Intrinsic value of Esterline Technologies - ESL

Previous Close

$86.45

  Intrinsic Value

$57.80

stock screener

  Rating & Target

sell

-33%

Previous close

$86.45

 
Intrinsic value

$57.80

 
Up/down potential

-33%

 
Rating

sell

We calculate the intrinsic value of ESL 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 2017), $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 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  2,040
  2,087
  2,141
  2,201
  2,267
  2,341
  2,420
  2,507
  2,600
  2,699
  2,806
  2,920
  3,041
  3,170
  3,307
  3,452
  3,605
  3,767
  3,939
  4,120
  4,311
  4,512
  4,725
  4,948
  5,184
  5,432
  5,693
  5,968
  6,257
  6,561
Variable operating expenses, $m
  1,868
  1,908
  1,953
  2,004
  2,060
  2,122
  2,190
  2,263
  2,342
  2,426
  2,375
  2,471
  2,574
  2,683
  2,799
  2,921
  3,051
  3,189
  3,334
  3,487
  3,648
  3,819
  3,999
  4,188
  4,387
  4,597
  4,818
  5,051
  5,295
  5,553
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
  1,868
  1,908
  1,953
  2,004
  2,060
  2,122
  2,190
  2,263
  2,342
  2,426
  2,375
  2,471
  2,574
  2,683
  2,799
  2,921
  3,051
  3,189
  3,334
  3,487
  3,648
  3,819
  3,999
  4,188
  4,387
  4,597
  4,818
  5,051
  5,295
  5,553
Operating income, $m
  172
  179
  188
  197
  207
  218
  231
  244
  258
  273
  431
  449
  467
  487
  508
  530
  554
  579
  605
  633
  662
  693
  726
  760
  796
  835
  875
  917
  961
  1,008
EBITDA, $m
  493
  504
  517
  532
  548
  565
  585
  605
  628
  652
  678
  705
  735
  766
  799
  834
  871
  910
  951
  995
  1,041
  1,090
  1,141
  1,195
  1,252
  1,312
  1,375
  1,441
  1,511
  1,585
Interest expense (income), $m
  27
  42
  43
  45
  47
  49
  51
  54
  57
  60
  63
  66
  70
  74
  78
  83
  87
  92
  98
  103
  109
  116
  122
  129
  137
  144
  152
  161
  170
  180
  190
Earnings before tax, $m
  130
  136
  143
  150
  158
  167
  177
  187
  199
  211
  365
  379
  393
  409
  426
  443
  462
  481
  502
  524
  547
  571
  597
  624
  652
  682
  714
  747
  782
  818
Tax expense, $m
  35
  37
  39
  40
  43
  45
  48
  51
  54
  57
  99
  102
  106
  110
  115
  120
  125
  130
  136
  141
  148
  154
  161
  168
  176
  184
  193
  202
  211
  221
Net income, $m
  95
  99
  104
  109
  115
  122
  129
  137
  145
  154
  266
  276
  287
  299
  311
  323
  337
  351
  366
  382
  399
  417
  436
  455
  476
  498
  521
  545
  571
  597

