Intrinsic value of Franklin Electric - FELE

Previous Close

$49.00

  Intrinsic Value

$7.74

stock screener

  Rating & Target

str. sell

-84%

Previous close

$49.00

 
Intrinsic value

$7.74

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of FELE 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 2.3

 

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, %
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  1,332
  1,559
  1,806
  2,073
  2,359
  2,664
  2,987
  3,327
  3,686
  4,061
  4,454
  4,864
  5,292
  5,736
  6,199
  6,680
  7,180
  7,699
  8,239
  8,800
  9,384
  9,990
  10,622
  11,279
  11,963
  12,677
  13,420
  14,196
  15,005
  15,850
Variable operating expenses, $m
  1,171
  1,364
  1,575
  1,802
  2,045
  2,304
  2,579
  2,869
  3,174
  3,494
  3,792
  4,141
  4,505
  4,883
  5,277
  5,687
  6,112
  6,554
  7,014
  7,491
  7,988
  8,505
  9,042
  9,602
  10,184
  10,791
  11,424
  12,085
  12,774
  13,493
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
  1,171
  1,364
  1,575
  1,802
  2,045
  2,304
  2,579
  2,869
  3,174
  3,494
  3,792
  4,141
  4,505
  4,883
  5,277
  5,687
  6,112
  6,554
  7,014
  7,491
  7,988
  8,505
  9,042
  9,602
  10,184
  10,791
  11,424
  12,085
  12,774
  13,493
Operating income, $m
  161
  195
  232
  272
  314
  359
  407
  458
  511
  567
  662
  723
  787
  853
  922
  993
  1,068
  1,145
  1,225
  1,309
  1,395
  1,486
  1,580
  1,677
  1,779
  1,885
  1,996
  2,111
  2,231
  2,357
EBITDA, $m
  264
  309
  358
  411
  468
  528
  592
  660
  731
  805
  883
  964
  1,049
  1,137
  1,229
  1,324
  1,423
  1,526
  1,633
  1,744
  1,860
  1,980
  2,105
  2,236
  2,371
  2,513
  2,660
  2,814
  2,974
  3,142
Interest expense (income), $m
  9
  12
  17
  22
  28
  34
  41
  48
  56
  63
  72
  81
  90
  99
  109
  120
  130
  142
  153
  165
  178
  191
  204
  219
  233
  249
  264
  281
  298
  316
  335
Earnings before tax, $m
  149
  178
  209
  243
  280
  318
  359
  402
  448
  495
  582
  634
  688
  744
  802
  863
  926
  992
  1,060
  1,131
  1,205
  1,281
  1,361
  1,444
  1,531
  1,621
  1,715
  1,813
  1,915
  2,022
Tax expense, $m
  40
  48
  57
  66
  76
  86
  97
  109
  121
  134
  157
  171
  186
  201
  217
  233
  250
  268
  286
  305
  325
  346
  367
  390
  413
  438
  463
  489
  517
  546
Net income, $m
  109
  130
  153
  178
  204
  232
  262
  294
  327
  362
  425
  463
  502
  543
  586
  630
  676
  724
  774
  826
  879
  935
  994
  1,054
  1,117
  1,183
  1,252
  1,323
  1,398
  1,476

