQR)

Valuation Ratios
P/E Ratio -26.1
Price to Sales 0.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate -9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.7%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 16.5%
Gross Margin - 3 Yr. Avg. 17.6%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin -2.1%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin -1%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 4.8%
Payout Ratio 0%

BSQR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BSQR stock intrinsic value calculation we used $80.811 million for the last fiscal year's total revenue generated by BSQUARE. The default revenue input number comes from 0001 income statement of BSQUARE. 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 BSQR 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 BSQR is calculated based on our internal credit rating of BSQUARE, 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 BSQUARE.
    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 BSQR stock the variable cost ratio is equal to 50.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for BSQR 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 BSQUARE.

Corporate tax rate of 27% is the nominal tax rate for BSQUARE. 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 BSQR 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 BSQR are equal to 3.8%.

Life of production assets of 8.2 years is the average useful life of capital assets used in BSQUARE 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 BSQR is equal to 2.6%. 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 - $31.43 million for BSQUARE - 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 12.713 million for BSQUARE 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 BSQUARE at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MSFT Microsoft 107.28 189.75  str.buy
GOOGL Alphabet Cl A 1,071.05 2,744.29  str.buy
WSTG Wayside Techno 11.75 29.78  str.buy
ADBE Adobe Systems 239.95 239.44  hold
ORCL Oracle 50.63 34.20  sell
SNX SYNNEX 78.46 409.69  str.buy
INTC Intel 48.11 41.31  hold
QCOM Qualcomm 55.39 82.61  buy
ARW Arrow Electron 74.54 149.54  str.buy
TXN Texas Instrume 97.96 122.57  hold

COMPANY NEWS

▶ Bsquare: 3Q Earnings Snapshot   [Nov-12-18 04:22PM  Associated Press]
▶ Bsquare Appoints Davin Cushman to Board of Directors   [Nov-06-18 05:00PM  PR Newswire]
▶ Bsquare: 2Q Earnings Snapshot   [Aug-13-18 04:28PM  Associated Press]
▶ Bsquare Appoints Ryan Vardeman to Board of Directors   [Jun-26-18 08:00AM  PR Newswire]
▶ Who Owns BSQUARE Corporation (NASDAQ:BSQR)?   [Jun-06-18 04:26PM  Simply Wall St.]
▶ Bsquare: 1Q Earnings Snapshot   [04:39PM  Associated Press]
▶ Bsquare Announces New Leadership, CEO Steps Down   [May-09-18 04:05PM  PR Newswire]
▶ Bsquare reports 4Q loss   [Feb-20-18 05:35PM  Associated Press]
▶ Bsquare reports 3Q loss   [Nov-07-17 05:56PM  Associated Press]
▶ ETFs with exposure to BSQUARE Corp. : November 2, 2017   [Nov-02-17 11:57AM  Capital Cube]
▶ Bsquare To Present At Connected Fleets, Atlanta   [Sep-19-17 06:00AM  PR Newswire]
▶ ETFs with exposure to BSQUARE Corp. : September 12, 2017   [Sep-11-17 09:52PM  Capital Cube]
▶ Bsquare To Present At The IoT In Oil & Gas Show, Houston   [Sep-07-17 04:05PM  PR Newswire]
▶ Bsquare reports 2Q loss   [Aug-08-17 11:31PM  Associated Press]
▶ ETFs with exposure to BSQUARE Corp. : July 10, 2017   [Jul-10-17 02:03PM  Capital Cube]
▶ ETFs with exposure to BSQUARE Corp. : June 27, 2017   [Jun-27-17 03:00PM  Capital Cube]
▶ Bsquare posts 1Q profit   [May-15-17 04:44PM  Associated Press]
▶ ETFs with exposure to BSQUARE Corp. : April 25, 2017   [Apr-25-17 03:25PM  Capital Cube]
▶ Bsquare Unveils Cross-platform IoT Apps   [Mar-21-17 08:00AM  PR Newswire]
▶ Bsquare reports 4Q loss   [Feb-21-17 05:56PM  Associated Press]
▶ Bsquare DataV Enters 2017 with Strong Momentum   [Jan-03-17 08:00AM  PR Newswire]
▶ Hedge Funds Are Crazy About Avinger Inc (AVGR)   [Dec-15-16 06:23AM  at Insider Monkey]
▶ Bsquare Achieves AWS IoT Competency Status   [Nov-29-16 02:37PM  PR Newswire]

CONTACT US       ASSET ALLOCATION

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

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