Intrinsic value of iRhythm Technologies, Inc. - IRTC

Previous Close

$79.60

  Intrinsic Value

$0.47

stock screener

  Rating & Target

str. sell

-99%

Previous close

$79.60

 
Intrinsic value

$0.47

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of IRTC 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 1.9

 

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, %
  53.10
  48.29
  43.96
  40.06
  36.56
  33.40
  30.56
  28.01
  25.71
  23.63
  21.77
  20.09
  18.58
  17.23
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
Revenue, $m
  225
  334
  480
  673
  919
  1,226
  1,601
  2,049
  2,576
  3,184
  3,877
  4,657
  5,522
  6,473
  7,509
  8,628
  9,829
  11,109
  12,466
  13,900
  15,407
  16,989
  18,643
  20,370
  22,170
  24,044
  25,993
  28,020
  30,126
  32,315
Variable operating expenses, $m
  287
  426
  612
  857
  1,171
  1,561
  2,038
  2,609
  3,279
  4,054
  4,936
  5,927
  7,029
  8,240
  9,558
  10,983
  12,511
  14,140
  15,868
  17,692
  19,612
  21,624
  23,730
  25,928
  28,219
  30,605
  33,086
  35,666
  38,347
  41,133
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
  287
  426
  612
  857
  1,171
  1,561
  2,038
  2,609
  3,279
  4,054
  4,936
  5,927
  7,029
  8,240
  9,558
  10,983
  12,511
  14,140
  15,868
  17,692
  19,612
  21,624
  23,730
  25,928
  28,219
  30,605
  33,086
  35,666
  38,347
  41,133
Operating income, $m
  -62
  -92
  -132
  -185
  -252
  -335
  -438
  -560
  -704
  -870
  -1,058
  -1,271
  -1,507
  -1,766
  -2,049
  -2,355
  -2,682
  -3,031
  -3,402
  -3,793
  -4,204
  -4,636
  -5,087
  -5,558
  -6,050
  -6,561
  -7,093
  -7,646
  -8,221
  -8,818
EBITDA, $m
  -59
  -87
  -126
  -176
  -241
  -321
  -419
  -537
  -674
  -834
  -1,015
  -1,219
  -1,446
  -1,695
  -1,967
  -2,260
  -2,574
  -2,909
  -3,265
  -3,640
  -4,035
  -4,449
  -4,882
  -5,334
  -5,806
  -6,297
  -6,807
  -7,338
  -7,889
  -8,463
Interest expense (income), $m
  2
  3
  6
  10
  16
  24
  34
  46
  60
  78
  99
  123
  150
  181
  215
  253
  294
  338
  385
  436
  489
  546
  605
  668
  733
  801
  872
  946
  1,023
  1,103
  1,186
Earnings before tax, $m
  -65
  -98
  -142
  -201
  -275
  -369
  -483
  -620
  -782
  -969
  -1,181
  -1,421
  -1,688
  -1,982
  -2,302
  -2,648
  -3,020
  -3,416
  -3,837
  -4,282
  -4,750
  -5,241
  -5,755
  -6,291
  -6,851
  -7,433
  -8,039
  -8,669
  -9,324
  -10,004
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
  -65
  -98
  -142
  -201
  -275
  -369
  -483
  -620
  -782
  -969
  -1,181
  -1,421
  -1,688
  -1,982
  -2,302
  -2,648
  -3,020
  -3,416
  -3,837
  -4,282
  -4,750
  -5,241
  -5,755
  -6,291
  -6,851
  -7,433
  -8,039
  -8,669
  -9,324
  -10,004