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
  3,183
  3,256
  3,339
  3,433
  3,537
  3,652
  3,776
  3,911
  4,056
  4,211
  4,378
  4,555
  4,745
  4,946
  5,159
  5,385
  5,624
  5,878
  6,145
  6,427
  6,725
  7,039
  7,371
  7,719
  8,087
  8,474
  8,881
  9,310
  9,761
  10,235
Adjusted assets (=assets-cash), $m
  3,183
  3,256
  3,339
  3,433
  3,537
  3,652
  3,776
  3,911
  4,056
  4,211
  4,378
  4,555
  4,745
  4,946
  5,159
  5,385
  5,624
  5,878
  6,145
  6,427
  6,725
  7,039
  7,371
  7,719
  8,087
  8,474
  8,881
  9,310
  9,761
  10,235
Revenue / Adjusted assets
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
Average production assets, $m
  1,793
  1,834
  1,882
  1,934
  1,993
  2,057
  2,128
  2,203
  2,285
  2,373
  2,467
  2,567
  2,673
  2,787
  2,907
  3,034
  3,169
  3,312
  3,462
  3,621
  3,789
  3,966
  4,153
  4,349
  4,557
  4,775
  5,004
  5,245
  5,500
  5,767
Working capital, $m
  347
  355
  364
  374
  385
  398
  411
  426
  442
  459
  477
  496
  517
  539
  562
  587
  613
  640
  670
  700
  733
  767
  803
  841
  881
  923
  968
  1,014
  1,064
  1,115
Total debt, $m
  803
  833
  868
  906
  949
  996
  1,048
  1,103
  1,163
  1,227
  1,295
  1,369
  1,447
  1,529
  1,617
  1,711
  1,809
  1,913
  2,024
  2,140
  2,263
  2,392
  2,529
  2,672
  2,824
  2,983
  3,151
  3,327
  3,513
  3,709
Total liabilities, $m
  1,311
  1,341
  1,376
  1,415
  1,457
  1,504
  1,556
  1,611
  1,671
  1,735
  1,804
  1,877
  1,955
  2,038
  2,126
  2,219
  2,317
  2,422
  2,532
  2,648
  2,771
  2,900
  3,037
  3,180
  3,332
  3,491
  3,659
  3,836
  4,021
  4,217
Total equity, $m
  1,871
  1,914
  1,964
  2,019
  2,080
  2,147
  2,220
  2,299
  2,385
  2,476
  2,574
  2,679
  2,790
  2,908
  3,034
  3,166
  3,307
  3,456
  3,613
  3,779
  3,954
  4,139
  4,334
  4,539
  4,755
  4,983
  5,222
  5,474
  5,739
  6,018
Total liabilities and equity, $m
  3,182
  3,255
  3,340
  3,434
  3,537
  3,651
  3,776
  3,910
  4,056
  4,211
  4,378
  4,556
  4,745
  4,946
  5,160
  5,385
  5,624
  5,878
  6,145
  6,427
  6,725
  7,039
  7,371
  7,719
  8,087
  8,474
  8,881
  9,310
  9,760
  10,235
Debt-to-equity ratio
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
Adjusted equity ratio
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  99
  104
  109
  115
  122
  129
  137
  145
  154
  266
  276
  287
  299
  311
  323
  337
  351
  366
  382
  399
  417
  436
  455
  476
  498
  521
  545
  571
  597
Depreciation, amort., depletion, $m
  321
  325
  329
  335
  341
  347
  354
  362
  370
  379
  247
  257
  267
  279
  291
  303
  317
  331
  346
  362
  379
  397
  415
  435
  456
  477
  500
  525
  550
  577
Funds from operations, $m
  416
  424
  434
  444
  456
  469
  483
  498
  515
  532
  513
  533
  555
  577
  601
  627
  654
  682
  713
  744
  778
  814
  851
  890
  932
  975
  1,021
  1,070
  1,121
  1,174
Change in working capital, $m
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Cash from operations, $m
  409
  416
  424
  434
  445
  457
  470
  484
  499
  515
  495
  514
  534
  555
  578
  602
  628
  655
  683
  714
  746
  779
  815
  852
  892
  933
  977
  1,023
  1,071
  1,122
Maintenance CAPEX, $m
  -176
  -179
  -183
  -188
  -193
  -199
  -206
  -213
  -220
  -229
  -237
  -247
  -257
  -267
  -279
  -291
  -303
  -317
  -331
  -346
  -362
  -379
  -397
  -415
  -435
  -456
  -477
  -500
  -525
  -550
New CAPEX, $m
  -35
  -41
  -47
  -53
  -59
  -64
  -70
  -76
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
Cash from investing activities, $m
  -211
  -220
  -230
  -241
  -252
  -263
  -276
  -289
  -302
  -317
  -331
  -347
  -364
  -380
  -399
  -418
  -438
  -460
  -482
  -505
  -530
  -556
  -584
  -612
  -642
  -674
  -706
  -741
  -779
  -817
Free cash flow, $m
  198
  195
  194
  193
  193
  193
  194
  195
  197
  199
  164
  167
  171
  175
  179
  184
  190
  195
  202
  208
  216
  223
  232
  240
  250
  260
  270
  281
  293
  305
Issuance/(repayment) of debt, $m
  26
  30
  34
  39
  43
  47
  51
  55
  60
  64
  69
  73
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  177
  186
  195
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  
  26
  30
  34
  39
  43
  47
  51
  55
  60
  64
  69
  73
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  177
  186
  195
Total cash flow (excl. dividends), $m
  225
  226
  228
  232
  236
  240
  245
  251
  257
  263
  232
  240
  249
  258
  267
  277
  288
  300
  312
  325
  338
  353
  368
  384
  401
  419
  438
  458
  479
  501
Retained Cash Flow (-), $m
  -36
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -85
  -92
  -98
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -239
  -252
  -265
  -279
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
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
Cash available for distribution, $m
  188
  183
  179
  176
  174
  173
  172
  171
  171
  172
  134
  136
  137
  139
  142
  144
  147
  151
  155
  159
  163
  168
  173
  179
  185
  191
  198
  206
  213
  222
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  180
  166
  154
  143
  133
  123
  113
  104
  95
  86
  61
  55
  49
  43
  38
  33
  29
  25
  21
  18
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
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

