Intrinsic value of Calavo Growers - CVGW

Previous Close

$87.15

  Intrinsic Value

$45.34

stock screener

  Rating & Target

sell

-48%

Previous close

$87.15

 
Intrinsic value

$45.34

 
Up/down potential

-48%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CVGW 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Calavo Growers (CVGW) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  14.96
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  1,076
  1,202
  1,334
  1,474
  1,619
  1,771
  1,930
  2,095
  2,267
  2,446
  2,632
  2,825
  3,025
  3,234
  3,451
  3,676
  3,911
  4,155
  4,409
  4,674
  4,950
  5,237
  5,538
  5,851
  6,178
  6,520
  6,878
  7,251
  7,642
  8,051
  8,479
Variable operating expenses, $m
 
  1,124
  1,247
  1,377
  1,513
  1,655
  1,803
  1,957
  2,118
  2,285
  2,458
  2,636
  2,824
  3,018
  3,221
  3,431
  3,650
  3,878
  4,115
  4,362
  4,620
  4,888
  5,169
  5,461
  5,767
  6,086
  6,419
  6,768
  7,133
  7,514
  7,914
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
  1,018
  1,124
  1,247
  1,377
  1,513
  1,655
  1,803
  1,957
  2,118
  2,285
  2,458
  2,636
  2,824
  3,018
  3,221
  3,431
  3,650
  3,878
  4,115
  4,362
  4,620
  4,888
  5,169
  5,461
  5,767
  6,086
  6,419
  6,768
  7,133
  7,514
  7,914
Operating income, $m
  58
  78
  87
  96
  106
  116
  127
  138
  149
  161
  174
  188
  202
  216
  230
  245
  261
  277
  294
  312
  330
  349
  369
  390
  412
  435
  459
  483
  510
  537
  565
EBITDA, $m
  69
  91
  101
  111
  122
  134
  146
  158
  171
  185
  199
  213
  228
  244
  260
  277
  295
  313
  333
  353
  373
  395
  418
  441
  466
  492
  519
  547
  576
  607
  640
Interest expense (income), $m
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
Earnings before tax, $m
  58
  78
  86
  94
  103
  113
  123
  133
  143
  154
  166
  180
  192
  205
  218
  232
  247
  262
  277
  294
  311
  328
  347
  366
  386
  408
  430
  453
  477
  502
  528
Tax expense, $m
  21
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
Net income, $m
  37
  57
  63
  69
  75
  82
  89
  97
  105
  113
  121
  131
  140
  150
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  330
  348
  367
  386

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  364
  399
  443
  489
  537
  588
  640
  695
  752
  812
  873
  937
  1,004
  1,073
  1,145
  1,220
  1,297
  1,378
  1,463
  1,551
  1,642
  1,738
  1,837
  1,941
  2,050
  2,163
  2,282
  2,406
  2,536
  2,671
  2,813
Adjusted assets (=assets-cash), $m
  357
  399
  443
  489
  537
  588
  640
  695
  752
  812
  873
  937
  1,004
  1,073
  1,145
  1,220
  1,297
  1,378
  1,463
  1,551
  1,642
  1,738
  1,837
  1,941
  2,050
  2,163
  2,282
  2,406
  2,536
  2,671
  2,813
Revenue / Adjusted assets
  3.014
  3.013
  3.011
  3.014
  3.015
  3.012
  3.016
  3.014
  3.015
  3.012
  3.015
  3.015
  3.013
  3.014
  3.014
  3.013
  3.015
  3.015
  3.014
  3.014
  3.015
  3.013
  3.015
  3.014
  3.014
  3.014
  3.014
  3.014
  3.013
  3.014
  3.014
Average production assets, $m
  107
  119
  132
  146
  160
  175
  191
  207
  224
  242
  261
  280
  300
  320
  342
  364
  387
  411
  436
  463
  490
  519
  548
  579
  612
  646
  681
  718
  757
  797
  839
Working capital, $m
  4
  19
  21
  24
  26
  28
  31
  34
  36
  39
  42
  45
  48
  52
  55
  59
  63
  66
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
Total debt, $m
  21
  27
  41
  56
  71
  87
  104
  122
  140
  159
  179
  199
  220
  242
  265
  289
  314
  340
  367
  395
  424
  454
  486
  519
  554
  590
  628
  667
  709
  752
  797
Total liabilities, $m
  121
  127
  141
  156
  171
  187
  204
  222
  240
  259
  279
  299
  320
  342
  365
  389
  414
  440
  467
  495
  524
  554
  586
  619
  654
  690
  728
  767
  809
  852
  897
Total equity, $m
  243
  272
  302
  333
  366
  400
  436
  473
  512
  553
  595
  638
  684
  731
  780
  831
  884
  939
  996
  1,056
  1,118
  1,183
  1,251
  1,322
  1,396
  1,473
  1,554
  1,638
  1,727
  1,819
  1,916
Total liabilities and equity, $m
  364
  399
  443
  489
  537
  587
  640
  695
  752
  812
  874
  937
  1,004
  1,073
  1,145
  1,220
  1,298
  1,379
  1,463
  1,551
  1,642
  1,737
  1,837
  1,941
  2,050
  2,163
  2,282
  2,405
  2,536
  2,671
  2,813
Debt-to-equity ratio
  0.086
  0.100
  0.140
  0.170
  0.200
  0.220
  0.240
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
Adjusted equity ratio
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681
  0.681