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
  110
  163
  234
  328
  448
  597
  780
  998
  1,255
  1,551
  1,889
  2,268
  2,690
  3,153
  3,658
  4,203
  4,788
  5,411
  6,072
  6,770
  7,505
  8,275
  9,081
  9,922
  10,799
  11,712
  12,661
  13,648
  14,674
  15,740
Adjusted assets (=assets-cash), $m
  110
  163
  234
  328
  448
  597
  780
  998
  1,255
  1,551
  1,889
  2,268
  2,690
  3,153
  3,658
  4,203
  4,788
  5,411
  6,072
  6,770
  7,505
  8,275
  9,081
  9,922
  10,799
  11,712
  12,661
  13,648
  14,674
  15,740
Revenue / Adjusted assets
  2.045
  2.049
  2.051
  2.052
  2.051
  2.054
  2.053
  2.053
  2.053
  2.053
  2.052
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
  2.053
Average production assets, $m
  12
  18
  26
  37
  51
  67
  88
  113
  142
  175
  213
  256
  304
  356
  413
  475
  541
  611
  686
  764
  847
  934
  1,025
  1,120
  1,219
  1,322
  1,430
  1,541
  1,657
  1,777
Working capital, $m
  -3
  -5
  -7
  -9
  -13
  -17
  -22
  -29
  -36
  -45
  -54
  -65
  -77
  -91
  -105
  -121
  -138
  -156
  -175
  -195
  -216
  -238
  -261
  -285
  -310
  -337
  -364
  -392
  -422
  -452
Total debt, $m
  68
  116
  180
  265
  372
  507
  671
  868
  1,099
  1,366
  1,669
  2,011
  2,390
  2,807
  3,262
  3,752
  4,278
  4,840
  5,435
  6,063
  6,724
  7,417
  8,142
  8,899
  9,688
  10,510
  11,365
  12,253
  13,176
  14,136
Total liabilities, $m
  99
  146
  211
  295
  403
  537
  702
  898
  1,129
  1,396
  1,700
  2,041
  2,421
  2,838
  3,292
  3,783
  4,309
  4,870
  5,465
  6,093
  6,754
  7,448
  8,173
  8,930
  9,719
  10,540
  11,395
  12,283
  13,207
  14,166
Total equity, $m
  11
  16
  23
  33
  45
  60
  78
  100
  125
  155
  189
  227
  269
  315
  366
  420
  479
  541
  607
  677
  750
  828
  908
  992
  1,080
  1,171
  1,266
  1,365
  1,467
  1,574
Total liabilities and equity, $m
  110
  162
  234
  328
  448
  597
  780
  998
  1,254
  1,551
  1,889
  2,268
  2,690
  3,153
  3,658
  4,203
  4,788
  5,411
  6,072
  6,770
  7,504
  8,276
  9,081
  9,922
  10,799
  11,711
  12,661
  13,648
  14,674
  15,740
Debt-to-equity ratio
  6.230
  7.130
  7.700
  8.070
  8.320
  8.490
  8.610
  8.700
  8.760
  8.800
  8.840
  8.870
  8.890
  8.900
  8.920
  8.930
  8.940
  8.940
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
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
  -65
  -98
  -142
  -201
  -275
  -369
  -483
  -620
  -782
  -969
  -1,181
  -1,421
  -1,688
  -1,982
  -2,302
  -2,648
  -3,020
  -3,416
  -3,837
  -4,282
  -4,750
  -5,241
  -5,755
  -6,291
  -6,851
  -7,433
  -8,039
  -8,669
  -9,324
  -10,004
Depreciation, amort., depletion, $m
  3
  5
  6
  8
  11
  14
  19
  23
  29
  36
  43
  51
  61
  71
  83
  95
  108
  122
  137
  153
  169
  187
  205
  224
  244
  264
  286
  308
  331
  355
Funds from operations, $m
  -62
  -94
  -136
  -192
  -264
  -355
  -465
  -597
  -753
  -933
  -1,138
  -1,370
  -1,627
  -1,910
  -2,219
  -2,553
  -2,912
  -3,294
  -3,700
  -4,129
  -4,581
  -5,054
  -5,550
  -6,067
  -6,607
  -7,168
  -7,753
  -8,361
  -8,992
  -9,648
Change in working capital, $m
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
