Intrinsic value of Kirkland's - KIRK

Previous Close

$9.36

  Intrinsic Value

$7.92

stock screener

  Rating & Target

hold

-15%

Previous close

$9.36

 
Intrinsic value

$7.92

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of KIRK 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, %
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  680
  727
  777
  828
  881
  937
  994
  1,055
  1,117
  1,183
  1,251
  1,322
  1,396
  1,474
  1,555
  1,640
  1,729
  1,821
  1,919
  2,020
  2,127
  2,238
  2,355
  2,477
  2,605
  2,740
  2,881
  3,028
  3,183
  3,346
Variable operating expenses, $m
  661
  707
  755
  805
  856
  910
  967
  1,025
  1,086
  1,150
  1,216
  1,285
  1,357
  1,433
  1,512
  1,594
  1,680
  1,770
  1,865
  1,964
  2,067
  2,175
  2,289
  2,408
  2,532
  2,663
  2,800
  2,944
  3,094
  3,252
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
  661
  707
  755
  805
  856
  910
  967
  1,025
  1,086
  1,150
  1,216
  1,285
  1,357
  1,433
  1,512
  1,594
  1,680
  1,770
  1,865
  1,964
  2,067
  2,175
  2,289
  2,408
  2,532
  2,663
  2,800
  2,944
  3,094
  3,252
Operating income, $m
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
  94
EBITDA, $m
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  93
  99
  104
  110
  115
  122
  128
  135
  142
  149
  157
  165
  174
  183
  192
  202
  212
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
Earnings before tax, $m
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
Tax expense, $m
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
Net income, $m
  14
  14
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43

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
  321
  343
  366
  391
  416
  442
  469
  498
  527
  558
  590
  624
  659
  696
  734
  774
  816
  860
  905
  953
  1,004
  1,056
  1,111
  1,169
  1,230
  1,293
  1,359
  1,429
  1,502
  1,579
Adjusted assets (=assets-cash), $m
  321
  343
  366
  391
  416
  442
  469
  498
  527
  558
  590
  624
  659
  696
  734
  774
  816
  860
  905
  953
  1,004
  1,056
  1,111
  1,169
  1,230
  1,293
  1,359
  1,429
  1,502
  1,579
Revenue / Adjusted assets
  2.118
  2.120
  2.123
  2.118
  2.118
  2.120
  2.119
  2.118
  2.120
  2.120
  2.120
  2.119
  2.118
  2.118
  2.119
  2.119
  2.119
  2.117
  2.120
  2.120
  2.119
  2.119
  2.120
  2.119
  2.118
  2.119
  2.120
  2.119
  2.119
  2.119
Average production assets, $m
  120
  129
  137
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  261
  275
  290
  306
  322
  340
  358
  376
  396
  417
  438
  461
  485
  510
  536
  563
  592
Working capital, $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 debt, $m
  12
  23
  36
  49
  62
  76
  90
  105
  121
  137
  154
  172
  191
  210
  231
  252
  274
  297
  321
  347
  373
  401
  431
  461
  493
  527
  562
  599
  638
  678
Total liabilities, $m
  170
  182
  194
  207
  220
  234
  249
  264
  279
  296
  313
  331
  349
  369
  389
  410
  432
  456
  480
  505
  532
  560
  589
  620
  652
  685
  720
  757
  796
  837
Total equity, $m
  151
  161
  172
  184
  195
  208
  221
  234
  248
  262
  277
  293
  310
  327
  345
  364
  383
  404
  426
  448
  472
  496
  522
  549
  578
  608
  639
  672
  706
  742
Total liabilities and equity, $m
  321
  343
  366
  391
  415
  442
  470
  498
  527
  558
  590
  624
  659
  696
  734
  774
  815
  860
  906
  953
  1,004
  1,056
  1,111
  1,169
  1,230
  1,293
  1,359
  1,429
  1,502
  1,579
Debt-to-equity ratio
  0.080
  0.150
  0.210
  0.260
  0.320
  0.370
  0.410
  0.450
  0.490
  0.520
  0.560
  0.590
  0.620
  0.640
  0.670
  0.690
  0.710
  0.740
  0.760
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
Adjusted equity ratio
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  14
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
Depreciation, amort., depletion, $m
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
Funds from operations, $m
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  82
  87
  91
  95
  100
  105
  110
  116
  121
  127
  134
  140
  147
  154
  162
Change in working capital, $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 operations, $m
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  82
  87
  91
  95
  100
  105
  110
  116
  121
  127
  134
  140
  147
  154
  162
Maintenance CAPEX, $m
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
New CAPEX, $m
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
Cash from investing activities, $m
  -30
  -32
  -35
  -36
  -38
  -41
  -43
  -46
  -48
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -142
Free cash flow, $m
  7
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  20
Issuance/(repayment) of debt, $m
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
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  
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
Total cash flow (excl. dividends), $m
  19
  20
  20
  21
  22
  23
  24
  25
  25
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
Retained Cash Flow (-), $m
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
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
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
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
  8
  8
  8
  8
  8
  8
  7
  7
  7
  6
  6
  5
  5
  5
  4
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
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