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
  1,404
  1,643
  1,904
  2,185
  2,486
  2,807
  3,147
  3,506
  3,884
  4,280
  4,694
  5,126
  5,576
  6,045
  6,532
  7,039
  7,566
  8,113
  8,682
  9,273
  9,888
  10,527
  11,192
  11,885
  12,606
  13,358
  14,141
  14,959
  15,812
  16,702
Adjusted assets (=assets-cash), $m
  1,404
  1,643
  1,904
  2,185
  2,486
  2,807
  3,147
  3,506
  3,884
  4,280
  4,694
  5,126
  5,576
  6,045
  6,532
  7,039
  7,566
  8,113
  8,682
  9,273
  9,888
  10,527
  11,192
  11,885
  12,606
  13,358
  14,141
  14,959
  15,812
  16,702
Revenue / Adjusted assets
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
  0.949
Average production assets, $m
  659
  772
  894
  1,026
  1,168
  1,319
  1,478
  1,647
  1,824
  2,010
  2,205
  2,408
  2,619
  2,839
  3,068
  3,307
  3,554
  3,811
  4,078
  4,356
  4,645
  4,945
  5,258
  5,583
  5,922
  6,275
  6,643
  7,027
  7,428
  7,846
Working capital, $m
  276
  323
  374
  429
  488
  551
  618
  689
  763
  841
  922
  1,007
  1,095
  1,187
  1,283
  1,383
  1,486
  1,594
  1,705
  1,822
  1,942
  2,068
  2,199
  2,335
  2,476
  2,624
  2,778
  2,939
  3,106
  3,281
Total debt, $m
  316
  414
  520
  635
  758
  890
  1,029
  1,176
  1,330
  1,492
  1,661
  1,838
  2,022
  2,214
  2,413
  2,621
  2,836
  3,060
  3,293
  3,534
  3,786
  4,047
  4,319
  4,603
  4,898
  5,205
  5,526
  5,860
  6,209
  6,573
Total liabilities, $m
  574
  672
  779
  894
  1,017
  1,148
  1,287
  1,434
  1,588
  1,750
  1,920
  2,096
  2,281
  2,472
  2,672
  2,879
  3,094
  3,318
  3,551
  3,793
  4,044
  4,306
  4,578
  4,861
  5,156
  5,463
  5,784
  6,118
  6,467
  6,831
Total equity, $m
  830
  971
  1,125
  1,291
  1,469
  1,659
  1,860
  2,072
  2,295
  2,529
  2,774
  3,029
  3,295
  3,572
  3,860
  4,160
  4,471
  4,795
  5,131
  5,480
  5,844
  6,222
  6,615
  7,024
  7,450
  7,895
  8,358
  8,841
  9,345
  9,871
Total liabilities and equity, $m
  1,404
  1,643
  1,904
  2,185
  2,486
  2,807
  3,147
  3,506
  3,883
  4,279
  4,694
  5,125
  5,576
  6,044
  6,532
  7,039
  7,565
  8,113
  8,682
  9,273
  9,888
  10,528
  11,193
  11,885
  12,606
  13,358
  14,142
  14,959
  15,812
  16,702
Debt-to-equity ratio
  0.380
  0.430
  0.460
  0.490
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.670
Adjusted equity ratio
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  109
  130
  153
  178
  204
  232
  262
  294
  327
  362
  425
  463
  502
  543
  586
  630
  676
  724
  774
  826
  879
  935
  994
  1,054
  1,117
  1,183
  1,252
  1,323
  1,398
  1,476
Depreciation, amort., depletion, $m
  103
  114
  126
  139
  154
  169
  185
  202
  219
  238
  220
  241
  262
  284
  307
  331
  355
  381
  408
  436
  464
  495
  526
  558
  592
  627
  664
  703
  743
  785
Funds from operations, $m
  212
  244
  279
  317
  358
  401
  447
  495
  546
  599
  645
  703
  764
  827
  893
  961
  1,032
  1,105
  1,182
  1,261
  1,344
  1,430
  1,519
  1,612
  1,709
  1,811
  1,916
  2,026
  2,141
  2,261
Change in working capital, $m
  43
  47
  51
  55
  59
  63
  67
  71
  74
  78
  81
  85
  88
  92
  96
  100
  103
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
Cash from operations, $m
  169
  197
  228
  262
  299
  338
  380
  425
  472
  522
  564
  618
  675
  735
  797
  861
  928
  998
  1,070
  1,145
  1,223
  1,304
  1,389
  1,476
  1,568
  1,663
  1,762
  1,865
  1,973
  2,086
Maintenance CAPEX, $m
  -56
  -66
  -77
  -89
  -103
  -117
  -132
  -148
  -165
  -182
  -201
  -220
  -241
  -262
  -284
  -307
  -331
  -355
  -381
  -408
  -436
  -464
  -495
  -526
  -558
  -592
  -627
  -664
  -703
  -743
New CAPEX, $m
  -102
  -112
  -122
  -132
  -142
  -151
  -160
  -169
  -177
  -186
  -194
  -203
  -212
  -220
  -229
  -238
  -247
  -257
  -267
  -278
  -289
  -300
  -313
  -325
  -339
  -353
  -368
  -384
  -401
  -418
Cash from investing activities, $m
  -158
  -178
  -199
  -221
  -245
  -268
  -292
  -317
  -342
  -368
  -395
  -423
  -453
  -482
  -513
  -545
  -578
  -612
  -648
  -686
  -725
  -764
  -808
  -851
  -897
  -945
  -995
  -1,048
  -1,104
  -1,161
Free cash flow, $m
  11
  18
  28
  40
  54
  70
  88
  108
  130
  153
  168
  195
  223
  253
  284
  316
  350
  385
  422
  459
  499
  539
  582
  625
  671
  718
  767
  817
  870
  925
Issuance/(repayment) of debt, $m
  90
  98
  107
  115
  123
  131
  139
  147
  154
  162
  169
  177
  184
  192
  199
  207
  215
  224
  233
  242
  251
  262
  272
  283
  295
  307
  320
  334
  349
  364
Issuance/(repurchase) of shares, $m
  20
  12
  1
  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  
  110
  110
  108
  115
  123
  131
  139
  147
  154
  162
  169
  177
  184
  192
  199
  207
  215
  224
  233
  242
  251
  262
  272
  283
  295
  307
  320
  334
  349
  364
Total cash flow (excl. dividends), $m
  120
  128
  136
  155
  178
  202
  228
  255
  284
  315
  338
  372
  407
  444
  483
  523
  565
  609
  654
  701
  750
  801
  854
  909
  966
  1,025
  1,087
  1,151
  1,219
  1,289
Retained Cash Flow (-), $m
  -129
  -142
  -154
  -166
  -178
  -190
  -201
  -212
  -223
  -234
  -245
  -255
  -266
  -277
  -288
  -300
  -311
  -323
  -336
  -349
  -363
  -378
  -393
  -409
  -426
  -444
  -463
  -483
  -504
  -526
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
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  85
  90
Cash available for distribution, $m
  -8
  -14
  -18
  -11
  0
  12
  26
  43
  61
  81
  93
  116
  141
  167
  195
  224
  254
  285
  318
  352
  387
  423
  460
  499
  539
  581
  624
  668
  715
  763
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  -8
  -12
  -15
  -8
  0
  7
  15
  21
  26
  30
  30
  32
  32
  32
  30
  28
  25
  22
  19
  15
  12
  10
  8
  6
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  99.2
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7

