Intrinsic value of Masonite International - DOOR

Previous Close

$54.23

  Intrinsic Value

$90.38

stock screener

  Rating & Target

str. buy

+67%

Previous close

$54.23

 
Intrinsic value

$90.38

 
Up/down potential

+67%

 
Rating

str. buy

We calculate the intrinsic value of DOOR 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 1.5

 

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, %
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  2,216
  2,406
  2,605
  2,811
  3,025
  3,248
  3,479
  3,720
  3,970
  4,230
  4,501
  4,782
  5,075
  5,381
  5,699
  6,031
  6,377
  6,738
  7,116
  7,510
  7,922
  8,353
  8,803
  9,275
  9,768
  10,284
  10,825
  11,392
  11,985
  12,607
Variable operating expenses, $m
  1,723
  1,869
  2,020
  2,177
  2,341
  2,511
  2,688
  2,871
  3,062
  3,261
  3,435
  3,650
  3,873
  4,106
  4,349
  4,603
  4,867
  5,143
  5,431
  5,732
  6,046
  6,375
  6,719
  7,078
  7,455
  7,849
  8,262
  8,694
  9,147
  9,622
Fixed operating expenses, $m
  303
  309
  316
  323
  330
  337
  345
  352
  360
  368
  376
  384
  393
  401
  410
  419
  429
  438
  448
  457
  467
  478
  488
  499
  510
  521
  533
  544
  556
  569
Total operating expenses, $m
  2,026
  2,178
  2,336
  2,500
  2,671
  2,848
  3,033
  3,223
  3,422
  3,629
  3,811
  4,034
  4,266
  4,507
  4,759
  5,022
  5,296
  5,581
  5,879
  6,189
  6,513
  6,853
  7,207
  7,577
  7,965
  8,370
  8,795
  9,238
  9,703
  10,191
Operating income, $m
  190
  229
  269
  311
  354
  400
  447
  496
  548
  602
  690
  748
  809
  873
  939
  1,009
  1,081
  1,158
  1,237
  1,321
  1,408
  1,500
  1,596
  1,697
  1,803
  1,914
  2,031
  2,153
  2,282
  2,417
EBITDA, $m
  295
  340
  387
  435
  486
  539
  594
  651
  711
  773
  838
  906
  976
  1,050
  1,127
  1,208
  1,292
  1,380
  1,472
  1,569
  1,670
  1,776
  1,887
  2,003
  2,125
  2,253
  2,388
  2,529
  2,677
  2,832
Interest expense (income), $m
  27
  34
  39
  44
  49
  55
  60
  66
  72
  78
  85
  91
  98
  106
  113
  121
  129
  138
  147
  156
  166
  176
  187
  198
  210
  222
  235
  248
  262
  277
  292
Earnings before tax, $m
  156
  189
  225
  261
  300
  340
  381
  425
  470
  517
  598
  650
  703
  759
  818
  879
  943
  1,011
  1,081
  1,155
  1,232
  1,313
  1,398
  1,487
  1,581
  1,679
  1,782
  1,891
  2,005
  2,124
Tax expense, $m
  42
  51
  61
  71
  81
  92
  103
  115
  127
  140
  162
  175
  190
  205
  221
  237
  255
  273
  292
  312
  333
  355
  377
  402
  427
  453
  481
  511
  541
  574
Net income, $m
  114
  138
  164
  191
  219
  248
  278
  310
  343
  377
  437
  474
  513
  554
  597
  642
  689
  738
  789
  843
  899
  959
  1,021
  1,086
  1,154
  1,226
  1,301
  1,380
  1,463
  1,551