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  57
  63
  69
  75
  82
  89
  97
  105
  113
  121
  131
  140
  150
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  330
  348
  367
  386
Depreciation, amort., depletion, $m
  11
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
Funds from operations, $m
  68
  69
  76
  84
  91
  100
  108
  117
  126
  136
  146
  156
  167
  178
  190
  202
  214
  227
  241
  255
  270
  286
  302
  319
  336
  355
  374
  394
  415
  437
  460
Change in working capital, $m
  6
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
Cash from operations, $m
  62
  67
  74
  81
  89
  97
  106
  114
  124
  133
  143
  153
  163
  175
  186
  198
  211
  223
  237
  251
  266
  281
  297
  314
  331
  349
  368
  388
  409
  431
  453
Maintenance CAPEX, $m
  0
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
New CAPEX, $m
  -45
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
Cash from investing activities, $m
  -54
  -21
  -24
  -26
  -27
  -29
  -32
  -33
  -35
  -38
  -39
  -42
  -45
  -48
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -76
  -80
  -83
  -88
  -92
  -97
  -103
  -107
  -113
Free cash flow, $m
  8
  45
  50
  56
  62
  68
  74
  81
  88
  96
  103
  111
  119
  127
  136
  145
  155
  165
  175
  186
  197
  209
  221
  234
  247
  261
  276
  291
  307
  323
  340
Issuance/(repayment) of debt, $m
  1
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
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
  0
Cash from financing (excl. dividends), $m  
  0
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
Total cash flow (excl. dividends), $m
  9
  58
  64
  71
  77
  84
  91
  99
  106
  114
  123
  131
  140
  149
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  297
  313
  330
  348
  366
  386
Retained Cash Flow (-), $m
  -29
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
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
 
  30
  34
  39
  44
  50
  55
  61
  68
  74
  81
  87
  95
  102
  110
  118
  127
  136
  145
  154
  164
  175
  185
  196
  208
  220
  233
  246
  260
  274
  289
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
 
  29
  32
  34
  36
  39
  40
  41
  42
  43
  42
  42
  40
  39
  37
  35
  32
  30
  27
  24
  21
  18
  15
  13
  11
  9
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  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

Calavo Growers, Inc. operates in the avocado industry. The Company provides value-added fresh food. The Company distributes its products both domestically and internationally and internationally. It operates in three business segments: Fresh products, Calavo Foods and Renaissance Food Group, LLC (RFG). The Company is engaged in marketing and distributing avocados, prepared avocados and other perishable foods, which allows it to deliver an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants on a worldwide basis. The Company procures avocados principally from California and Mexico. Through its various operating facilities, the Company sorts, packs, and/or ripens avocados, tomatoes and/or Hawaiian grown papayas; processes and packages fresh cut fruit and vegetables, salads, wraps, sandwiches, fresh snacking products and a range of behind-the-glass deli items, and produces and packages guacamole and salsa.