Kirkland's, Inc. is a specialty retailer of home decor and gifts in the United States. The Company's merchandise categories include wall decor, art, mirrors, lamps, decorative accessories, accent furniture, textiles, fragrance and accessories, frames, housewares, impulse and personal accessories, outdoor living and artificial floral products. The Company's stores also offer a range of holiday merchandise during seasonal periods, as well as items carried throughout the year suitable for gift-giving. The Company's average stores generally carry approximately 4,700 Stock Keeping Units (SKUs). The Company's stores operate under various names, such as Kirkland's, Kirkland's Home, Kirkland's Home Outlet, Kirkland's Outlet and The Kirkland Collection. It operates approximately 380 stores in over 30 states, as well as an e-commerce enabled Website, www.kirklands.com. Its stores' locations include Texas, Florida, California, Georgia, North Carolina, Alabama, Arizona, Virginia and Ohio.

FINANCIAL RATIOS  of  Kirkland's (KIRK)

Valuation Ratios
P/E Ratio 13.5
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 7.4
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.6%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
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 4.4%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 8.7%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 37.2%
Gross Margin - 3 Yr. Avg. 38.7%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio 0%

KIRK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KIRK stock intrinsic value calculation we used $634.117 million for the last fiscal year's total revenue generated by Kirkland's. The default revenue input number comes from 0001 income statement of Kirkland's. 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 KIRK stock valuation model: a) initial revenue growth rate of 7.2% 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 KIRK is calculated based on our internal credit rating of Kirkland's, 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 Kirkland's.
    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 KIRK stock the variable cost ratio is equal to 97.2%.

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 KIRK 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 Kirkland's.

Corporate tax rate of 27% is the nominal tax rate for Kirkland's. 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 KIRK 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 KIRK are equal to 17.7%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Kirkland's 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 KIRK is equal to 0%. 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 - $140.761 million for Kirkland's - 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 15.685 million for Kirkland's 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 Kirkland's at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
BBBY Bed Bath&Beyon 19.13 79.82  str.buy
PIR Pier 1 Imports 1.45 13.06  str.buy
RH RH 136.49 19.11  str.sell
TJX TJX 109.71 108.94  hold
WSM Williams-Sonom 66.02 71.76  hold
HOME At Home Group 33.04 12.91  str.sell

COMPANY NEWS

▶ Kirkland's Reopens Brentwood Store With All-New Design   [Sep-13-18 07:17AM  PR Newswire]
▶ Kirkland's, Inc. to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ Kirkland's: Fiscal 2Q Earnings Snapshot   [07:03AM  Associated Press]
▶ 5 things to know, and 3 notable business openings   [Aug-28-18 11:13AM  American City Business Journals]
▶ Kirkland's Introduces Exclusive Rae Dunn Collection   [Aug-14-18 07:17AM  PR Newswire]
▶ At US$012.79, Is Kirklands Inc (NASDAQ:KIRK) A Buy?   [Jun-25-18 12:33PM  Simply Wall St.]
▶ Kirkland's: Fiscal 1Q Earnings Snapshot   [06:53AM  Associated Press]
▶ Nashville public company CEO resigns   [Apr-06-18 08:09AM  American City Business Journals]
▶ Kirkland's Announces CEO Transition   [Apr-05-18 05:05PM  PR Newswire]
▶ What Is Kirklands Incs (NASDAQ:KIRK) Share Price Doing?   [Mar-23-18 05:18PM  Simply Wall St.]
▶ Kirkland's, Inc. to Host Earnings Call   [Mar-16-18 09:00AM  ACCESSWIRE]
▶ Kirkland's posts 4Q profit   [07:01AM  Associated Press]
▶ Best-In-Class NasdaqGS Undervalued Stocks   [Mar-09-18 09:02AM  Simply Wall St.]
▶ Two more retailers plan stores in Howe Bout Arden shopping center   [Feb-23-18 06:58PM  American City Business Journals]
▶ ETFs with exposure to Kirklands, Inc. : December 21, 2017   [Dec-21-17 11:34AM  Capital Cube]
▶ Stock Market News For Nov 22, 2017   [Nov-22-17 10:11AM  Zacks]
▶ Kirkland's reports 3Q loss   [Nov-21-17 06:49AM  Associated Press]
▶ New Strong Buy Stocks for October 11th   [Oct-11-17 10:28AM  Zacks]
▶ Kirkland's reports 2Q loss   [Aug-22-17 10:06PM  Associated Press]
▶ Kirkland's reports 2Q loss   [07:02AM  Associated Press]
▶ Bed Bath & Beyond Stock Crushed on Tough Quarter   [Jun-23-17 01:05PM  The Wall Street Journal]
▶ ETFs with exposure to Kirklands, Inc. : June 9, 2017   [Jun-09-17 01:42PM  Capital Cube]
▶ Tivity Health Names Adam C. Holland Chief Financial Officer   [May-25-17 01:30PM  GlobeNewswire]

CONTACT US       ASSET ALLOCATION

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

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