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
  1,831
  1,989
  2,153
  2,323
  2,500
  2,684
  2,876
  3,074
  3,281
  3,496
  3,719
  3,952
  4,194
  4,447
  4,710
  4,984
  5,270
  5,569
  5,881
  6,207
  6,547
  6,903
  7,275
  7,665
  8,073
  8,499
  8,946
  9,415
  9,905
  10,419
Adjusted assets (=assets-cash), $m
  1,831
  1,989
  2,153
  2,323
  2,500
  2,684
  2,876
  3,074
  3,281
  3,496
  3,719
  3,952
  4,194
  4,447
  4,710
  4,984
  5,270
  5,569
  5,881
  6,207
  6,547
  6,903
  7,275
  7,665
  8,073
  8,499
  8,946
  9,415
  9,905
  10,419
Revenue / Adjusted assets
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
Average production assets, $m
  782
  849
  919
  992
  1,068
  1,147
  1,228
  1,313
  1,401
  1,493
  1,589
  1,688
  1,792
  1,899
  2,012
  2,129
  2,251
  2,379
  2,512
  2,651
  2,796
  2,948
  3,108
  3,274
  3,448
  3,630
  3,821
  4,021
  4,231
  4,450
Working capital, $m
  339
  368
  399
  430
  463
  497
  532
  569
  607
  647
  689
  732
  777
  823
  872
  923
  976
  1,031
  1,089
  1,149
  1,212
  1,278
  1,347
  1,419
  1,494
  1,574
  1,656
  1,743
  1,834
  1,929
Total debt, $m
  712
  802
  895
  992
  1,093
  1,198
  1,307
  1,420
  1,538
  1,661
  1,788
  1,921
  2,059
  2,203
  2,353
  2,509
  2,672
  2,842
  3,020
  3,206
  3,400
  3,603
  3,815
  4,037
  4,269
  4,513
  4,767
  5,034
  5,314
  5,607
Total liabilities, $m
  1,044
  1,134
  1,227
  1,324
  1,425
  1,530
  1,639
  1,752
  1,870
  1,993
  2,120
  2,253
  2,391
  2,535
  2,685
  2,841
  3,004
  3,174
  3,352
  3,538
  3,732
  3,935
  4,147
  4,369
  4,601
  4,845
  5,099
  5,366
  5,646
  5,939
Total equity, $m
  787
  855
  926
  999
  1,075
  1,154
  1,236
  1,322
  1,411
  1,503
  1,599
  1,699
  1,804
  1,912
  2,025
  2,143
  2,266
  2,395
  2,529
  2,669
  2,815
  2,968
  3,128
  3,296
  3,471
  3,655
  3,847
  4,048
  4,259
  4,480
Total liabilities and equity, $m
  1,831
  1,989
  2,153
  2,323
  2,500
  2,684
  2,875
  3,074
  3,281
  3,496
  3,719
  3,952
  4,195
  4,447
  4,710
  4,984
  5,270
  5,569
  5,881
  6,207
  6,547
  6,903
  7,275
  7,665
  8,072
  8,500
  8,946
  9,414
  9,905
  10,419
Debt-to-equity ratio
  0.900
  0.940
  0.970
  0.990
  1.020
  1.040
  1.060
  1.070
  1.090
  1.100
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.210
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  138
  164
  191
  219
  248
  278
  310
  343
  377
  437
  474
  513
  554
  597
  642
  689
  738
  789
  843
  899
  959
  1,021
  1,086
  1,154
  1,226
  1,301
  1,380
  1,463
  1,551
Depreciation, amort., depletion, $m
  105
  111
  118
  125
  132
  139
  147
  155
  163
  172
  148
  158
  167
  178
  188
  199
  210
  222
  235
  248
  261
  276
  290
  306
  322
  339
  357
  376
  395
  416
Funds from operations, $m
  219
  250
  282
  316
  351
  387
  425
  465
  506
  549
  585
  632
  681
  732
  785
  841
  899
  960
  1,024
  1,091
  1,161
  1,234
  1,311
  1,392
  1,476
  1,565
  1,658
  1,756
  1,859
  1,967
Change in working capital, $m
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
Cash from operations, $m
  191
  221
  252
  284
  318
  353
  390
  428
  468
  509
  544
  589
  636
  685
  736
  790
  846
  905
  966
  1,030
  1,098
  1,168
  1,242
  1,320
  1,401
  1,486
  1,576
  1,669
  1,768
  1,871
Maintenance CAPEX, $m
  -67
  -73
  -79
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -140
  -148
  -158
  -167
  -178
  -188
  -199
  -210
  -222
  -235
  -248
  -261
  -276
  -290
  -306
  -322
  -339
  -357
  -376
  -395
New CAPEX, $m
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -220
Cash from investing activities, $m
  -131
  -140
  -149
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -247
  -261
  -275
  -290
  -305
  -321
  -338
  -355
  -374
  -393
  -413
  -435
  -456
  -480
  -504
  -530
  -557
  -585
  -615
Free cash flow, $m
  59
  80
  102
  125
  149
  175
  201
  228
  257
  286
  309
  341
  375
  410
  447
  485
  525
  567
  611
  656
  704
  755
  807
  863
  921
  982
  1,045
  1,112
  1,183
  1,257
Issuance/(repayment) of debt, $m
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  170
  178
  186
  194
  203
  212
  222
  232
  243
  255
  267
  280
  293
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  
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  170
  178
  186
  194
  203
  212
  222
  232
  243
  255
  267
  280
  293
Total cash flow (excl. dividends), $m
  146
  170
  196
  222
  250
  280
  310
  342
  375
  409
  436
  474
  513
  554
  597
  641
  688
  737
  788
  842
  899
  958
  1,020
  1,085
  1,153
  1,225
  1,300
  1,379
  1,462
  1,550
Retained Cash Flow (-), $m
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -175
  -184
  -192
  -201
  -211
  -221
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
  81
  102
  125
  149
  174
  200
  228
  256
  286
  317
  340
  374
  409
  445
  483
  523
  565
  609
  654
  702
  752
  805
  860
  917
  978
  1,041
  1,108
  1,178
  1,251
  1,329
Discount rate, %
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
  77
  92
  106
  118
  128
  136
  142
  146
  147
  146
  139
  134
  128
  120
  111
  101
  91
  80
  70
  59
  50
  41
  33
  26
  20
  15
  11
  8
  6
  4
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

