Intrinsic value of CTI BioPharma - CTIC

Previous Close

$1.71

  Intrinsic Value

$0.09

stock screener

  Rating & Target

str. sell

-95%

Previous close

$1.71

 
Intrinsic value

$0.09

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of CTIC 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 0.1

 

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
  26
  26
  27
  28
  29
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
Variable operating expenses, $m
  33
  34
  34
  35
  36
  38
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  73
  76
  80
  83
  87
  92
  96
  101
  106
Fixed operating expenses, $m
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  65
Total operating expenses, $m
  68
  70
  70
  72
  74
  77
  79
  80
  83
  85
  88
  91
  94
  97
  100
  104
  107
  111
  114
  119
  123
  128
  132
  137
  142
  147
  153
  159
  165
  171
Operating income, $m
  -42
  -43
  -44
  -45
  -46
  -47
  -48
  -49
  -51
  -52
  -53
  -54
  -56
  -57
  -59
  -60
  -62
  -64
  -65
  -67
  -69
  -71
  -73
  -75
  -77
  -79
  -81
  -84
  -86
  -88
EBITDA, $m
  -41
  -42
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -51
  -52
  -54
  -55
  -56
  -58
  -59
  -61
  -63
  -64
  -66
  -68
  -70
  -71
  -73
  -75
  -78
  -80
  -82
  -84
  -87
Interest expense (income), $m
  4
  2
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
Earnings before tax, $m
  -44
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -82
  -85
  -88
  -90
  -93
  -96
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
  -44
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -82
  -85
  -88
  -90
  -93
  -96

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
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
Adjusted assets (=assets-cash), $m
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
Revenue / Adjusted assets
  0.839
  0.813
  0.818
  0.824
  0.829
  0.806
  0.811
  0.842
  0.825
  0.829
  0.814
  0.822
  0.809
  0.816
  0.824
  0.811
  0.818
  0.810
  0.833
  0.825
  0.818
  0.826
  0.819
  0.816
  0.823
  0.819
  0.828
  0.815
  0.823
  0.812
Average production assets, $m
  3
  3
  3
  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
Working capital, $m
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
Total debt, $m
  10
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
  64
  68
  72
Total liabilities, $m
  28
  29
  30
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
Total equity, $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
Total liabilities and equity, $m
  31
  32
  33
  33
  34
  36
  37
  39
  40
  41
  43
  44
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  76
  80
  83
  88
  91
  96
  101
Debt-to-equity ratio
  3.050
  3.180
  3.330
  3.480
  3.650
  3.810
  3.990
  4.160
  4.330
  4.500
  4.670
  4.840
  5.010
  5.170
  5.330
  5.480
  5.630
  5.780
  5.920
  6.050
  6.180
  6.310
  6.430
  6.550
  6.660
  6.770
  6.870
  6.970
  7.060
  7.150
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -44
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -82
  -85
  -88
  -90
  -93
  -96
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
  2
  2
  2
  2
Funds from operations, $m
  -43
  -43
  -44
  -45
  -47
  -48
  -49
  -50
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -74
  -76
  -79
  -81
  -83
  -86
  -89
  -91
  -94
Change in working capital, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  -43
  -43
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -89
  -92
Maintenance CAPEX, $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
  -2
  -2
  -2
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
  -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
  -2
  -2
  -2
Free cash flow, $m
  -43
  -44
  -45
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -74
  -76
  -79
  -81
  -83
  -86
  -89
  -91
  -94
Issuance/(repayment) of debt, $m
  -4
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Issuance/(repurchase) of shares, $m
  49
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  57
  58
  60
  62
  64
  65
  67
  69
  71
  73
  76
  78
  80
  83
  85
  88
  91
  94
  97
Cash from financing (excl. dividends), $m  
  45
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  59
  60
  62
  64
  66
  67
  69
  71
  73
  76
  79
  81
  83
  86
  88
  92
  95
  98
  101
Total cash flow (excl. dividends), $m
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
Retained Cash Flow (-), $m
  -49
  -44
  -45
  -46
  -47
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -65
  -67
  -69
  -71
  -73
  -76
  -78
  -80
  -83
  -85
  -88
  -91
  -94
  -97
Prev. year cash balance distribution, $m
  24
  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
  -24
  -43
  -44
  -45
  -46
  -47
  -48
  -49
  -50
  -52
  -53
  -54
  -56
  -57
  -59
  -60
  -62
  -64
  -66
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -82
  -85
  -87
  -90
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
  -23
  -39
  -38
  -37
  -36
  -34
  -32
  -31
  -29
  -27
  -25
  -23
  -21
  -19
  -17
  -15
  -14
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  50.0
  12.2
  3.0
  0.7
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CTI BioPharma Corp. (CTI) is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies covering a spectrum of blood-related cancers to patients and healthcare providers. The Company is primarily focused on commercializing PIXUVRI in select countries in the European Union, for multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (NHL). It is also engaged in evaluating pacritinib for the treatment of adult patients with myelofibrosis. Its earlier stage product candidate, tosedostat, is an oral, once-daily aminopeptidase inhibitor that has demonstrated responses in patients with acute myeloid leukemia (AML). It also evaluates its pipeline candidate paclitaxel poliglumex (Opaxio), which targets solid tumors. It is evaluating Opaxio through cooperative group sponsored trials and investigator-sponsored trials (ISTs), such as the ongoing maintenance therapy trial in patients with ovarian cancer.

