Intrinsic value of Jounce Therapeutics - JNCE

Previous Close

$4.46

  Intrinsic Value

$1.91

stock screener

  Rating & Target

str. sell

-57%

Previous close

$4.46

 
Intrinsic value

$1.91

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of JNCE 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 0.1

 

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, %
  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
  73
  75
  77
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  114
  118
  124
  129
  135
  141
  148
  154
  162
  169
  177
  186
  195
  204
  214
  224
  235
Variable operating expenses, $m
  82
  84
  86
  89
  91
  94
  98
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
Fixed operating expenses, $m
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
Total operating expenses, $m
  92
  94
  97
  100
  102
  105
  110
  113
  117
  121
  126
  131
  136
  142
  147
  153
  159
  167
  174
  181
  190
  198
  206
  216
  226
  237
  247
  258
  271
  283
Operating income, $m
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -49
EBITDA, $m
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -41
Interest expense (income), $m
  0
  0
  -1
  -1
  -1
  0
  0
  0
  0
  0
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
Earnings before tax, $m
  -19
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
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
  -19
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60

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
  125
  128
  132
  135
  139
  144
  149
  154
  160
  166
  172
  179
  187
  195
  203
  212
  222
  231
  242
  253
  265
  277
  290
  304
  319
  334
  350
  367
  384
  403
Adjusted assets (=assets-cash), $m
  125
  128
  132
  135
  139
  144
  149
  154
  160
  166
  172
  179
  187
  195
  203
  212
  222
  231
  242
  253
  265
  277
  290
  304
  319
  334
  350
  367
  384
  403
Revenue / Adjusted assets
  0.584
  0.586
  0.583
  0.585
  0.583
  0.583
  0.584
  0.584
  0.581
  0.584
  0.587
  0.587
  0.583
  0.585
  0.581
  0.585
  0.581
  0.584
  0.583
  0.585
  0.581
  0.585
  0.583
  0.582
  0.583
  0.584
  0.583
  0.583
  0.583
  0.583
Average production assets, $m
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
Working capital, $m
  -43
  -44
  -45
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
Total debt, $m
  -17
  -14
  -11
  -8
  -4
  0
  4
  9
  14
  20
  26
  32
  39
  46
  53
  61
  70
  79
  88
  98
  109
  120
  132
  144
  157
  171
  185
  200
  216
  233
Total liabilities, $m
  113
  115
  118
  122
  125
  129
  134
  139
  144
  149
  155
  161
  168
  175
  183
  191
  199
  208
  218
  228
  238
  250
  261
  274
  287
  300
  315
  330
  346
  363
Total equity, $m
  13
  13
  13
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
Total liabilities and equity, $m
  126
  128
  131
  136
  139
  143
  149
  154
  160
  166
  172
  179
  187
  194
  203
  212
  221
  231
  242
  253
  264
  278
  290
  304
  319
  333
  350
  367
  384
  403
Debt-to-equity ratio
  -1.340
  -1.100
  -0.850
  -0.580
  -0.300
  -0.010
  0.290
  0.590
  0.890
  1.190
  1.490
  1.780
  2.070
  2.350
  2.620
  2.890
  3.150
  3.400
  3.650
  3.880
  4.110
  4.330
  4.540
  4.740
  4.930
  5.120
  5.300
  5.470
  5.630
  5.790
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
  -19
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
Depreciation, amort., depletion, $m
  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
  7
  8
Funds from operations, $m
  -17
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Cash from operations, $m
  -16
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
Maintenance CAPEX, $m
  -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
  -7
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -9
Free cash flow, $m
  -19
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
Issuance/(repayment) of debt, $m
  -17
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
Issuance/(repurchase) of shares, $m
  38
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  43
  45
  48
  50
  52
  54
  57
  59
  62
Cash from financing (excl. dividends), $m  
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  34
  36
  38
  40
  41
  43
  45
  47
  50
  53
  54
  57
  60
  63
  66
  68
  72
  75
  79
Total cash flow (excl. dividends), $m
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Retained Cash Flow (-), $m
  -38
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -52
  -54
  -57
  -59
  -62
Prev. year cash balance distribution, $m
  173
  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
  138
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
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
  132
  -14
  -14
  -13
  -12
  -12
  -11
  -11
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  50.0
  18.1
  6.5
  2.3
  0.8
  0.3
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Jounce Therapeutics, Inc. is a clinical stage immunotherapy company. The Company is engaged in transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long lasting benefits to patients. Through the use of its Translational Science Platform, Jounce first focuses on specific cell types within tumors to prioritize targets, and then identifies related biomarkers designed to match the right therapy to the right patient. The Company’s lead product candidate, JTX-2011, is a monoclonal antibody that binds to and activates Inducible T cell CO-Stimulator (ICOS) and is in a Phase II trial.