Masonite International Corporation is a designer and manufacturer of interior and exterior doors for residential construction, residential repair, renovation and remodeling, and the non-residential building construction markets. The Company's segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The North American Residential segment is the aggregation of the Wholesale and Retail segments. The Europe segment is the aggregation of the United Kingdom and Central Eastern Europe segments. Its product lines include residential doors, architectural doors and components. Its residential doors are molded panel, flush, stile and rail, routed medium-density fiberboard, steel or fiberglass. Its architectural doors are products designed, constructed and tested. It offers a line of architectural interior doors ranging from molded panel doors to designed flush wood doors with inlay designs. _tck('aft');

FINANCIAL RATIOS  of  Masonite International (DOOR)

Valuation Ratios
P/E Ratio 16.3
Price to Sales 0.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 60.8%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 72.8%
Total Debt to Equity 72.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 8.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 15.4%
Return On Equity - 3 Yr. Avg. 1.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 18%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 7.8%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 17.3%
Eff/ Tax Rate - 3 Yr. Avg. -15.5%
Payout Ratio 0%

DOOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DOOR stock intrinsic value calculation we used $2032.925 million for the last fiscal year's total revenue generated by Masonite International. The default revenue input number comes from 0001 income statement of Masonite International. 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 DOOR stock valuation model: a) initial revenue growth rate of 9% 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 5.2%, whose default value for DOOR is calculated based on our internal credit rating of Masonite International, 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 Masonite International.
    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 DOOR stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $296 million in the base year in the intrinsic value calculation for DOOR 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 5.5% for Masonite International.

Corporate tax rate of 27% is the nominal tax rate for Masonite International. 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 DOOR 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 DOOR are equal to 35.3%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Masonite International 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 DOOR is equal to 15.3%. 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 - $722.629 million for Masonite International - 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 27.591 million for Masonite International 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 Masonite International at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
NX Quanex Buildin 15.55 12.75  sell
FBHS Fortune Brands 42.46 77.08  buy
BLDR Builders First 12.85 29.48  str.buy

COMPANY NEWS

▶ Masonite: 3Q Earnings Snapshot   [06:28PM  Associated Press]
▶ Masonite acquires New Jersey wholesaler for $23 million   [10:48AM  American City Business Journals]
▶ Masonite International Corp. to Host Earnings Call   [Aug-09-18 07:00AM  ACCESSWIRE]
▶ Masonite: 2Q Earnings Snapshot   [05:29PM  Associated Press]
▶ 3 Incredibly Cheap Homebuilding Products Stocks   [Jun-18-18 11:34AM  Motley Fool]
▶ Masonite buys U.S. wood door business from Swedish firm   [Jun-04-18 12:59PM  American City Business Journals]
▶ Door industry awaits outcome of legal battle involving San Antonio company (SLIDESHOW)   [May-25-18 06:00AM  American City Business Journals]
▶ Masonite: 1Q Earnings Snapshot   [May-03-18 05:05AM  Associated Press]
▶ Masonite adds health care, tech industry veterans to board of directors   [07:00AM  American City Business Journals]
▶ Masonite International Corporation Adds New Board Members   [Feb-26-18 04:15PM  Business Wire]
▶ Masonite International Corp. to Host Earnings Call   [Feb-22-18 07:00AM  ACCESSWIRE]
▶ Masonite misses Street 4Q forecasts   [Feb-21-18 07:11PM  Associated Press]
▶ Masonite tops Street 3Q forecasts   [Nov-07-17 06:41PM  Associated Press]
▶ One of Tampa's largest private schools unveils $12M capital campaign   [07:50AM  American City Business Journals]
▶ Masonite misses Street 2Q forecasts   [Aug-09-17 10:01PM  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.