Franklin Electric Co., Inc. designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Its segments include Water Systems segment, the Fueling Systems segment and Other. Its Water Systems segment is engaged in the production and marketing of water pumping systems and offers motors, pumps, drives, electronic controls and monitoring devices. It also designs, manufactures and sells motors, pumps, electronic controls and related parts and equipment for use in groundwater, wastewater and fuel transfer applications. Its Fueling Systems is engaged in the production and marketing of fuel pumping systems, fuel containment systems, and monitoring and control systems. It also designs, manufactures and sells pumps, pipe, sumps, fittings, vapor recovery components, electronic controls, monitoring devices and related parts and equipment for use in submersible fueling system applications.

FINANCIAL RATIOS  of  Franklin Electric (FELE)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 2.4
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 29.9
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 25.4%
Total Debt to Equity 31%
Interest Coverage 13
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 12.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 24%
Eff/ Tax Rate - 3 Yr. Avg. 19.7%
Payout Ratio 24.1%

FELE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FELE stock intrinsic value calculation we used $1125 million for the last fiscal year's total revenue generated by Franklin Electric. The default revenue input number comes from 2017 income statement of Franklin Electric. 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 FELE stock valuation model: a) initial revenue growth rate of 18.4% 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 6.7%, whose default value for FELE is calculated based on our internal credit rating of Franklin Electric, 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 Franklin Electric.
    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 FELE stock the variable cost ratio is equal to 88.4%.

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 FELE 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 Franklin Electric.

Corporate tax rate of 27% is the nominal tax rate for Franklin Electric. 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 FELE stock is equal to 0.6%.

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 FELE are equal to 49.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Franklin Electric 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 FELE is equal to 20.7%. 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 - $701 million for Franklin Electric - 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 47 million for Franklin Electric 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 Franklin Electric at the current share price and the inputted number of shares is $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
XYL Xylem 75.43 97.60  buy
DOV Dover 83.95 172.64  str.buy
RBC Regal Beloit 82.65 67.76  hold
FTV Fortive 80.25 54.45  sell
GNRC Generac Holdin 54.80 70.91  str.buy
AOS A.O. Smith 58.33 50.35  hold
FLS Flowserve 51.35 19.68  str.sell
AMOT Allied Motion 47.19 21.64  sell
SVT Servotronics 10.72 2.33  str.sell
AME Ametek 76.31 69.27  hold

COMPANY NEWS

▶ Franklin Electric: 2Q Earnings Snapshot   [08:22AM  Associated Press]
▶ 2 Embarrassingly Low-Yield Dividend Stocks   [Jul-19-18 08:17AM  Motley Fool]
▶ Franklin Electric Acquires Industrias Rotor Pump S.A.   [Jul-03-18 03:02PM  GlobeNewswire]
▶ Franklin Electric: 1Q Earnings Snapshot   [May-01-18 09:43AM  Associated Press]
▶ Franklin Electric misses 4Q profit forecasts   [08:23AM  Associated Press]
▶ Why Franklin Electric Co Inc (FELE) Could Be A Buy   [Oct-28-17 07:21AM  Simply Wall St.]
▶ Franklin Electric beats 3Q profit forecasts   [Oct-24-17 08:07AM  Associated Press]
▶ Housing Rally Should Keep Water Stocks Afloat   [Aug-31-17 02:51PM  Barrons.com]
▶ Franklin Electric beats 2Q profit forecasts   [Jul-25-17 09:57PM  Associated Press]
▶ Franklin Electric beats 2Q profit forecasts   [08:08AM  Associated Press]
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.