FINANCIAL RATIOS  of  Calavo Growers (CVGW)

Valuation Ratios
P/E Ratio 41.3
Price to Sales 1.4
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 24.6
Price to Free Cash Flow 89.9
Growth Rates
Sales Growth Rate 15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 104.5%
Cap. Spend. - 3 Yr. Gr. Rate 30.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0.4%
Total Debt to Equity 8.6%
Interest Coverage 59
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 11.1%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.5%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 16.7%
Asset Turnover 3.1
Profitability Ratios
Gross Margin 10.7%
Gross Margin - 3 Yr. Avg. 10.7%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 6.7%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 43.2%

CVGW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVGW stock intrinsic value calculation we used $1076 million for the last fiscal year's total revenue generated by Calavo Growers. The default revenue input number comes from 2017 income statement of Calavo Growers. 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 CVGW stock valuation model: a) initial revenue growth rate of 11.7% 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 CVGW is calculated based on our internal credit rating of Calavo Growers, 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 Calavo Growers.
    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 CVGW stock the variable cost ratio is equal to 93.5%.

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 CVGW 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 4.9% for Calavo Growers.

Corporate tax rate of 27% is the nominal tax rate for Calavo Growers. 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 CVGW 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 CVGW are equal to 9.9%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Calavo Growers 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 CVGW is equal to 1.6%. 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 - $243 million for Calavo Growers - 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 17.536 million for Calavo Growers 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 Calavo Growers at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
SYY Sysco 58.55 46.51  sell
CORE Core-Mark Hold 20.93 16.64  sell
SFM Sprouts Farmer 26.12 31.96  buy
KR Kroger 27.41 30.44  hold
WMT Wal-Mart Store 91.52 78.70  sell

COMPANY NEWS

▶ The 3 Stocks on the MFM Team's Radar This Week   [Jan-10-18 08:00PM  Motley Fool]
▶ Calavo Growers Earns Relative Strength Rating Upgrade; Hits Key Benchmark   [Dec-29-17 03:00AM  Investor's Business Daily]
▶ Calavo posts 4Q profit   [Dec-19-17 09:15AM  Associated Press]
▶ Tiny, Mighty Dividend Stocks   [Nov-01-17 06:40PM  Motley Fool]
▶ New Strong Sell Stocks for October 25th   [Oct-25-17 06:27AM  Zacks]
▶ Can Calavo Growers Be a Growth Stock?   [Oct-22-17 08:04AM  Motley Fool]
▶ New Strong Sell Stocks for October 17th   [Oct-17-17 09:53AM  Zacks]
▶ Calavo Growers Sees IBD RS Rating Climb To 73   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ Don't Wait to Buy These 3 Dividend Stocks   [Sep-10-17 11:13AM  Motley Fool]
▶ Calavo posts 3Q profit   [Sep-06-17 11:56PM  Associated Press]
▶ Top 5 Earnings Growth Stocks to Buy Right Away   [Jun-30-17 09:55AM  Zacks]
▶ New Strong Buy Stocks for June 28th   [Jun-28-17 10:34AM  Zacks]
▶ ETFs with exposure to Calavo Growers, Inc. : June 6, 2017   [Jun-06-17 11:40AM  Capital Cube]
▶ Calavo posts 2Q profit   [09:08AM  Associated Press]
▶ Wells Fargo Among 5 Stocks Insiders Are Loading Up On   [Apr-19-17 01:21PM  TheStreet.com]
▶ Weekly CEO Buys Highlights   [11:25AM  GuruFocus.com]
▶ Calavo Growers CEO Invests in Company   [Apr-13-17 06:45PM  GuruFocus.com]
▶ Weekly CEO Buys Highlights   [Mar-20-17 01:43PM  GuruFocus.com]
▶ 6 Stocks Trending Up With Big Volume   [Mar-09-17 04:45PM  TheStreet.com]
▶ Calavo misses Street 1Q forecasts   [Mar-07-17 09:04AM  Associated Press]
Financial statements of CVGW
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.