Esterline Technologies Corporation is a specialized manufacturing company. The Company designs, manufactures and markets engineered products and systems for application within the industries it serves. The Company operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Company serves aerospace and defense customers. The Company's Avionics & Controls business segment includes avionics systems, control and communication systems, and interface technologies capabilities. The Company's Sensors & Systems business segment includes power systems, connection technologies and advanced sensors capabilities. The Company's Advanced Materials business segment includes engineered materials and defense technologies capabilities. The Company designs and manufactures ruggedized military personal communication equipment, primarily headsets, handsets and field communications.

FINANCIAL RATIOS  of  Esterline Technologies (ESL)

Valuation Ratios
P/E Ratio 22.2
Price to Sales 1.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 19.2
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 41.4%
Total Debt to Equity 42.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 14.8%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.8%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 23.6%
Eff/ Tax Rate - 3 Yr. Avg. 18.6%
Payout Ratio 0%

ESL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESL stock intrinsic value calculation we used $2000 million for the last fiscal year's total revenue generated by Esterline Technologies. The default revenue input number comes from 2017 income statement of Esterline Technologies. 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 ESL 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 4.6%, whose default value for ESL is calculated based on our internal credit rating of Esterline Technologies, 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 Esterline Technologies.
    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 ESL stock the variable cost ratio is equal to 91.7%.

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 ESL 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 Esterline Technologies.

Corporate tax rate of 27% is the nominal tax rate for Esterline Technologies. 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 ESL stock is equal to 0.5%.

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 ESL are equal to 87.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Esterline Technologies 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 ESL is equal to 17%. 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 - $1835 million for Esterline Technologies - 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 30 million for Esterline Technologies 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 Esterline Technologies at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
HON Honeywell Inte 154.13 140.49  hold
UTX United Technol 132.42 129.22  hold
HEI Heico 78.30 43.83  sell
TATT Tat Technologi 7.27 2.44  str.sell
WWD Woodward 79.96 55.76  hold
ATRO Astronics 45.42 17.55  str.sell

COMPANY NEWS

▶ Summer sale at Esterline? Boeing may be shopping, and both need deals   [Jul-24-18 05:59PM  American City Business Journals]
▶ [$$] Esterline Technologies Exploring Potential Sale   [01:55PM  The Wall Street Journal]
▶ Public company execs to know: Aerospace giant Esterline CEO Curtis Reusser   [Jun-22-18 05:00AM  American City Business Journals]
▶ Esterline Provides Third Quarter Earnings Expectations   [Jun-11-18 04:52PM  GlobeNewswire]
▶ Esterline Technologies: Fiscal 2Q Earnings Snapshot   [May-03-18 04:46PM  Associated Press]
▶ Esterline sells Boeing and Airbus supplier Kirkhill to TransDigm   [Mar-15-18 09:10PM  American City Business Journals]
▶ Esterline Notice On Timing of Form 10-Q Filing   [Feb-16-18 06:00AM  GlobeNewswire]
▶ Esterline Technologies reports 1Q loss   [Feb-01-18 04:45PM  Associated Press]
▶ New Strong Sell Stocks for January 29th   [Jan-29-18 04:59AM  Zacks]
▶ 4 Top Aerospace Stocks to Consider Buying Now   [Nov-29-17 08:46PM  Motley Fool]
▶ Esterline Technologies misses Street 4Q forecasts   [Nov-09-17 04:43PM  Associated Press]
▶ New Strong Sell Stocks for August 15th   [Aug-15-17 10:14AM  Zacks]
▶ Esterline Technologies misses Street 3Q forecasts   [Aug-04-17 02:50AM  Associated Press]
▶ Esterline Reports Fiscal 2017 Third Quarter Results   [Aug-03-17 04:05PM  GlobeNewswire]
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.