FINANCIAL RATIOS  of  CTI BioPharma (CTIC)

Valuation Ratios
P/E Ratio -0.9
Price to Sales 0.8
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow -0.6
Price to Free Cash Flow -0.6
Growth Rates
Sales Growth Rate 256.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 84.6%
Total Debt to Equity 146.2%
Interest Coverage -12
Management Effectiveness
Return On Assets -46.2%
Ret/ On Assets - 3 Yr. Avg. -81.1%
Return On Total Capital -74.3%
Ret/ On T. Cap. - 3 Yr. Avg. -125.3%
Return On Equity -160%
Return On Equity - 3 Yr. Avg. -209%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 98.2%
Gross Margin - 3 Yr. Avg. 94.7%
EBITDA Margin -84.2%
EBITDA Margin - 3 Yr. Avg. -324.5%
Operating Margin -87.7%
Oper. Margin - 3 Yr. Avg. -320.8%
Pre-Tax Margin -93%
Pre-Tax Margin - 3 Yr. Avg. -335.3%
Net Profit Margin -91.2%
Net Profit Margin - 3 Yr. Avg. -330%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CTIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTIC stock intrinsic value calculation we used $25.146 million for the last fiscal year's total revenue generated by CTI BioPharma. The default revenue input number comes from 0001 income statement of CTI BioPharma. 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 CTIC 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 CTIC is calculated based on our internal credit rating of CTI BioPharma, 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 CTI BioPharma.
    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 CTIC stock the variable cost ratio is equal to 128%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for CTIC 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 11.3% for CTI BioPharma.

Corporate tax rate of 27% is the nominal tax rate for CTI BioPharma. 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 CTIC 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 CTIC are equal to 10.8%.

Life of production assets of 3.8 years is the average useful life of capital assets used in CTI BioPharma 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 CTIC is equal to -60.4%. 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 - $21.813 million for CTI BioPharma - 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 57.989 million for CTI BioPharma 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 CTI BioPharma at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
TEVA Teva Pharmaceu 22.62 40.23  str.buy
INCY Incyte 65.03 161.51  str.buy
GERN Geron 1.57 0.15  str.sell

COMPANY NEWS

▶ CTI BioPharma: 3Q Earnings Snapshot   [09:40AM  Associated Press]
▶ CTI BioPharma co-founder comes to his own defense in yacht repossession lawsuit   [Sep-07-18 01:20PM  American City Business Journals]
▶ CTI BioPharma Corp. to Host Earnings Call   [Aug-02-18 02:30PM  ACCESSWIRE]
▶ CTI BioPharma: 2Q Earnings Snapshot   [08:36AM  Associated Press]
▶ Why CTI BioPharma Corp. Crashed Today   [Jul-18-18 11:47AM  Motley Fool]
▶ Why CTI BioPharma Corp. Is Sinking Today   [12:26PM  Motley Fool]
▶ Analysts Expect Breakeven For CTI BioPharma Corp (NASDAQ:CTIC)   [Jun-12-18 10:20AM  Simply Wall St.]
▶ CTI BioPharma: 1Q Earnings Snapshot   [May-03-18 05:36PM  Associated Press]
▶ CTI BioPharma Corp (NASDAQ:CTIC) Is Trading At A 22% Discount   [May-02-18 04:42PM  Simply Wall St.]
▶ CTI BioPharma reports 4Q loss   [Mar-07-18 04:27PM  Associated Press]
▶ When Will CTI BioPharma Corp (NASDAQ:CTIC) Breakeven?   [Feb-28-18 11:07AM  Simply Wall St.]
▶ CTI BioPharma Announces Launch of Follow-On Offering   [Feb-05-18 07:55AM  PR Newswire]
▶ Who Owns CTI BioPharma Corp (NASDAQ:CTIC)?   [Jan-29-18 05:02PM  Simply Wall St.]
▶ How Is Novartiss Kymriah Positioned for 2018?   [Jan-23-18 03:39PM  Market Realist]
▶ Is CTI BioPharma Corp (CTIC) Undervalued?   [Nov-20-17 11:45AM  Simply Wall St.]
▶ CTI BioPharma reports 3Q loss   [Nov-06-17 04:47PM  Associated Press]
▶ CTI BioPharma posts 2Q profit   [Aug-04-17 03:11AM  Associated Press]
▶ ETFs with exposure to CTI BioPharma Corp. : June 8, 2017   [Jun-08-17 01:31PM  Capital Cube]
▶ ETFs with exposure to CTI BioPharma Corp. : May 25, 2017   [May-25-17 12:37PM  Capital Cube]
▶ ETFs with exposure to CTI BioPharma Corp. : May 8, 2017   [May-08-17 04:22PM  Capital Cube]
▶ CTI BioPharma reports 1Q loss   [May-03-17 05:20PM  Associated Press]

CONTACT US       ASSET ALLOCATION

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

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