Cash from operations, $m
  -61
  -92
  -134
  -190
  -261
  -350
  -460
  -591
  -745
  -924
  -1,129
  -1,359
  -1,615
  -1,897
  -2,205
  -2,537
  -2,895
  -3,276
  -3,681
  -4,109
  -4,559
  -5,032
  -5,527
  -6,043
  -6,581
  -7,142
  -7,726
  -8,332
  -8,963
  -9,618
Maintenance CAPEX, $m
  -2
  -2
  -4
  -5
  -7
  -10
  -13
  -18
  -23
  -28
  -35
  -43
  -51
  -61
  -71
  -83
  -95
  -108
  -122
  -137
  -153
  -169
  -187
  -205
  -224
  -244
  -264
  -286
  -308
  -331
New CAPEX, $m
  -4
  -6
  -8
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -38
  -43
  -48
  -52
  -57
  -62
  -66
  -70
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
Cash from investing activities, $m
  -6
  -8
  -12
  -16
  -21
  -27
  -34
  -43
  -52
  -61
  -73
  -86
  -99
  -113
  -128
  -145
  -161
  -178
  -197
  -216
  -236
  -256
  -278
  -300
  -323
  -347
  -371
  -397
  -424
  -451
Free cash flow, $m
  -67
  -100
  -146
  -206
  -282
  -377
  -494
  -633
  -797
  -986
  -1,202
  -1,444
  -1,714
  -2,010
  -2,333
  -2,682
  -3,056
  -3,455
  -3,878
  -4,325
  -4,795
  -5,288
  -5,804
  -6,343
  -6,905
  -7,489
  -8,097
  -8,730
  -9,387
  -10,070
Issuance/(repayment) of debt, $m
  33
  48
  64
  84
  108
  135
  164
  197
  231
  267
  304
  342
  379
  417
  454
  491
  526
  561
  595
  628
  661
  693
  725
  757
  789
  822
  855
  888
  923
  960
Issuance/(repurchase) of shares, $m
  70
  103
  150
  210
  287
  384
  502
  642
  807
  998
  1,215
  1,459
  1,730
  2,028
  2,352
  2,703
  3,078
  3,479
  3,903
  4,352
  4,823
  5,318
  5,835
  6,375
  6,938
  7,524
  8,134
  8,768
  9,426
  10,111
Cash from financing (excl. dividends), $m  
  103
  151
  214
  294
  395
  519
  666
  839
  1,038
  1,265
  1,519
  1,801
  2,109
  2,445
  2,806
  3,194
  3,604
  4,040
  4,498
  4,980
  5,484
  6,011
  6,560
  7,132
  7,727
  8,346
  8,989
  9,656
  10,349
  11,071
Total cash flow (excl. dividends), $m
  37
  51
  68
  89
  113
  141
  172
  206
  242
  279
  317
  356
  396
  435
  474
  512
  549
  585
  620
  655
  689
  723
  756
  789
  823
  857
  891
  926
  963
  1,001
Retained Cash Flow (-), $m
  -70
  -103
  -150
  -210
  -287
  -384
  -502
  -642
  -807
  -998
  -1,215
  -1,459
  -1,730
  -2,028
  -2,352
  -2,703
  -3,078
  -3,479
  -3,903
  -4,352
  -4,823
  -5,318
  -5,835
  -6,375
  -6,938
  -7,524
  -8,134
  -8,768
  -9,426
  -10,111
Prev. year cash balance distribution, $m
  48
  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
  15
  -53
  -82
  -121
  -174
  -243
  -329
  -436
  -566
  -719
  -898
  -1,103
  -1,334
  -1,593
  -1,879
  -2,191
  -2,530
  -2,894
  -3,283
  -3,697
  -4,134
  -4,595
  -5,079
  -5,586
  -6,115
  -6,668
  -7,243
  -7,841
  -8,463
  -9,110
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
  14
  -48
  -71
  -100
  -135
  -176
  -223
  -273
  -325
  -377
  -426
  -471
  -507
  -535
  -552
  -557
  -550
  -533
  -505
  -470
  -428
  -381
  -333
  -285
  -238
  -195
  -155
  -121
  -92
  -69
Current shareholders' claim on cash, %
  47.4
  24.4
  12.7
  6.7
  3.6
  1.9
  1.0
  0.6
  0.3
  0.2
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