FINANCIAL RATIOS  of  Jounce Therapeutics (JNCE)

Valuation Ratios
P/E Ratio -10.2
Price to Sales 3.9
Price to Book 2
Price to Tangible Book
Price to Cash Flow 0.8
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -8.6%
Ret/ On Assets - 3 Yr. Avg. -77.5%
Return On Total Capital -23.9%
Ret/ On T. Cap. - 3 Yr. Avg. -142.7%
Return On Equity -23.9%
Return On Equity - 3 Yr. Avg. 128.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -32.4%
EBITDA Margin - 3 Yr. Avg. -10.8%
Operating Margin -40.5%
Oper. Margin - 3 Yr. Avg. -13.5%
Pre-Tax Margin -37.8%
Pre-Tax Margin - 3 Yr. Avg. -12.6%
Net Profit Margin -37.8%
Net Profit Margin - 3 Yr. Avg. -12.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

JNCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JNCE stock intrinsic value calculation we used $71.644 million for the last fiscal year's total revenue generated by Jounce Therapeutics. The default revenue input number comes from 0001 income statement of Jounce Therapeutics. 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 JNCE 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 4.3%, whose default value for JNCE is calculated based on our internal credit rating of Jounce Therapeutics, 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 Jounce Therapeutics.
    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 JNCE stock the variable cost ratio is equal to 112.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for JNCE 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 Jounce Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Jounce Therapeutics. 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 JNCE 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 JNCE are equal to 16.2%.

Life of production assets of 2.6 years is the average useful life of capital assets used in Jounce Therapeutics 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 JNCE is equal to -59.2%. 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 - $167.109 million for Jounce Therapeutics - 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 32.483 million for Jounce Therapeutics 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 Jounce Therapeutics at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
JNCE Jounce Therape 4.46 1.82  str.sell
CELG Celgene 71.02 340.31  str.buy
TSRO TESARO 27.01 0.88  str.sell
FPRX Five Prime The 11.23 1.88  str.sell
REGN Regeneron Phar 346.56 335.37  hold
INCY Incyte 62.86 161.51  str.buy
MRK Merck&Co 74.69 33.05  str.sell
BMY Bristol-Myers 52.85 71.64  hold
AMGN Amgen 191.56 130.16  sell

COMPANY NEWS

▶ Here's Why Jounce Therapeutics Fell Over 38% Today   [Jun-04-18 02:13PM  Motley Fool]
▶ Jounce Therapeutics Gets Throttled, Loses 35% Today   [May-17-18 06:07PM  Motley Fool]
▶ Biotech Fire Sale: 2 Top Stocks to Buy Next Week   [Apr-08-18 08:56AM  Motley Fool]
▶ Jounce Therapeutics Is on Track to Report Key Data Soon   [Mar-09-18 07:31AM  Motley Fool]
▶ 3 Boom-or-Bust Biotech Stocks to Buy in 2018   [Feb-04-18 08:01AM  Motley Fool]
▶ 3 Top Stocks Wall Street Is Overlooking   [Jan-30-18 07:16AM  Motley Fool]
▶ Celgene's Investments Are Soaring   [Jan-23-18 08:00AM  Motley Fool]
▶ Is Sanofis Bioverative Inc Buyout Just the Start?   [Jan-22-18 11:43AM  InvestorPlace]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Jan-20-18 10:34AM  Motley Fool]
▶ Jounce Therapeutics Added to NASDAQ Biotechnology Index   [Dec-14-17 07:00AM  GlobeNewswire]
▶ Can This Tiny Biotech Stock Pay Off Big for Celgene?   [Nov-17-17 08:30AM  Motley Fool]
▶ 3 Top Healthcare Stocks You Haven't Thought Of   [Jun-18-17 09:07AM  Motley Fool]
▶ Lexington's Agenus quietly discloses failure of cancer vaccine trial   [10:00AM  American City Business Journals]
▶ Lexington-based Agenus reworks Incyte pact, freeing up $80M in cash   [11:45AM  American City Business Journals]
▶ Robust Start for Pharmaceutical IPOs In 2017   [Feb-06-17 12:31PM  Investopedia]
▶ Robust Start for Pharmaceutical IPOs In 2017   [12:31PM  at Investopedia]
▶ [$$] Braeburn Pharmaceuticals Puts IPO Plans On Hold   [Feb-02-17 05:16PM  The Wall Street Journal]
▶ [$$] Braeburn Pharmaceuticals Puts IPO Plans On Hold   [05:16PM  at The Wall Street Journal]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.