iRhythm Technologies, Inc. is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report. Its myZIO provides a way for patients to enter their symptoms as they occur and on-the-go while wearing the ZIO Patch. Its ZIO Event Card is indicated for use on patients who experience transient symptoms, such as syncope, palpitations, and shortness of breath or dizziness. Its ZIO XT Patch is a non-invasive, water-resistant heart monitor, which prompts high patient compliance and a higher diagnostic yield. Its algorithms analyze the amounts of captured heart beat data and a concise report is provided to the patient’s physician. Its ZIO Report produces a higher diagnostic yield and to change patient management.

FINANCIAL RATIOS  of  iRhythm Technologies, Inc. (IRTC)

Valuation Ratios
P/E Ratio -83.9
Price to Sales 27.5
Price to Book 18.9
Price to Tangible Book
Price to Cash Flow -103.7
Price to Free Cash Flow -88.1
Growth Rates
Sales Growth Rate 77.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 34.4%
Total Debt to Equity 34.4%
Interest Coverage -10
Management Effectiveness
Return On Assets -21.6%
Ret/ On Assets - 3 Yr. Avg. -67.4%
Return On Total Capital -27.8%
Ret/ On T. Cap. - 3 Yr. Avg. -111.1%
Return On Equity -47.7%
Return On Equity - 3 Yr. Avg. 1339.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 67.2%
Gross Margin - 3 Yr. Avg. 58.5%
EBITDA Margin -28.1%
EBITDA Margin - 3 Yr. Avg. -54.9%
Operating Margin -25%
Oper. Margin - 3 Yr. Avg. -51.4%
Pre-Tax Margin -32.8%
Pre-Tax Margin - 3 Yr. Avg. -56.5%
Net Profit Margin -32.8%
Net Profit Margin - 3 Yr. Avg. -56.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IRTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRTC stock intrinsic value calculation we used $147 million for the last fiscal year's total revenue generated by iRhythm Technologies, Inc.. The default revenue input number comes from 0001 income statement of iRhythm Technologies, Inc.. 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 IRTC stock valuation model: a) initial revenue growth rate of 53.1% 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 IRTC is calculated based on our internal credit rating of iRhythm Technologies, Inc., 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 iRhythm Technologies, Inc..
    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 IRTC stock the variable cost ratio is equal to 127.9%.

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 IRTC 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 9% for iRhythm Technologies, Inc..

Corporate tax rate of 27% is the nominal tax rate for iRhythm Technologies, Inc.. 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 IRTC 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 IRTC are equal to 5.5%.

Life of production assets of 3.8 years is the average useful life of capital assets used in iRhythm Technologies, Inc. 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 IRTC is equal to -1.4%. 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 - $54.422 million for iRhythm Technologies, Inc. - 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 24.436 million for iRhythm Technologies, Inc. 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 iRhythm Technologies, Inc. at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
IRTC iRhythm Techno 79.60 0.55  str.sell
OSIS OSI Systems, I 113.01 89.49  hold
ABT Abbott Laborat 85.00 44.34  sell
BSX Boston Scienti 41.69 15.59  str.sell
MDT Medtronic plc 99.38 72.07  sell

CONTACT US      

About X-FIN       Privacy policy       Terms of use      

Copyright © X-FIN.com 2005-2019. All rigths reserved.